Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company is expected to benefit from the AIGC wave, with a strong position in the IDC and AIDC sectors, maintaining a "Buy" rating [4] - The company reported a revenue of 4.365 billion yuan in 2024, a slight increase of 0.32% year-on-year, and a net profit of 1.790 billion yuan, up 1.62% year-on-year [4] - In Q1 2025, the company achieved a revenue of 1.198 billion yuan, representing a year-on-year growth of 21.40% [4] - The company plans to deliver five new data centers in 2025, totaling approximately 420MW, with significant growth in AIDC business [5][6] Financial Summary - Revenue projections for 2025-2027 are 6.196 billion yuan, 7.720 billion yuan, and 9.118 billion yuan, respectively, with year-on-year growth rates of 41.9%, 24.6%, and 18.1% [4][8] - The projected net profit for 2025-2027 is 2.620 billion yuan, 3.272 billion yuan, and 3.764 billion yuan, with growth rates of 46.3%, 24.9%, and 15.1% respectively [4][8] - The company's gross margin is expected to be around 48.1% in 2025, with a net margin of 42.3% [8] - The company has a total market capitalization of 79.705 billion yuan and a circulating market capitalization of 25.662 billion yuan [1]

润泽科技（300442.SZ）2024 年年报&2025 年一季报点评 不畏浮云遮望眼，看好 AIDC 全年景气度 2025 年 04 月 30 日 ➢ 润泽科技发布 2024 年年报&2025 年一季报。2025 年 4 月 28 日，公司发 布 2024 年年报和 2025 年一季报。2024 年，实现营业收入 43.65 亿元，同比 增长 0.32%；归母净利润 17.90 亿元，同比增长 1.62%；扣非归母净利润 17.78 亿元，同比增长 4.07%。2025 年 Q1 实现营收 11.98 亿元，同比增长 21.40%； 归母净利润 4.30 亿元，同比下降 9.29%；扣非归母净利润 4.28 亿元，同比下降 8.97%。2024 年公司 AIDC 业务营收同比上涨 21.03%，占总营收比重从 27.56% 提升到 33.25%，毛利率同比上涨 18.65pct。 2025 年 Q1 销售毛利率同比下降 9.86pct，主要系公司业务规模持续扩大，相应的成本增加所致。 ➢ 前瞻性 AI 布局，精进笃行稳增长。2024 年，公司依托前瞻性布局加速构建 全国多园区智算集群，京津冀、长三角及大湾区 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company is expected to benefit from the AIGC wave, with a strong position in the IDC and AIDC sectors. The report maintains a "Buy" rating based on the company's growth potential and market positioning [4][5] - The company achieved a revenue of 4.365 billion yuan in 2024, a slight increase of 0.32% year-on-year, with a net profit of 1.790 billion yuan, up 1.62% year-on-year. The first quarter of 2025 saw a revenue of 1.198 billion yuan, representing a year-on-year growth of 21.40% [4][5] - The company plans to accelerate its expansion through horizontal mergers and acquisitions, focusing on high-demand regions such as Beijing-Tianjin-Hebei and the Yangtze River Delta [6] Financial Summary - The company’s revenue is projected to grow significantly, with estimates of 6.196 billion yuan in 2025, 7.720 billion yuan in 2026, and 9.118 billion yuan in 2027, reflecting year-on-year growth rates of 41.9%, 24.6%, and 18.1% respectively [4][8] - The net profit attributable to the parent company is expected to reach 2.620 billion yuan in 2025, 3.272 billion yuan in 2026, and 3.764 billion yuan in 2027, with corresponding growth rates of 46.3%, 24.9%, and 15.1% [4][8] - The company has a strong gross margin of around 48% and a net margin of approximately 42% for the forecasted years [8] Business Performance - The IDC business generated a revenue of 2.914 billion yuan in 2024, while the AIDC business achieved 1.451 billion yuan, marking a year-on-year growth of 21.03% [5] - The company has accelerated its capacity expansion, with six new data centers delivered in 2023-2024, totaling approximately 240 MW, and plans to deliver five additional centers in 2025, totaling around 420 MW [5][6] - The company has established seven AIDC infrastructure clusters across six major regions in China, with a total planned capacity of 61 data centers and approximately 320,000 cabinets [6]

企业名称厦门牛王润泽科技产业投资有限公司法定代表人谭廷峰注册资本1200万人民币国标行业金融业 >资本市场服务>其他资本市场服务地址中国（福建）自由贸易试验区厦门片区高殿路2号223室A11（该 住所仅限作为商事主体法律文书送达地址）企业类型法人商事主体【有限责任公司(非自然人投资或控 股的法人独资)】营业期限2025-4-29至无固定期限登记机关 来源：金融界 序号股东名称持股比例1海南省国际信托投资公司100% 经营范围含以自有资金从事投资活动；农业机械服务；农业机械租赁；新材料技术推广服务；技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广；化肥销售；肥料销售；企业管理咨询；食 用农产品初加工；农副产品销售；食用农产品批发；谷物销售；供应链管理服务；机械设备研发；棉、 麻销售；针纺织品及原料销售；食品销售（仅销售预包装食品，不含酒）；有色金属合金销售；金属矿 石销售；金属制品销售；新能源汽车整车销售；木材销售；汽车销售；建筑材料销售；合成材料销售； 塑料制品销售；电力电子元器件销售；铁路运输设备销售；橡胶制品制造；润滑油销售；电子产品销 售；社会经济咨询服务；家用电器研发；集成电路芯片设计及服 ...

Group 1 - The core viewpoint of the news is that Runze Technology has reported strong financial results for Q1, with revenue of 1.198 billion yuan and a net profit of 430 million yuan, while also announcing a share buyback plan to enhance shareholder value and investor confidence [1][2] - The company generated a net cash flow from operating activities of 869 million yuan during the reporting period, indicating strong operational performance [1] - The share buyback plan involves using self-raised funds to repurchase shares at a maximum price of 75.00 yuan per share, with a total buyback amount expected to be between 500 million yuan and 1 billion yuan, potentially repurchasing approximately 6.67 million to 13.33 million shares, representing 0.39% to 0.77% of the total issued share capital [1] Group 2 - Industry experts view the buyback plan as a positive signal, suggesting that the company believes its current stock price is undervalued, which could enhance earnings per share and boost investor confidence [2] - The buyback shares will be used for employee stock ownership plans or equity incentives, which can improve corporate governance and team cohesion, driving continuous innovation and development [2] - The buyback plan aligns with the company's long-term development strategy, helping to stabilize the stock price and maintain the company's market image, with management expressing confidence in future profitability and significant growth in billing capacity by the end of 2025 [2]

Core Insights - The company reported a revenue of 1.198 billion yuan and a net profit of 430 million yuan for Q1 2025, indicating healthy financial metrics [1] - As a leading provider of intelligent computing infrastructure in China, the company is leveraging technological innovation and green development to build a future-oriented computing foundation [1] - The company has established seven AIDC intelligent computing clusters across key economic regions, with all delivered and upcoming computing centers having secured production orders, expected to be operational by 2025 [1] Technological Developments - The company is deepening the commercialization of liquid cooling technology, having delivered the industry's first fully liquid-cooled green computing center in 2023 [1] - The Power Usage Effectiveness (PUE) of the liquid-cooled computing centers has been reduced to approximately 1.15, showcasing significant energy efficiency [1] - The company is enhancing energy-saving renovations in existing computing centers and has achieved industry-leading PUE levels in its Langfang park, supporting AI model training with reliable and efficient computing infrastructure [1] Green Development Strategy - The company is actively promoting a "low-carbon green" process for its computing centers, with its A-7 and A-18 centers recognized as national green data centers due to their excellent energy-saving performance [2] - In 2024, the company completed a total of 800 million kilowatt-hours in green electricity transactions, emphasizing its commitment to energy-saving technology research and green transformation [2] Strategic Expansion - The company's strategic layout in Hainan Free Trade Port aligns with national policies, as the State Council approved the establishment of cross-border e-commerce comprehensive pilot zones in Hainan and other cities [3] - The company is constructing an intelligent computing infrastructure cluster in Danzhou, Hainan, with a planned capacity of approximately 30,000 cabinets, aimed at enhancing cross-border operations [3] - This initiative supports the digital economy development directive outlined in the Hainan Free Trade Port construction plan and lays the groundwork for the company to expand into overseas markets [3]

核心观点 公司目前是国内领先的数据中心整体解决方案提供商，提供大规模、高性能的数据中心集群。公司较早 掌握了一线城市周边稀缺的土地、能耗、电力等核心基础资源，目前全国合计布局了约61栋智算中心、 32 万架机柜，2024 年末能耗指标较2023 年末增长约130%。截至2024 年末，公司累计交付14 栋算力中 心，部署机柜约8.2 万架，成熟算力中心上架率超过90%。公司在手订单充足，京津冀、长三角及大湾 区三大园区已交付的及即将交付的算力中心全部取得投产订单，预计2025 年可完成上架并趋向成熟。 受益于AI 技术高速发展及大模型集群效应显著增强，智算需求快速增长，公司业绩未来可期。 事件 2024 年，公司实现营业收入43.65 亿元，同比增长0.32%；归母净利润17.90 亿元，同比增长1.62%。 简评 1、四季度业绩短期承压，不利因素逐渐消除。 2024 年，公司实现营业收入43.65 亿元，同比增长0.32%；归母净利润17.90 亿元，同比增长1.62%；扣 非归母净利润17.78 亿元，同比增长4.07%。2024Q4，公司实现营业收入9.08 亿元，同比下降45.64%， 环比下降29. ...

事件概述 AIDC 机房陆续交付，支撑中长期成长 2025 年公司AIDC 机房陆续交付。根据公司年报披露，截至2024 年末，公司累计交付14 栋算力中心， 部署机柜约8.2 万架，成熟算力中心上架率超过 90%。公司京津冀、长三角及大湾区三大园区已交付的 及即将交付的算力中心全部取得投产订单，预计2025 年可完成上架并趋向成熟，将形成稳定的现金流 压舱石，为未来长期稳健发展提供基础保障。进一步抢占市场先机，公司积极调动全部资源建设了平湖 园区单体100MW 和廊坊园区单体200MW 两栋新一代智算中心，预计2025 年完成投运，这将为公司 在"人工智能+"时代持续保持领先地位奠定坚实的战略基础。 公司机柜储备资源丰富，中长期成长趋势良好。根据公司年报披露，公司全国合计布局了约 61 栋智算 中心、32 万架机柜，且主要集中于北京、上海、广州、深圳等一线城市的卫星城，已基本完成了全 国"一体化算力中心体系"框架布局。截至 2024 年末，公司能耗指标储备较2023 年末增加约130%。公司 七大园区中五大园区（京津冀园区、长三角园区、惠州园区、重庆园区及兰州园区）已建、在建、待建 项目已全部取得所需能耗， ...

Core Viewpoint - The company reported a slight increase in revenue and net profit for 2024, but the performance fell short of expectations due to ongoing upgrades in data centers, which temporarily affected billing while depreciation continued to be accounted for [1][2]. Group 1: Financial Performance - In 2024, the company's operating revenue grew by 0.32% to 4.365 billion yuan, while net profit attributable to shareholders increased by 1.62% to 1.790 billion yuan, which was below the previous expectation of 2.213 billion yuan [1]. - For Q4 2024, operating revenue and net profit attributable to shareholders decreased by 45.64% and 56.89% respectively, reaching 0.908 billion yuan and 0.277 billion yuan [1]. - The IDC business generated 2.914 billion yuan in revenue for 2024, a decline of 7.56%, with a gross margin decrease of 6.93 percentage points to 47.53% [2]. Group 2: Business Segments - The AIDC business achieved 1.451 billion yuan in revenue for 2024, marking a growth of 21.03%, with a gross margin increase of 18.65 percentage points to 51.75% [3]. - The company has adjusted its revenue recognition method for high-performance computing modules in the AIDC business, leading to an increase in gross margin [3]. - The company is focusing on the construction and delivery of new-generation intelligent computing centers, with significant projects underway [3]. Group 3: Future Outlook - The company expects to see a recovery in demand for data centers driven by the development of AI applications in 2025, with all power centers in key regions having secured production orders [2]. - Projections for net profit attributable to shareholders for 2025-2027 are 2.693 billion, 3.239 billion, and 3.888 billion yuan respectively, with EBITDA expected to be 3.938 billion, 4.790 billion, and 5.700 billion yuan [4]. - The company maintains a "buy" rating, with a target price of 54.22 yuan per share based on a 25 times EV/EBITDA multiple for 2025 [4].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2500 | 0.2800 | -10.71 | 0.3600 | | 每股净资产（元） | 6.03 | 5.23 | 15.3 | 8.13 | | 每股公积金(元) | 3.16 | 2.85 | 10.88 | 5.9 | | 每股未分配利润(元) | 1.79 | 1.30 | 37.69 | 1.25 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 11.98 | 9.87 | 21.38 | 8.08 | | 净利润(亿元) | 4.3 | 4.74 | -9.28 | 3.3 | | 净资产收益率(%) | 4.23 | 5.41 | -21.81 | 10.64 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 17415.83万股，累计占流通股比： 31.42%， ...