在技术研发方面，达梦数据的分布式数据库研发进展顺利，已成功形成多个落地案例，并在高并发性能处理、多租户、集中分布式一体化等技术方向持续迭 代发展。达梦共享存储（DSC）集群已实现大面积应用，且公司还在不断提升其故障容灾水平，积极布局探索共享存储集群的前沿发展方向。2025年，公司 以技术创新为核心驱动力，围绕"智能化、一体化、多模化、云原生化"方向，通过AI赋能数据库、集中 - 分布式一体化架构、多模数据融合引擎及云原生技 术，全面推动数据库技术升级，并围绕达梦数据库一体机和达梦启云数据库开展"单项冠军产品"培育行动 ，致力于打造具有国际竞争力的数据库产品。 此次信创板块的强劲表现，不仅反映了市场对信创产业未来发展的乐观预期，也彰显了信创产业在政策与市场双重驱动下的强大发展动力。随着产业的持续 推进和技术的不断创新，信创产业有望在未来为经济增长和数字化转型注入新的活力。 本文源自：金融界 三未信安就是这样的一家公司，其主业专注密码技术创新，提供全面商用密码产品和解决方案，深耕网络信息安全领域。8月21日，三未信安公告，2025年 上半年公司营业收入为1.95亿元，同比增长15.19%；归母净亏损2938.58 ...

Investment Rating - The report maintains an "Outperform" rating and adjusts the target price to RMB 290.30 [4][10]. Core Views - The company is expected to benefit from the localization of the database industry, with significant growth projected in revenue and net profit for 2024 and 2025 [4][10]. - The report highlights strong performance in the energy and transportation sectors, with notable increases in revenue and net profit in Q1 2025 [4][10]. - The company is focusing on technological innovation, particularly in distributed databases, AI, and cloud-native technologies, which are driving product upgrades [4][10]. Financial Summary - Revenue is projected to grow from RMB 794 million in 2023 to RMB 1,044 million in 2024, representing a year-on-year increase of 31.5% [3]. - Net profit attributable to shareholders is expected to rise from RMB 296 million in 2023 to RMB 362 million in 2024, a growth of 22.2% [3]. - The earnings per share (EPS) forecast for 2025 is RMB 4.32, with a projected price-to-sales (PS) ratio of 25x [4][10]. Business Performance - In 2024, the company's main business segments, including government, energy, transportation, and finance, are expected to see growth, particularly in energy and transportation [4][10]. - The operating cash flow for 2024 is anticipated to increase by 36.95% year-on-year, driven by higher sales returns and order growth [4][10]. - Revenue from software authorization is projected to grow by 22.79%, while maintenance services revenue is expected to increase by 38.50% [4][10]. Technological Development - The report notes successful R&D progress in distributed databases, with practical applications and further developments in high concurrency and multi-tenancy technologies [4][10]. - The company aims to enhance its database technology through AI and cloud-native innovations, focusing on integrated distributed architecture and multi-modal data fusion [4][10].