国元证券股份有限公司 关于润泽智算科技集团股份有限公司 2024 年半年度持续督导跟踪报告 | 独立财务顾问名称：国元证券股份有限公司 | 上市公司简称：润泽科技 | | --- | --- | | 财务顾问主办人：赵青 | 联系电话：0551-68167862 | | 财务顾问主办人：汪涛 | 联系电话：0551-68167862 | | 财务顾问主办人：丁江波 | 联系电话：0551-68167862 | | 5.现场检查情况 | | | --- | --- | | （1）现场检查次数 | 0 次 | | （2）现场检查报告是否按照本所规定报送 | 不适用 | | （3）现场检查发现的主要问题及整改情况 | 不适用 | | 6.发表专项意见情况 | | | （1）发表专项意见次数 | 7 次 | | （2）发表非同意意见所涉问题及结论意见 | 不适用 | | 7.向深圳证券交易所报告情况（现场检查报告除外） | | | （1）向深圳证券交易所报告的次数 | 0 次 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | ...

华泰联合证券有限责任公司 关于润泽智算科技集团股份有限公司 2024 年半年度跟踪报告 | 独立财务顾问名称：华泰联合证券有限责任公司 | 被保荐公司简称：润泽科技 | | --- | --- | | 财务顾问主办人姓名：蒋坤杰 | 联系电话：15094318338 | | 财务顾问主办人姓名： 陈嘉 | 联系电话：13451938833 | | 财务顾问主办人姓名：卞建光 | 联系电话：18951745977 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每 ...

Investment Rating - The report assigns an investment rating of "Buy" for the company, marking the first coverage of the stock [4]. Core Views - The demand for AI computing power is expected to drive new growth in China's IDC industry, with a projected CAGR of 31% from 2024 to 2027 [5][7]. - The company, Runze Technology, is positioned as a comprehensive solution provider in the computing power center sector, leveraging its strategic locations and advanced technologies to capture opportunities in the AI industry [5][7]. - The company is anticipated to maintain a leading market share, growth rate, and profitability as the AI industry develops [5]. Summary by Sections Company Overview - Runze Technology, established in 2009, focuses on IDC and AIDC businesses, providing server hosting and value-added services through partnerships with telecom operators [11]. - The company has a clear strategic layout across six core regions in China, planning approximately 61 intelligent computing centers with a total of around 320,000 cabinet resources [11][12]. AI Computing Demand - The IDC industry is experiencing a shift due to the increasing demand for AI computing power, with many existing cabinets unable to meet the requirements, leading to a consolidation effect in the industry [7][22]. - The average power per cabinet in China's IDC sector is about 4.6 kW, significantly lower than the power requirements for AI servers, which is expected to accelerate the phase-out of outdated cabinets [5][7]. Financial Performance and Projections - The company reported revenues of 4.35 billion yuan in 2023, a year-on-year increase of 60.27%, with a projected revenue of 6.45 billion yuan in 2024, reflecting a growth rate of 48.19% [6][8]. - The net profit attributable to shareholders is expected to reach 2.12 billion yuan in 2024, with a growth rate of 20.43% [6][8]. - The company’s earnings per share (EPS) are projected to be 1.23 yuan in 2024, increasing to 2.27 yuan by 2026 [6][8]. Market Position and Competitive Advantage - The company has achieved a cabinet utilization rate exceeding 90% in its mature data centers, which is a key factor in maintaining its industry-leading profitability [5][8]. - Runze Technology's strategic focus on liquid cooling technology and AIDC business development positions it well to capitalize on the growing AI market [5][7]. Long-term Growth Strategy - The company aims to become a leading provider of intelligent computing centers globally, focusing on technological advancements and expanding its IDC and AIDC businesses [8][20]. - The company has initiated a stock incentive plan aimed at achieving significant net profit growth over the next few years, with targets set for 2025 to 2027 [20][21].

[Table_MainInfo] 公司研究/信息服务 证券研究报告 润泽科技（300442）公司半年报点评 2024 年 08 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 08 [ Table_StockInfo 月 29 日收盘价（元） ] | 22.83 | | 52 周股价波动（元） | 15.90-36.28 | | 总股本 / 流通 A 股（百万股） | 1721/554 | | 总市值 / 流通市值（百万元） | 39281/12654 | | 相关研究 | | | [Table_ReportInfo] 《 AIDC 第二增长曲线驱动公司快速成长》 | | | 2024.05.31 | | 市场表现 [Table_QuoteInfo] -33.74% -17.74% -1.74% 14.26% 30.26% 2023/8 2023/11 2024/2 2 ...

证券代码：300442 证券简称：润泽科技 公告编号：2024-040 润泽智算科技集团股份有限公司 关于超短期融资券获准注册的公告 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"）分别于 2024 年 6 月 2 日 召开的第四届董事会第二十一次会议及 2024 年 6 月 18 日召开的 2024 年第二次 临时股东大会审议通过了《关于公司拟注册发行银行间债券市场非金融企业债务 融资工具的议案》，同意公司向中国银行间市场交易商协会（简称"交易商协会"） 申请注册发行不超过人民币 40 亿元（含 40 亿元）的银行间债券市场非金融企业 债务融资工具，发行品种包括超短期融资券、中期票据等相关监管部门认可的债 务融资工具品种。具体情况详见公司于 2024 年 6 月 3 日在中国证券监督管理委 员会指定的创业板信息披露网站巨潮资讯网（http://www.cninfo.com.cn）披露的 《关于拟注册发行银行间债券市场非金融企业债务融资工具的公告》（公告编号 2024-026）。 近日，公司收到交易商协会出具的《接受 ...

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company's AIDC business has experienced rapid growth, with revenue increasing by 112.47% YoY to RMB 3.575 billion in H1 2024 [6] - The company has a significant lead in the IDC business, with a total of 76,000 cabinets in operation and an occupancy rate exceeding 90% in mature data centers [6] - The AIDC business has become a new growth driver, with revenue from this segment surging by 1148% YoY to RMB 2.054 billion in H1 2024 [6] Financial Performance - In H1 2024, the company achieved a net profit attributable to shareholders of RMB 967 million, a 37.64% YoY increase [6] - The company plans to distribute a cash dividend of RMB 0.3995 per share (tax inclusive) for every 10 shares [6] - The company's revenue is expected to grow from RMB 4.351 billion in 2023 to RMB 10.881 billion in 2026, with a CAGR of 35.8% [7] Business Segments - IDC business revenue grew by 0.19% YoY to RMB 1.521 billion in H1 2024, with a gross margin of 51.36%, down 5.48 percentage points YoY [6] - AIDC business revenue surged by 1148% YoY to RMB 2.054 billion in H1 2024, with a gross margin of 22.14% [6] Market Position - The company has completed the planning of 7 AIDC intelligent computing infrastructure clusters across 6 core regions, with a total reserve of approximately 320,000 cabinets [6] - The company has attracted leading AI clients to deploy their core training modules in its intelligent computing centers, leading to exponential growth in AIDC business orders [6] Valuation - The company's PE ratio is expected to be 17.7x, 11.9x, and 9.7x for 2024, 2025, and 2026, respectively, based on the closing price on August 26, 2024 [7] - The company's EPS is forecasted to grow from RMB 1.02 in 2023 to RMB 2.33 in 2026 [7]

Investment Rating - Buy rating maintained for Runze Technology (300442) [1] Core Views - Runze Technology achieved 3.575 billion yuan in revenue for the first half of 2024, a year-on-year increase of 112.47%, with AIDC business revenue reaching 2.054 billion yuan, up 1147.85% YoY [1] - The company's net profit attributable to shareholders was 967 million yuan, a 37.64% YoY increase, maintaining strong profitability [1] - The IDC industry is recovering, and AIDC is expected to enter a new growth cycle driven by AI demand [1] - Runze Technology has a strong position in AIDC and liquid cooling technologies, with significant resource advantages and a nationwide deployment of computing clusters [1][2] Industry Analysis - The IDC industry is rebounding after a 4-5 year downturn, with the bottom reached in late 2023 and early 2024 [1] - AIDC demand is booming due to the rapid growth of AI-related industries, with early demand focused on training and future demand shifting to inference [1] - The company has deployed computing clusters in six major regions across China, with a total planned capacity of 610,000 cabinets [1][2] Company Analysis - Runze Technology's AIDC business is growing rapidly, with a 1147.85% YoY increase in revenue, driven by strong market demand and sufficient orders [1] - The company's IDC business revenue reached 1.521 billion yuan, showing steady progress [1] - Runze Technology has a leading position in liquid cooling technology, with innovative designs for high-power, high-computing, and high-storage computing clusters [2] - The company's energy consumption indicators increased by approximately 60% compared to the end of 2023, providing a solid foundation for future growth [1] Financial Performance - Runze Technology's gross margin for the first half of 2024 was 34.57%, a significant decline from the previous year due to changes in revenue structure, increased depreciation, and cabinet upgrades [1] - The company's 2024-2026 net profit forecasts are adjusted to 2.183 billion yuan, 3.305 billion yuan, and 4.156 billion yuan, respectively [3] - The current P/E ratios for 2024-2026 are 17.71, 11.70, and 9.30, with EV/EBITDA ratios of 13.38, 9.45, and 6.90, respectively [3] Strategic Advantages - Runze Technology's "Langfang Model" in traditional IDC business has achieved industry-leading occupancy rates (over 90%) and gross margins (over 50%) [1][2] - The company's AIDC business benefits from its cluster delivery model, with advantages in network topology, routing, and high-power management [2] - Runze Technology's liquid cooling technology is applied across multiple next-generation computing centers, enabling large-scale, high-performance computing clusters [2]

证券代码：300442 证券简称：润泽科技 润泽智算科技集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |----------------|--------------|------------|----------| | | | | 2024-004 | | 投资者关系活动 | 特定对象调研 | 分析师会议 | | 类别媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 天风证券、国联证券、D.E. Shaw（德劭基金）、Jefferies、UBS、 Willing Capital（威灵资本）、安联保险资管、宝盈基金、北京诚 旸投资、北京宏道投资、北京金百镕投资、北京暖逸欣私募、博 时基金、财通资管、诚通通盈、淳厚基金、大家资管、淡水泉（北 京）资管、德邦基金、东方财富、东方证券、东方资产、方正富 邦基金、方正证券、蜂巢基金、富国基金、光大保德信基金、广 东正圆投资、广发基金、广发证券资管（广东）、国金基金、国 寿、国寿安保基金、国投瑞银基金、国投证券、国信证券、国元 参与单位名称及 证券、海富通基金、海南兴高私募、海通国际、恒泰证券、弘毅 人员姓名 远方 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [3][12]. Core Insights - The company achieved a revenue of 3.575 billion yuan in H1 2024, representing a year-on-year growth of 112.47%, with a net profit of 967 million yuan, up 37.64% year-on-year [1]. - The AIDC business significantly contributed to revenue growth, with a staggering 1147.85% increase in revenue, reaching 2.054 billion yuan [1]. - The IDC business maintained stability with a revenue of 1.521 billion yuan, showing a slight year-on-year change [1]. - The company has a robust resource reserve with 61 intelligent computing centers and approximately 320,000 cabinet resources, positioning it well for future growth [1]. Financial Summary - Total revenue for 2023 is projected at 4.351 billion yuan, with expected growth rates of 60.3% for 2023, 41.5% for 2024, and 39.1% for 2025 [2]. - The net profit for 2023 is estimated at 1.762 billion yuan, with growth rates of 47.0% for 2023, 24.4% for 2024, and 50.7% for 2025 [2]. - The company’s earnings per share (EPS) is projected to be 1.02 yuan for 2023, increasing to 1.27 yuan in 2024 and 1.92 yuan in 2025 [2]. Valuation and Price Target - The target price for the company is set at 31.84 yuan, based on a 25 times price-to-earnings (PE) ratio for 2024 [1][3]. - The current price is noted at 22.87 yuan, indicating potential upside based on the target price [3]. Market Position and Competitive Advantage - The company is recognized as a leading player in the domestic data center sector, benefiting from strategic location, high cabinet utilization rates, and a mature operational model [1]. - The surge in demand for intelligent computing centers driven by AI development is expected to further enhance the company's market position [1].

润泽科技（300442.SZ）2024 年半年报点评 业绩稳步兑现，AIDC 成为高质增长引擎 2024 年 08 月 23 日 ➢ 润泽科技发布 2024 年半年度业绩。1H24 公司实现收入 35.8 亿元，同比 增长 112.5%；归母净利润 9.7 亿元，同比增长 37.6%；扣非净利润 9.5 亿元， 同比增长 35.9%。单季度看，Q2 实现收入 23 亿元，同比增长 167%，环比增长 88%；归母净利润 4.9 亿元，同比增长 32.2%，环比增长 3.8%；扣非净利润 4.8 亿元，同比增长 27.6%，环比增长 1.9%。 ➢ 客户结构多元发展，AI 业务斩获头部客户。客户多样性方面，IDC 业务新增 多家互联网头部客户，进一步夯实公司业务稳定性。AI 业务拓展方面，AIDC 业 务率先覆盖 AI 头部客户，成功把握新一轮科技和产业变革新形势，为长期保持 领先奠定了坚实基础。 ➢ 发展稳中有进，持续夯实"IDC 领先"。根据科智咨询，2023 我国 IDC 市 场规模 5078 亿元，同比增长 25.6%。受益数字化转型和 AI 技术高速发展，IDC 需求持续增长。而一线城市优质机柜资源稀 ...