证券代码：300442 证券简称：润泽科技 公告编号：2024-060 润泽智算科技集团股份有限公司 关于变更持续督导独立财务顾问主办人的公告 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"）于近日收到华泰联合证券 有限责任公司（简称"华泰证券"）出具的《关于变更持续督导独立财务顾问主 办人的函》。华泰证券为公司 2022 年实施的重大资产置换、发行股份购买润泽 科技发展有限公司 100%股权并募集配套资金暨关联交易项目（简称"本项目" 或"2022 年重大资产重组项目"）的独立财务顾问，华泰证券原委派的独立财 务顾问主办人为蒋坤杰先生、陈嘉先生、卞建光先生，持续督导期至 2025 年 12 月 31 日止。截至本公告披露之日，持续督导期尚未届满，华泰证券将继续履行 相关持续督导义务。 近日，因卞建光先生正常办理退休，不再担任本项目的独立财务顾问主办人。 本次独立财务顾问主办人减少后，华泰证券原委派的独立财务顾问主办人蒋坤杰 先生、陈嘉先生将继续担任本项目的独立财务顾问主办人，履行本项目的持续督 导职责。 2024 ...

预留部分授予登记完成公告 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。 重要内容提示： 本次第一类限制性股票预留部分上市日期：2024 年 11 月 22 日； 证券代码：300442 证券简称：润泽科技 公告编号：2024-059 润泽智算科技集团股份有限公司 关于 2023 年限制性股票激励计划第一类限制性股票 本次第一类限制性股票预留部分登记数量及占比：90.40 万股，占授予前 公司股本总额 172,057.7649 万股的 0.0525%； 本次第一类限制性股票预留部分授予价格：13.85 元/股； 本次第一类限制性股票预留部分授予登记人数：81 人； 本次第一类限制性股票预留部分的来源：公司向激励对象定向发行的本 公司人民币 A 股普通股股票。 润泽智算科技集团股份有限公司（简称"公司"）于 2024 年 9 月 18 日召开 第四届董事会第二十四次会议和第四届监事会第十八次会议，审议通过了《关于 向 2023 年限制性股票激励计划激励对象授予预留部分限制性股票的议案》。根 据《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 ...

证券代码：300442 证券简称：润泽科技 公告编号：2024-058 1 润泽智算科技集团股份有限公司（简称"公司"）于 2024 年 10 月 10 日在 创业板指定的信息披露网站巨潮资讯网（http://www.cninfo.com.cn）披露了《大 股东减持股份预披露公告》（公告编号：2024-052），宁波枫文股权投资基金合 伙企业（有限合伙）（简称"宁波枫文"）、宁波梅山保税港区平盛安康股权投 资基金合伙企业（有限合伙）（简称"平盛安康"）、上海炜贯投资合伙企业（有 限合伙）（简称"上海炜贯"）、天津市平安消费科技投资合伙企业（有限合伙） （简称"平安消费"）计划自该公告披露日起 15 个交易日后的 3 个月内（即 2024 年 11 月 1 日至 2025 年 2 月 1 日）以集中竞价方式或大宗交易方式合计减持公司 不超过 4,100,000 股股份（不超过公司总股本的 0.24%）。 公司于近日收到宁波枫文、平盛安康、上海炜贯、平安消费（合称"减持主 体"）出具的《关于股份减持计划实施完成的告知函》，前述减持计划已于 2024 年 11 月 13 日实施完成，现将有关情况公告如下： 一、减持 ...

Investment Rating - The report maintains a "Buy" rating for Runze Technology (300442.SZ) with a target price of 33.01 CNY as of November 5, 2024 [1]. Core Insights - Runze Technology has demonstrated significant revenue growth driven by its AIDC business, achieving a revenue of 2.835 billion CNY in Q3 2024, a year-on-year increase of 184.0%. The net profit attributable to shareholders reached 547 million CNY, up 30.9% year-on-year [1]. - The company is expected to maintain high growth rates, with projected revenues of 6.030 billion CNY, 8.316 billion CNY, and 10.884 billion CNY for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 38.6%, 37.9%, and 30.9% [4]. - Runze Technology's R&D investment has increased significantly, with R&D expenses reaching 105 million CNY in the first three quarters of 2024, a 69.07% increase year-on-year, indicating a commitment to technological innovation and business expansion [1]. Financial Performance - In the first three quarters of 2024, the cumulative revenue reached 6.410 billion CNY, a 139.1% increase compared to the same period last year, with a net profit of 1.513 billion CNY, up 35.1% year-on-year [1]. - The company's operating costs increased to 4.440 billion CNY, a rise of 232.01% year-on-year, primarily due to the expansion of revenue scale [1]. - The projected net profits for 2024, 2025, and 2026 are 2.277 billion CNY, 3.122 billion CNY, and 4.193 billion CNY respectively, with corresponding year-on-year growth rates of 29.3%, 37.1%, and 34.3% [4]. Market Position and Strategy - Runze Technology is solidifying its market leadership in the IDC and AIDC sectors, with a national layout that includes seven intelligent computing infrastructure clusters and approximately 61 intelligent computing centers [1]. - The company has successfully delivered the industry's first pure liquid cooling intelligent computing center, enhancing the stability and environmental efficiency of its computing centers [1]. - The company is actively pursuing diversified financing strategies to support its robust expansion, including public REITs projects and interbank debt financing tools [1]. Valuation Metrics - The report provides a forecast for EPS of 1.32 CNY, 1.81 CNY, and 2.44 CNY for 2024, 2025, and 2026, with corresponding P/E ratios of 24.9, 18.2, and 13.5 [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has shown significant growth in the first three quarters of 2024, with operating revenue reaching 6.41 billion yuan, a year-over-year increase of 139.11%, and a net profit attributable to shareholders of 1.514 billion yuan, up 35.13% year-over-year [3][4] - The third quarter of 2024 continued to demonstrate high growth, with quarterly revenue of 2.835 billion yuan, a year-over-year increase of 184.03% and a quarter-over-quarter increase of 21.52% [4] - The company is progressing steadily with its AIDC construction, with the main structure of the Pinghu B District project completed [5] Financial Performance Summary - The company’s revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 7.725 billion yuan in 2024, 9.593 billion yuan in 2025, and 11.647 billion yuan in 2026 - Net profit: 2.176 billion yuan in 2024, 3.052 billion yuan in 2025, and 3.806 billion yuan in 2026 [6][7] - The company’s gross margin for the first three quarters was 30.73%, while the net margin was 23.74% [3] - The company’s earnings per share (EPS) are projected to be 1.26 yuan in 2024, 1.77 yuan in 2025, and 2.21 yuan in 2026 [6][7] Market Context - The capital expenditure of major domestic cloud companies like Tencent, Baidu, and Alibaba has seen a significant increase, with a total of approximately 23 billion yuan in Q2 2024, a year-over-year growth of nearly 70% [5] - The capital expenditure of major overseas cloud companies such as Meta, Microsoft, Google, and Amazon reached approximately 53 billion USD in Q2 2024, with a year-over-year growth of around 60% [5]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 40.31 CNY, compared to the current price of 32.62 CNY [1]. Core Insights - The company continues to experience significant revenue growth, with a reported revenue of 6.41 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 139.11%. The net profit attributable to shareholders reached 1.514 billion CNY, up 35.13% year-on-year [1]. - The company is expanding its client base, particularly in the IDC business, and is issuing debt financing tools to optimize its financial structure. This is expected to support sustainable growth [1]. - The demand for AIDC services is strong, particularly in the Yangtze River Delta region, with several new data centers under construction and expected to be operational soon [1]. Financial Performance Summary - Total revenue for 2023 is projected at 4.351 billion CNY, with a year-on-year growth rate of 60.3%. For 2024, revenue is expected to reach 8.563 billion CNY, reflecting a growth rate of 96.8% [2]. - The net profit attributable to shareholders is forecasted to be 1.762 billion CNY for 2023, with a growth rate of 47.0%. For 2024, it is expected to be 2.191 billion CNY, with a growth rate of 24.4% [2]. - The company’s earnings per share (EPS) is projected to increase from 1.02 CNY in 2023 to 1.27 CNY in 2024 [2]. Market Position and Future Outlook - The company is positioned as a leading player in the park-level data center sector, benefiting from strategic location, high utilization rates, and a mature operational model [1]. - The anticipated delivery of new generation intelligent computing centers is expected to accelerate revenue growth, with significant demand in emerging applications such as autonomous driving and smart healthcare [1]. - The company plans to register and issue up to 4 billion CNY in short-term financing instruments to further enhance its capital structure and support business expansion [1].

Investment Rating - The report maintains a "Buy" rating for the company, with expected returns exceeding 20% over the next six months [7]. Core Insights - The company reported a significant increase in revenue and profit, with Q3 2024 revenue reaching 6.41 billion yuan, a year-on-year growth of 139.11%, and a net profit of 1.514 billion yuan, up 35.13% year-on-year [1]. - The company's AIDC (AI Data Center) business is expanding rapidly, contributing to a quarterly revenue of 2.835 billion yuan in Q3, representing a year-on-year growth of 184.03% and a quarter-on-quarter increase of 21.52% [2]. - The company is positioned as a leader in AI computing infrastructure, with a strong order book from top AI clients, indicating robust future growth potential [4]. Financial Performance Summary - The company achieved a gross margin of 25.89% in Q3, which has slightly decreased due to changes in revenue structure from the rapid growth of AIDC [3]. - The projected net profits for the company from 2024 to 2026 are estimated at 2.218 billion yuan, 3.282 billion yuan, and 4.205 billion yuan respectively, with corresponding P/E ratios of 25, 17, and 13 [5][6]. - The company’s total revenue is expected to grow significantly, with projections of 8.42 billion yuan in 2024, 9.36 billion yuan in 2025, and 11.14 billion yuan in 2026, reflecting growth rates of 93.54%, 11.14%, and 19.01% respectively [6][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved continuous revenue growth, with a revenue of 6.41 billion yuan in the first three quarters, representing a year-on-year increase of 139.11%. The net profit attributable to the parent company reached 1.514 billion yuan, up 33.65% year-on-year [1][2] - The company is expected to benefit from the development of AIGC, with profit forecasts for 2024-2026 being 2.206 billion, 3.072 billion, and 3.936 billion yuan respectively. The current stock price corresponds to PE ratios of 25.4, 18.3, and 14.3 times for the respective years [1][2] Business Expansion - The company has accelerated its AIDC business expansion, with significant investments in research and development, reaching 105 million yuan in the first three quarters, a year-on-year increase of 69.81% [3] - The company has established seven AIDC infrastructure clusters across six major regions in China, with a total of 61 planned data centers and approximately 320,000 cabinets, achieving a cabinet utilization rate of over 90% [4] Financial Performance - The company reported a revenue of 2.835 billion yuan in Q3, with a year-on-year growth of 184.03%. The net profit attributable to the parent company for the same period was 544 million yuan, up 29.94% year-on-year [2][4] - The financial forecasts indicate a steady growth trajectory, with expected revenues of 6.303 billion yuan in 2024, 8.338 billion yuan in 2025, and 10.594 billion yuan in 2026, alongside net profits of 2.206 billion, 3.072 billion, and 3.936 billion yuan respectively [4][7]

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company achieved a revenue of 6.4 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 139.1%, and a net profit of 1.5 billion yuan, up 35.1% year-on-year [1] - In the third quarter of 2024 alone, the company reported a revenue of 2.8 billion yuan, a year-on-year increase of 184.0%, and a net profit of 550 million yuan, growing 30.9% year-on-year [1] - The rapid development of domestic large models and the initial emergence of AI reasoning capabilities are highlighted, with the AutoGLM model being integrated into popular applications [1] - The company is seizing new opportunities in the AIDC sector, with a staggering 1148% year-on-year growth in AIDC business orders, amounting to 2.05 billion yuan in the first half of 2024 [1] - The company is recognized as a leader in liquid cooling technology, contributing to the green development of computing centers and achieving significant green electricity trading [1] Financial Forecasts - The company is expected to achieve revenues of 6.14 billion yuan, 8.08 billion yuan, and 10.93 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 2.47 billion yuan, 3.33 billion yuan, and 4.61 billion yuan [1][5] - The earnings per share (EPS) are projected to be 1.44 yuan, 1.94 yuan, and 2.68 yuan for the same years, with price-to-earnings (P/E) ratios of 23, 17, and 12 respectively [1][5] - The company’s gross margin is expected to improve to 52.1% in 2024, with a net profit margin of approximately 40.3% [5][6]

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 ...