\u3000\u3 Shengda Resources Co.Ltd(000603) 138 Beijing Vastdata Technology Co.Ltd(603138) )
Event: on April 19, 2022, the company released the annual report of 2021 and the first quarterly report of 2022.
The business developed steadily, with high R & D investment and market promotion forming a short-term suppression of profits. According to the company’s announcement, the company achieved a revenue of 421 million yuan in 2021, a year-on-year increase of 6.02%; The net profit attributable to the parent company was RMB 11million, a year-on-year decrease of 67.47%. In the first quarter of 2022, the company realized a revenue of 79 million yuan, a year-on-year decrease of 22.84%; The net profit attributable to the parent company lost 11 million yuan. We believe that the company’s business is still advancing steadily. At present, it is still in the period of high investment in independent database products. High R & D investment and market promotion have formed a certain short-term suppression on profits.
Build a business pattern of “one core and two wings” and build a domestic database leading enterprise. Focusing on the business pattern of “one core and two wings”, the company has built its own product brand “vast +” and its own service brand “Apollo +”. The independent product brand “vast +” includes vastbase Beijing Vastdata Technology Co.Ltd(603138) library product series, vastcube mass computing product series and vastorage mass storage product series, and creates a domestic database product matrix; The independent service brand “Apollo +” includes Apollo DB database service, Apollo DC data computing service and Apollo DS data storage service, so as to ensure the use capacity and migration of domestic databases. In March 2021, the company’s Beijing Vastdata Technology Co.Ltd(603138) warehouse vastbase G100 management system was successfully shortlisted for the 2021 database software agreement supply and procurement project of central state organs, highlighting the leading position of the company’s own domestic database.
In the data age, superimposed with the wave of localization, the database industry has embarked on a new journey. According to IDC’s prediction, the scale of China’s relational database software market in 2021 will be US $2.75 billion, and will reach US $7.67 billion by 2025. The compound annual growth rate of the market in the next five years will be 30.4%. The era of big data puts forward new requirements for database applications, including distributed support, scalability and fault tolerance. The competition pattern of the database industry has been loosened, the monopoly pattern of traditional giants has been broken, and the era of competition has begun. At the same time, database is an important part of the localization of basic software and hardware. Under the background of the continuous promotion of the information and innovation industry, the domestic database has broad development space in the future.
Investment suggestion: the company is a leading enterprise focusing on data management products and system services in China. On the one hand, technological changes such as 5g, cloud computing and artificial intelligence have brought about the vigorous development of the data industry, which will bring about the natural growth demand of the company’s data system related products and services; On the other hand, under the wave of localization, the company’s independent database products and migration, operation and maintenance services for all kinds of domestic databases will usher in great opportunities. It is estimated that the company’s EPS from 2022 to 2024 will be 0.04 yuan, 0.08 yuan and 0.17 yuan respectively, and the corresponding PE will be 413x, 184x and 89x respectively, maintaining the “recommended” rating.
Risk warning: the landing of localization business is not as expected; The company’s product R & D and expansion were not as expected
