\u3000\u3000 Beijing Vastdata Technology Co.Ltd(603138) (603138)
The company has been deeply engaged in database for 15 years and has become a leading database product and service provider in China. Relying on its first-class team, continuous R & D investment and systematic construction, the company has achieved a leap in its business model from agent sales to self-developed database products since its establishment 15 years ago. At present, it has formed a business pattern of “one core and two wings” of database + data storage + data computing, and its products and services have been recognized by more than 2000 customers.
With the rise of China’s open source database, opengauss is expected to become the preferred route. Database is the “root technology” of the computing industry. The Institute of ICT predicts that the total scale of China’s database market will reach 68.8 billion yuan by 2025. In terms of market share, most of them are still occupied by foreign mainstream database manufacturers (Oracle, etc.), because the database development cycle is long, difficult, heavy workload, and needs to adapt to the whole computing system. At present, Huawei has built the only full stack computing industry system in China: from chips, operating systems to databases, forming a highly coupled underlying ecosystem, making Huawei the closest company to the computing base in the intelligent era. Among them, opengauss is the most enterprise capable open source database in the industry with key features such as high performance, high security, easy operation and maintenance and full openness, and is expected to become the preferred route.
The rising star of China’s database benefits from the development of Kunpeng computing industry. Based on the opengauss community version, the company launched the enterprise relational database vastbaseg100, which has been widely recognized: 1) the company is one of the first directors of the opengauss Community Council; 2) At present, the company ranks second in the community contribution, second only to Huawei, and has become the best partner recognized by opengauss; 3) Vastbase G100 database has obtained Kunpeng validated certification and entered the central procurement list in 2021. It has been used in finance, government, power, manufacturing and other industries, and is gradually entering the stage of large-scale promotion. Database is also an essential part of Kunpeng’s computing industry. With the gradual easing of Huawei’s constraints in the future and the substantive expansion of industry information innovation, Beijing Vastdata Technology Co.Ltd(603138) as the leader of opengauss database in Kunpeng’s industrial ecology, is expected to continue to benefit.
For the first time, it is given a “buy” rating and a reasonable target market value of 14 billion in 2022. Considering the company’s business model and high growth rate, in terms of the company’s self-developed database, the corresponding revenue in 2022 is about 204 million yuan, with a growth rate of about 120%. Given a reasonable target market value of about 6 billion, the corresponding PS is about 30 times; For other businesses, the revenue in 2022 is expected to be 404 million. Considering that the profits generated by this part of the business undertake a large number of R & D and sales of self-developed databases, it is expected that the actual net profit will be about 150-200 million, and the reasonable target market value will be about 8 billion, corresponding to about 40 times of PE. For the first time, it will be given a “buy” rating and a reasonable target market value of 14 billion yuan.
Risk tip: the input and output of new business is lower than expected, the macro-economy is down, the industry competition is intensified, and the key assumptions may have errors.
