证券研究报告 润泽科技 (300442 CH) 业绩快速增长，夯实智算竞争力 年春研究 2024 年 10 月 31 日 | 中国内地 李报点评 通信服务 公司 2024 年前三季度营业收入同比增长 139.11%至 64.10 亿元,归母净利 润同比增长 35.13%至 15.14 亿元,收入利润保持高增长势头。单季度来看, 3Q24 营业收入同比增长 184%至 28.35 亿元,归母净利润同比增长 30.92% 至 5.47 亿元,符合我们此前预期(5.31 亿元)。我们认为 AIGC 浪湖下,国 内智算需求逐步上量,公司积极把握新一轮产业革命带来的新机遇,率先覆 益 AI 头部客户,未来随着新机柜持续交付上架、AIDC 贡献新增长点,公司 发展有望再上新台阶,维持"买入"评级。 前瞻性开展全国智算中心布局，AIDC 业务需求端进一步提振 IDC 业务方面,公司前瞻性进行全国性战略布局,已在廊坊、平湖、佛山、 惠州、重庆、儋州、兰州等地拥有丰富的智算中心资源储备,着力打造超大 规模算力基础设施集群,进一步夯实竞争力。展望 4Q24-1H25 客户上架进 度或将提速,带动IDC 业务收入快速增长。AIDC ...

隐证券 通信/通信服务 公 司 研 究 润泽科技（300442.SZ） 2024 年 10 月 31 日 业绩持续增长，AIDC 业务加速拓展 ——公司信息更新报告 业务加速拓展，维持"买入"评级 前三季度实现营收 64.10 亿元，同比增长 139.11%， 相关业务快速拓展所致，实现归母净利润 15.14 亿元，同比增长 亿元，同比增长 33.65%。2024Q3 公司实现 ，实现归母净利润5.47亿元，同比增长30.92%， 29.94%。随着多个智算中心陆续交付 IDC 以及 AIDC 业务有望 充分受益于 AIGC 发展，我们维持盈利预测，预计 2024-2026 年归母净利润为 22.06/30.72/39.36 亿元，当前股价对应 PE 为 25.4/18.3/14.3 倍，维持"买入"评 级。 | --- | --- | --- | --- | |-------------------------------|-------------|-----------------------------------------------------------------|------------- ...

润泽科技（300442.SZ）2024 年三季报点评 收入利润持续高速增长，AIDC 高度兑现 2024 年 10 月 30 日 ➢ 润泽科技发布 2024 年三季度业绩。1~3Q24 公司实现收入 64 亿元，同比 增长 139.1%，实现归母净利润 15 亿元，同比增长 35.1%。单季度看，3Q24 公 司实现收入 28 亿元，同比增长 184.0%，环比增长 21.5%，实现归母净利润 5.5 亿元，同比增长 30.9%，环比增长 11.2%。 ➢ 国产大模型快速起步，AI 推理苗头初展。10 月 25 日智谱华章发布最新模 型 AutoGLM（对标 OpenAI AI Agent），能够实现在手机和网页上完成各种操 作，无需用户手动操作示范，不受制于简单的任务场景或 API 调用，即可替代人 类在电子设备执行操作。当前 AutoGLM 已搭配多款流量应用，日活规模化指日 可待。目前 AutoGLM 已经适配了包括微信、淘宝、美团、小红书在内的 8 款知 名应用软件。 ➢ OS 层 AI Agent 已搭建，垂类 AI 已逐步落地。目前智谱实现的 AI 操作主 要集中在 OS 层，未来有望引领 APP ...

Financial Performance - Revenue for the third quarter reached RMB 2.835 billion, a year-on-year increase of 184.03%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 547.21 million, up 30.92% year-on-year[2] - Revenue for the first nine months of 2024 was RMB 6.410 billion, a year-on-year increase of 139.11%[2] - Net profit attributable to shareholders for the first nine months was RMB 1.514 billion, up 35.13% year-on-year[2] - Total operating revenue for the quarter reached 6,410,351,527.92 yuan, a significant increase from 2,680,914,634.76 yuan in the same period last year[22] - Net profit attributable to the parent company's shareholders was 1,513,743,522.45 yuan, compared to 1,120,175,988.70 yuan in the previous year[23] - Basic earnings per share (EPS) rose to 0.88 yuan from 0.66 yuan, indicating improved profitability[24] - Total comprehensive income for the quarter was 1,521,576,890.64 yuan, up from 1,118,814,965.85 yuan in the previous year[24] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 28.649 billion, an increase of 22.90% compared to the end of the previous year[2] - Total assets increased to RMB 28.65 billion, up from RMB 23.31 billion at the beginning of the period[21] - Monetary funds rose to RMB 2.96 billion, compared to RMB 1.81 billion at the beginning of the period[20] - Fixed assets grew to RMB 11.73 billion, up from RMB 9.37 billion at the beginning of the period[21] - Accounts receivable increased to RMB 1.52 billion, compared to RMB 1.06 billion at the beginning of the period[21] - Inventory rose to RMB 1.46 billion, up from RMB 769.65 million at the beginning of the period[21] - Short-term borrowings increased to RMB 200.19 million, compared to RMB 100.11 million at the beginning of the period[21] - Total liabilities increased to 18,914,159,134.97 yuan from 14,765,187,818.64 yuan, driven by higher long-term borrowings and bonds[22] - The company's total assets grew to 28,649,044,323.90 yuan, up from 23,310,849,208.60 yuan, driven by both asset expansion and increased liabilities[22] Cash Flow - Cash flow from operating activities for the first nine months was RMB 1.151 billion, a decrease of 36.92% year-on-year[2] - Sales of goods and services received cash of 6,570,647,576.69, a significant increase from the previous period's 2,672,446,519.13[25] - Total cash inflows from operating activities reached 6,870,945,001.86, up from 3,257,231,241.89 in the previous period[25] - Cash paid for goods and services increased to 5,095,179,553.97 from 1,026,114,217.62[26] - Net cash flow from operating activities was 1,151,431,283.62, compared to 1,825,469,040.05 in the previous period[26] - Cash received from investments was 600,000,000.00, down from 4,548,395,363.81[26] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was 4,213,027,058.38, up from 3,193,461,966.55[26] - Net cash flow from financing activities was 3,911,085,384.04, compared to 4,396,021,558.25 in the previous period[26] - The company's cash and cash equivalents at the end of the period were 2,683,270,100.73, up from 2,567,683,813.85[26] Expenses and Costs - R&D expenses for the first nine months increased by 69.07% to RMB 105.26 million[6] - Financial expenses for the first nine months surged by 124.57% to RMB 140.38 million[6] - Research and development expenses increased to 105,258,580.28 yuan from 62,256,538.52 yuan, reflecting a focus on innovation[23] - Interest expenses increased to 154,174,382.51 yuan from 90,792,685.97 yuan, reflecting higher borrowing costs[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 39,015[10] - The largest shareholder, Jingjinji Runze (Langfang) Digital Information Co., Ltd., holds 61.17% of the shares, amounting to 1,052,452,523 shares[10] - Xinjiang Darong Minsheng Investment Partnership holds 2.91% of the shares, with 50,031,000 shares, of which 34,940,000 are pledged[10] - Hefei Hongbo Runze Equity Investment Partnership holds 2.43% of the shares, totaling 41,778,545 shares[10] - Ping An Capital Co., Ltd. - Ningbo Fengwen Equity Investment Fund Partnership holds 2.15% of the shares, amounting to 37,052,534 shares[10] - Ping An Dingchuang Equity Investment Management (Shanghai) Co., Ltd. - Ningbo Meishan Bonded Port Area Pingsheng Ankang Equity Investment Fund Partnership holds 1.45% of the shares, totaling 25,010,460 shares[10] - Qilu (Xiamen) Equity Investment Partnership holds 1.38% of the shares, amounting to 23,751,499 shares[10] - Shanghai Weiguan Investment Partnership holds 1.24% of the shares, totaling 21,305,205 shares[10] - The controlling shareholder, Jingjinji Runze (Langfang) Digital Information Co., Ltd., has 1,052,452,523 restricted shares, which will be released on August 8, 2025[14] - Hefei Hongbo Runze Equity Investment Partnership had 46,323,079 restricted shares, which were released on August 8, 2024[14] Equity and Earnings - Minority shareholders' comprehensive income was 7,833,368.19 yuan, compared to a loss of 1,361,022.85 yuan in the previous year[24] - The company's equity attributable to the parent company's shareholders increased to 9,399,371,315.28 yuan from 8,521,793,541.32 yuan, reflecting retained earnings growth[22] Business Expansion and Financing - Inventory increased by 89.59% to RMB 1.459 billion due to the expansion of AIDC business and the purchase of high-performance servers[5] - Long-term loans increased by 47.56% to RMB 11.216 billion due to business expansion[5] - The company plans to issue debt financing instruments not exceeding RMB 4 billion in the interbank bond market[19] Restricted Shares and Adjustments - The company granted 904,000 Class I restricted shares and 3.616 million Class II restricted shares at a price of RMB 14.25 per share[17] - The company adjusted the grant price of restricted shares to RMB 13.85 per share due to the implementation of the 2024 semi-annual profit distribution plan[18] Audit Information - The third quarter report was not audited[27]

证券代码：300442 证券简称：润泽科技 公告编号：2024-056 润泽智算科技集团股份有限公司 关于调整 2023 年限制性股票激励计划授予价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 润泽智算科技集团股份有限公司（简称"公司"）于 2024 年 10 月 28 日召 开第四届董事会第二十五次会议和第四届监事会第十九次会议，审议通过了《关 于调整 2023 年限制性股票激励计划授予价格的议案》。根据《润泽智算科技集 团股份有限公司 2023 年限制性股票激励计划（草案修订稿）》（简称"《激励 计划（草案修订稿）"》）和公司 2023 年第二次临时股东大会的授权，公司董 事会对公司 2023 年限制性股票激励计划（简称"本激励计划"）的授予价格进 行调整。现将相关调整情况公告如下： 一、本激励计划已经履行的相关审批程序 2023 年 7 月 27 日，公司召开第四届董事会第十五次会议和第四届监事会第 十一次会议，审议通过了《关于公司<2023 年限制性股票激励计划（草案）>及 其摘要的议案》《关于公司<2023 年限制性股票激励计划实施考核管 ...

润泽智算科技集团股份有限公司 第四届董事会独立董事第四次专门会议决议 2024 年 10 月 28 日，润泽智算科技集团股份有限公司（以下简称"公司"） 以现场会议和通讯方式召开第四届董事会独立董事第四次专门会议。根据《上市 公司独立董事管理办法》的相关规定，本次会议已经提前三天发出会议通知。会 议应到独立董事 3 人，实到 3 人，会议的召集、召开和表决程序符合《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司独立董事管理办法》《润泽 智算科技集团股份有限公司公司章程》的有关规定。 本次会议由独立董事杜婕女士主持，经会议审议，形成决议如下： 1、《关于调整公司 2023 年限制性股票激励计划授予价格的议案》 公司本次对 2023 年限制性股票激励计划授予价格的调整，符合《上市公司 股权激励管理办法》《润泽智算科技集团股份有限公司 2023 年限制性股票激励计 划（草案修订稿）》中的相关规定。 本次调整公司 2023 年限制性股票激励计划相关事项属于公司 2023 年第二 次临时股东大会对公司董事会的授权范围内，调整程序合法、合规，不存在损害 公司及全体股东利益的情况。因此，同意公司董事会对 202 ...

北京市中伦（重庆）律师事务所 关于润泽智算科技集团股份有限公司 北京市中伦（重庆）律师事务所 关于润泽智算科技集团股份有限公司 2023 年限制性股票激励计划授予价格调整事项的 法律意见书 致：润泽智算科技集团股份有限公司 北京市中伦（重庆）律师事务所（简称"本所"）接受润泽智算科技集团股 份有限公司（简称"润泽科技"或"公司"）的委托，担任公司 2023 年限制性股 票激励计划（简称"激励计划"、"本次激励计划"）相关事宜的专项法律顾问。 本所律师根据《中华人民共和国公司法》（简称"《公司法》"）、《中华人民共和国 证券法》（简称"《证券法》"）、《上市公司股权激励管理办法》（简称"《管理办法》"）、 《深圳证券交易所创业板股票上市规则（2024 年修订）》及《深圳证券交易所创 业板上市公司自律监管指南第 1 号——业务办理（2024 年修订）》等法律、法规 和规范性文件以及《润泽智算科技集团股份有限公司章程》的有关规定，按照律 师行业公认的业务标准、道德规范和勤勉尽责精神，对公司提供的相关文件进行 了核查和验证，现就公司本次激励计划首次授予部分第二类限制性股票的授予价 格及预留授予部分第一类、第二类限制性 ...

第四届监事会第十九次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 证券代码：300442 证券简称：润泽科技 公告编号：2024-055 润泽智算科技集团股份有限公司 1 激励计划"）授予价格的调整符合《上市公司股权激励管理办法》及《润泽智算 科技集团股份有限公司 2023 年限制性股票激励计划（草案修订稿）》的相关规定， 不存在损害公司股东利益的情形。同意公司对本激励计划授予价格进行调整。 2024 年 10 月 28 日，润泽智算科技集团股份有限公司（简称"公司"）第四 届监事会通过现场会议的方式召开了第十九次会议。根据《润泽智算科技集团股 份有限公司章程》（简称"《公司章程》"）的规定，本次监事会会议的通知已于 2024 年 10 月 26 日发出。会议召集和召开程序符合法律、行政法规和《公司章 程》的规定。 二、监事会会议审议情况 （一）审议通过了《关于公司<2024 年第三季度报告>的议案》 经审议，监事会认为：董事会编制和审核公司《2024 年第三季度报告》的 程序符合法律、行政法规的相关规定，报告内容真实、 ...

证券代码：300442 证券简称：润泽科技 公告编号：2024-054 润泽智算科技集团股份有限公司 第四届董事会第二十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 （二） 审议通过了《关于调整2023年限制性股票激励计划授予价格的议案》 由于公司 2023 年年度权益分派、2024 年半年度权益分派已实施完毕，根据 《上市公司股权激励管理办法》及《润泽智算科技集团股份有限公司 2023 年限 制性股票激励计划（草案修订稿）》的相关规定，董事会同意将公司 2023 年限 制性股票激励计划（简称"本次激励计划"）首次授予部分的第二类限制性股票 的授予价格调整为 13.85 元/股；将本次激励计划预留授予部分的第一类限制性股 票及第二类限制性股票的授予价格调整为 13.85 元/股。 一、董事会会议召开情况 2024 年 10 月 28 日，润泽智算科技集团股份有限公司（简称"公司"）第 四届董事会通过现场和通讯相结合的方式召开了第二十五次会议，根据《润泽智 算科技集团股份有限公司章程》（简称"《公司章程》"）的规定，本次董事会 会议通知已于 ...

Investment Rating and Core Views - The report initiates coverage on Runze Technology (300442 SZ) with a "Buy" rating [1] - The core view is that Runze Technology is a leading domestic liquid-cooled AIDC (AI Data Center) provider, well-positioned to benefit from the AIGC (AI Generated Content) development trend [2] - The company is expected to achieve net profits of 2 206 billion yuan, 3 072 billion yuan, and 3 936 billion yuan in 2024, 2025, and 2026 respectively, with EPS of 1 28 yuan, 1 79 yuan, and 2 29 yuan [2] Company Overview and Market Position - Runze Technology is a leading domestic data center solution provider, operating under a self-investment, self-construction, self-ownership, and self-operation model [2] - The company has built 7 AIDC infrastructure clusters across 6 major regions in China, with a total planned capacity of 610,000 cabinets [2] - Runze Technology has a strong competitive advantage in liquid-cooled AIDC technology, with rich experience in design, construction, and operation [4] - The company has secured key clients including ByteDance, Kuaishou, and major telecom operators, enhancing customer stickiness [4] Financial Performance and Projections - Runze Technology's revenue grew from 2 715 billion yuan in 2022 to 4 351 billion yuan in 2023, with a YoY growth of 60 3% [5] - The company's net profit margin is projected to increase from 35 0% in 2024 to 37 2% in 2026, with ROE expected to remain stable around 22 8%-22 9% [5] - Runze Technology's AIDC business revenue reached 2 054 billion yuan in H1 2024, accounting for 57 5% of total revenue [20] Industry Trends and Opportunities - The rapid development of AI has driven a surge in demand for intelligent computing power, leading to a shift from general-purpose computing to AI-specific computing [3] - Liquid-cooled data centers are gaining traction due to their ability to handle high-power-density cabinets, with Runze Technology delivering the industry's first fully liquid-cooled AIDC in 2023 [3] - The domestic data center market is expected to grow rapidly, driven by increasing data traffic and the adoption of emerging technologies like AIGC, cloud computing, and IoT [37] Competitive Advantages and Strategic Initiatives - Runze Technology has a strong R&D capability, with a focus on liquid-cooled AIDC technology and a robust talent development program [53] - The company has strategically acquired scarce IDC resources in key regions, providing a cost advantage and ensuring proximity to major urban centers [45] - Runze Technology is actively exploring new business models in the AIDC space, including providing computing power services and building computing platforms [51] Future Outlook and Growth Drivers - The company plans to expand its AIDC capacity, with a focus on high-power cabinets and liquid-cooling technology to meet the growing demand for AI computing [49] - Runze Technology is expected to benefit from the "East Data West Computing" project, which aims to optimize the national data center layout and promote green, low-carbon development [43] - The company's AIDC business is projected to drive future revenue growth, with a focus on serving AI head companies and providing computing power services [20]