云服务 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 2025 年业绩总体符合预期，2026 收入增 速有望加快 ——润泽科技(300442)点评报告 证券研究报告-点评报告 买入(维持) 市场数据(2026-02-04) | 收盘价(元) | 82.18 | | --- | --- | | 一年内最高/最低(元) | 93.13/42.06 | | 沪深 300 指数 | 4,698.68 | | 市净率(倍) | 9.92 | | 流通市值(亿元) | 1,338 | 基础数据(2025-09-30) | 每股净资产(元) | 8.29 | | --- | --- | | 每股经营现金流(元) | 1.69 | | 毛利率(%) | 48.11 | | 净资产收益率_摊薄(%) | 34.73 | | 资产负债率(%) | 62.53 | | 总股本/流通股(万股) | 163,434.36/162,837.40 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -32% -20% -9% 2% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company's 2025 performance is generally in line with expectations, with a forecasted net profit of 5-5.3 billion yuan, representing a year-on-year growth of 179.28%-196.03% [6][7] - The company is expected to accelerate revenue growth in 2026, driven by the delivery of new data centers and a strong demand for computing power due to the explosion of AI applications [7][8] - The company has successfully delivered 220MW of computing power centers in 2025, with a total expected delivery of 440MW for the year, marking a historical high [7] - The company is positioned to benefit from the rapid development of AI chip localization in 2026, which is anticipated to enhance overall computing power construction [7] - The establishment of a data center in Hainan is expected to provide long-term benefits due to favorable policies following the island's customs closure [7] Summary by Sections Financial Performance - The company forecasts a net profit of 5-5.3 billion yuan for 2025, with a significant increase in revenue expected in 2026 [6][7] - The projected earnings per share (EPS) for 2025-2027 are 3.17 yuan, 1.85 yuan, and 2.63 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 25.91, 44.33, and 31.30 [8] Business Development - The company has made significant progress in the construction of data centers, with a focus on liquid cooling technology and high-performance computing clusters [7] - The company is actively seeking quality acquisition targets to strengthen its position in the industry and enhance its leadership in intelligent computing [8] Market Position - The company has established a strong presence in the AI computing market, with deep coverage among leading internet and AI companies, ensuring stable and certain business growth [7][8]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, particularly in the communication equipment and internet service sectors, reflecting investor sentiment and market trends [1][2][3] Group 1: Major Stocks with Capital Outflows - Zhongji Xuchuang experienced a capital outflow of 3.07 billion, with a decline of 5.24% [2] - Xinyi Sheng saw a capital outflow of 2.33 billion, with a decline of 5.66% [2] - Liou Shares had a capital outflow of 2.07 billion, with a decline of 8.74% [2] - BlueFocus Media faced a capital outflow of 1.77 billion, with a decline of 8.88% [2] - Xinwei Communication had a capital outflow of 1.57 billion, with a decline of 9.41% [2] Group 2: Sector Analysis - The communication equipment sector showed significant outflows, with Zhongji Xuchuang and Xinwei Communication leading the losses [2][3] - The internet service sector also faced notable outflows, with Liou Shares and NetEase Technology among the top affected stocks [2][3] - The cultural media sector, represented by BlueFocus Media, experienced substantial capital outflows, indicating potential investor concerns [2][3] Group 3: Additional Stocks with Notable Outflows - Industrial Fulian had a capital outflow of 1.32 billion, with a decline of 4.65% [2] - Runze Technology saw a capital outflow of 1.26 billion, with a decline of 7.24% [2] - Hunan Silver experienced a capital outflow of 0.801 billion, with a decline of 4.47% [3]

Group 1 - The core viewpoint of the news indicates that cloud computing concept stocks have declined, with companies such as Zhongji Xuchuang, Xinyi Sheng, and Runze Technology dropping over 6% [1] - Cloud computing-related ETFs have also been affected, experiencing a decline of over 3% due to the drop in heavy-weight stocks [1] Group 2 - Specific cloud computing ETFs reported the following price changes: - E Fund Cloud Computing ETF (code: 516510) at 1.828, down by 0.069 or -3.64% - Penghua Cloud Computing ETF (code: 159739) at 1.734, down by 0.061 or -3.40% - Other ETFs also showed similar declines, with the average drop around -3.32% to -3.44% [2] - Analysts believe that cloud computing, as the infrastructure of the AI era, is expected to benefit from the acceleration of AI applications and the commercialization of AI agents. The increasing usage of AI applications is anticipated to enhance cloud resource consumption and the scale effects of cloud vendors, leading to a symbiotic growth pattern between "AI models and cloud computing" [2] - Internet cloud vendors are expected to maintain competitive advantages in three key areas: computing power, models, and applications, with the internet cloud market share likely stabilizing and recovering [2]

Group 1 - The core viewpoint of the news highlights a decline in artificial intelligence concept stocks, with notable drops in companies such as New Yisheng (over 7% decline) and Zhongji Xuchuang (over 6% decline) [1] - The ChiNext artificial intelligence ETF has also experienced a decline of approximately 4% [1] - Various ChiNext artificial intelligence ETFs reported specific price drops, with the Southern ETF down 4.19%, the Huabao ETF down 4.18%, and others following suit with similar declines [2] Group 2 - A brokerage firm indicates that artificial intelligence is a core driver of a new technological revolution, emphasizing its potential to create new possibilities and promote the intelligent transformation of various industries [2] - The development of large model technology is expected to profoundly reshape the global industrial landscape, potentially bringing incremental commercial value to the financial industry amounting to trillions of yuan [2] - Challenges such as technological bottlenecks, high investment costs, and the need to balance with regulatory frameworks are acknowledged as significant hurdles in the iterative development of large models [2]

数据显示，易方达基金旗下1只基金重仓润泽科技。易方达中证云计算与大数据主题ETF（516510）四 季度持有股数115.98万股，占基金净值比例为3.51%，位居第九大重仓股。根据测算，今日浮亏损失约 575.26万元。 易方达中证云计算与大数据主题ETF（516510）成立日期2021年3月29日，最新规模17.44亿。今年以来 收益12.09%，同类排名490/5562；近一年收益74.01%，同类排名304/4285；成立以来收益89.24%。 2月4日，润泽科技跌5.61%，截至发稿，报83.44元/股，成交22.67亿元，换手率1.64%，总市值1363.70 亿元。 资料显示，润泽智算科技集团股份有限公司位于河北省廊坊经济技术开发区楼庄路9号，成立日期2007 年6月27日，上市日期2015年4月24日，公司主营业务涉及数据中心业务服务。主营业务收入构成为： IDC业务64.67%，AIDC业务35.33%。 从基金十大重仓股角度 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有 ...

Core Viewpoint - The communication services sector experienced a rise of 0.73% on February 3, with notable gains from companies like Nanling Technology, which led the sector with an increase of 8.46% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4067.74, up by 1.29%, while the Shenzhen Component Index closed at 14127.1, up by 2.19% [1]. - Key stocks in the communication services sector showed significant price increases, with Nanling Technology closing at 29.99, up 8.46%, and Guanghuan New Network at 16.40, up 7.68% [1]. Group 2: Trading Volume and Value - Nanling Technology had a trading volume of 324,000 shares, resulting in a transaction value of 941 million yuan [1]. - Guanghuan New Network recorded a trading volume of 1,985,400 shares, with a transaction value of 3.179 billion yuan [1]. Group 3: Capital Flow - The communication services sector saw a net outflow of 197 million yuan from institutional investors, while retail investors contributed a net inflow of 228 million yuan [2]. - Notable capital flows included a net inflow of 200 million yuan into Data Port, while Nanling Technology experienced a net inflow of 71.885 million yuan from institutional investors [3].

2月3日，润泽科技涨4.42%，截至发稿，报88.40元/股，成交77.71亿元，换手率5.57%，总市值1444.76 亿元。润泽科技股价已经连续3天上涨，区间累计涨幅10.49%。 资料显示，润泽智算科技集团股份有限公司位于河北省廊坊经济技术开发区楼庄路9号，成立日期2007 年6月27日，上市日期2015年4月24日，公司主营业务涉及数据中心业务服务。主营业务收入构成为： IDC业务64.67%，AIDC业务35.33%。 从基金十大重仓股角度 数据显示，鹏华基金旗下1只基金重仓润泽科技。大数据ETF（159739）四季度持有股数18.69万股，占 基金净值比例为3.48%，位居第九大重仓股。根据测算，今日浮盈赚取约69.9万元。连续3天上涨期间浮 盈赚取156.81万元。 大数据ETF（159739）成立日期2021年11月3日，最新规模2.83亿。今年以来收益9.06%，同类排名 528/5562；近一年收益67.62%，同类排名360/4285；成立以来收益74.96%。 大数据ETF（159739）基金经理为罗英宇。 截至发稿，罗英宇累计任职时间5年45天，现任基金资产总规模122.28亿元，任 ...

Summary of Key Points from Conference Call Records Industry Focus - The focus is on the optical communication industry, particularly companies such as Zhongji Xuchuang, Xinyi Sheng, Runze Technology, Yuanjie Technology, Shijia Photon, and Yingweik [1][1]. Core Insights and Arguments - Zhongji Xuchuang and Xinyi Sheng have announced impressive earnings forecasts for 2025, with expected profit growth rates of 108% and 240% respectively. After accounting for foreign exchange and impairment, the organic growth rates are even stronger [1][1]. - Zhongji Xuchuang is expected to enhance its profitability driven by 1.6T and silicon photonics technologies. The current period is critical for valuation and expectation transitions, with product technology iterations and material reserves for 2026-2027 being key factors determining stock price ceilings [1][1]. - The upcoming earnings season for tech giants and significant industry conferences such as GTC/OFC are seen as important catalysts for the sector, with a focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu, and Huagong, as well as optical chips and devices from Yuanjie, Shijia, and Guangku [1][1]. Additional Important Insights - There is a strong demand for optical communication, with silicon photonics and CPO (Co-Packaged Optics) being highlighted as areas of growth. NVIDIA has officially included silicon photonics and CPO in its technology roadmap, marking 2026 as a pivotal year for large-scale commercialization [2][2]. - The supply-demand gap for optical chips is increasing, with Lumentum reporting a gap of 25-30% by the end of last year, leading to clear expectations for price increases [2][2]. - The optical fiber and cable supply gap and price recovery opportunities have been emphasized, with Corning's stock rising significantly. The price of G.652.D bare fiber has surpassed 30 yuan per core kilometer, with actual transaction prices concentrated between 40-50 yuan, indicating an upward cycle in the industry [3][3]. - The optical fiber and cable price elasticity is underestimated, with the industry entering an upward cycle due to upstream capacity bottlenecks. Both special and ordinary optical fibers are currently in a tight supply-demand balance, warranting further re-evaluation opportunities [3][3]. - The IDC (Internet Data Center) industry chain is expected to benefit from chip supply, capital expenditure demands, and the iteration of domestic AI models and applications. Key areas of focus include core IDC manufacturers bound to cloud providers and related sectors such as power supply and temperature control [3][3].

Group 1 - The A-share market experienced a pullback, with sectors like liquor, power grid equipment, and banking performing well, while others retreated [1] - The AI application sector showed mixed performance, with companies like Liou Co. and Zhejiang Wenhu gaining, while BlueFocus and Yidian Tianxia saw significant declines [1] - The software ETF Huaxia (159256) saw its holdings, Runze Technology, surge over 4%, with trading volume exceeding 90 million, making it the top performer in its index [1] Group 2 - Tencent's AI assistant "Yuanbao" has rapidly climbed the rankings in major app stores, reaching first place in Huawei's app store and second in Apple's free app list in China [1] - "Yuanbao" has initiated a new version beta test and plans to launch a Spring Festival campaign on February 1, distributing a total of 1 billion yuan in cash red envelopes to users [1] - Open Source Securities noted that major companies like Tencent and Baidu are spending tens of billions on promoting AI applications during the Spring Festival, leveraging the unique social connections during this period to popularize AI [1] Group 3 - The software industry plays a crucial role in the AI industry chain, primarily situated in the midstream technology layer and downstream application layer [2] - In the midstream, the software industry provides AI frameworks, development platforms, and algorithm models, which are foundational for AI application development [2] - In the downstream, the software industry integrates AI technology with various sectors to drive the implementation of AI applications [2]