自主可控系列：国产数据库 20251015 摘要 国产数据库受益于国家科技产业发展计划和信创工程，迎来发展机遇， 主要厂商包括达梦、建科金仓、南大通用和航天神舟等，但与 Oracle 和 IBM 等国际巨头相比仍有差距。 国产数据库市场格局复杂，互联网大厂、传统关系型厂商、运营商和新 兴企业等多方参与竞争，市场规模预计到 2025 年国内将达 700 亿美元， 增速显著高于国外。 国产数据库未来发展趋势包括技术突破（高并发、高频率数据处理能 力）、市场拓展（物联网、大数据分析等新兴产业）、政策支持和国际 合作与竞争。 国内数据库产业正从集中式向分布式延伸，云端部署显著增加，但关系 型数据库仍占据主导地位，安可测评名录对行业发展具有重要指导意义。 达梦数据 2025 年上半年营收 5.23 亿元，同比增长 48.65%，归母净利 润 2.05 亿元，同比增长 98.36%，在关系数据库和图数据库方面实现 了多模态处理能力，并推出小百灵 AI 应用。 Q&A 为什么要进行国产数据库的替代？ 数据库作为一种关键软件，其核心功能是存储和检索数据。尽管其原理看似简 单，但实现一个商业化、能够满足各行业需求的数据库却非常 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 285.99 yuan [1]. Core Views - The company reported strong performance in the first half of 2025, achieving operating revenue of 523 million yuan, a year-on-year increase of 48.65%, and a net profit attributable to shareholders of 205 million yuan, up 98.36% year-on-year [4][8]. - The company's profitability has significantly improved, with a gross margin of 96.22% and a net profit margin of 39.13%, reflecting strong cost management capabilities [8]. - The company is a leading player in the domestic database market, with a comprehensive product system centered around database management systems, benefiting from the growing demand in the information technology sector [9][8]. Financial Performance Summary - **Revenue and Profit Forecasts**: The company is expected to achieve net profits of 491 million yuan, 647 million yuan, and 865 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 4.33, 5.71, and 7.64 yuan [9][10]. - **Growth Rates**: Projected revenue growth rates for 2025-2027 are 35.2%, 31.5%, and 32.4% respectively, indicating robust growth potential [11]. - **Profitability Ratios**: The net profit margin is expected to stabilize around 34.7% to 35.2% over the next few years, while the return on equity (ROE) is projected to increase from 13.4% in 2025 to 17.2% in 2027 [11]. Market Position and Competitive Advantage - The company has strengthened its market position in key sectors such as finance, energy, and transportation, with significant projects and partnerships enhancing its competitive edge [9]. - The company is actively involved in the development of cloud databases and distributed database technologies, which are critical for meeting the evolving needs of its clients [8][9]. Investment Outlook - The report suggests that the company will continue to benefit from the expanding domestic database market and the government's support for information technology initiatives, positioning it for rapid growth [9][8]. - The company is expected to maintain a high level of business activity and market share, driven by its innovative product offerings and strategic market expansion efforts [9].