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 2023 年度跟踪报告 | 保荐人名称：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 | 12 | | ...

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 重大资产置换、发行股份购买资产 并募集配套资金暨关联交易 之 华泰联合证券有限责任公司（以下简称"华泰联合证券"）接受上市公司的 委托，担任上市公司本次重大资产置换、发行股份购买资产并募集配套资金暨 关联交易的独立财务顾问。根据《中华人民共和国公司法》、《中华人民共和 国证券法》、《上市公司重大资产重组管理办法》、《公开发行证券的公司信 息披露内容与格式准则第 26 号——上市公司重大资产重组申请文件》等有关法 律、法规及规范性文件的要求，按照证券行业公认的业务标准、道德规范，本 着诚实信用、勤勉尽责的精神，遵循客观、公正原则，在认真审阅相关资料和 充分了解本次交易行为的基础上，独立财务顾问出具了上市公司本次重大资产 重组实施情况的核查意见。 本持续督导意见所依据的文件、材料由交易各方提供。提供方对所提供资 料的真实性、准确性、完整性和及时性负责，保证资料无虚假记载、误导性陈 述和重大遗漏，并对所提供资料的合法性、真实性、准确性和完整性承担个别 和连带法律责任，本独立财务顾问不承担由此引起的风险责任。 本持续督导意见仅供上市公司本次重大资产置换、发行 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨润泽科技（ ） 300442.SZ [润Ta泽b科le_技Ti2tl0e2] 4 年一季报业绩点评： 营收业绩同比高增， 业务拓展顺利 AIDC 报告要点 [公Ta司ble2_4SQu1m在maIDryC] 及AIDC业务稳步推进，营收业绩同比提升显著，我们认为往后看传统IDC 行业主要机会来自于两方面：1）高功率机柜将产生结构性的供不应求，AI 服务器出货量提升 对高功率机柜需求提升，因此绑定头部互联网厂商且有高功率机柜资源的 IDC 供应商优势明 显；2）应用端爆发对核心一线城市周边优质数据中心的需求增长拉动将更为明显。此外，除传 ...

公司报告 | 季报点评 润泽科技（300442） 证券研究报告 2024年05月 01日 投资评级 存货高增算力储备丰富，业绩持续高增未来动能强 行业 通信/通信服务 6个月评级 买入（维持评级） 事件： 当前价格 31.41元 目标价格 元 润泽科技发布2024年一季报，一季度实现营业收入12.42亿元，同比增长 53.65%。实现归母净利润4.74 亿元，同比增长43.81% 。实现扣非净利润 基本数据 4.71亿元，同比增长45.48%。 A股总股本(百万股) 1,720.58 业绩延续高速增长趋势，AIDC持续或持续贡献增量 流通A股股本(百万股) 358.79 公司 24Q1 再度实现营收超 50%，扣非利润 45%的同比增长，延续公司持 A股总市值(百万元) 54,043.34 续高增的良好趋势。算力在23Q4贡献增量后，我们预计在24Q1或再度呈 流通A股市值(百万元) 11,269.69 现良好表现。同时公司业绩持续保持高速增长趋势，2023年每个季度扣非 每股净资产(元) 5.23 同比增速都达到40%+，24Q1 扣非归母净利润增速延续，同比增长 45%。 资产负债率(%) 65.60 从 ...

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"）将于 2024 年 5 月 9 日参 加由深圳证券交易所（简称"深交所"）组织召开的以"数字经济'智'动力"为 主题的集体业绩说明会。现将有关事项公告如下： 证券代码：300442 证券简称：润泽科技 公告编号：2024-023 润泽智算科技集团股份有限公司 关于参加深圳证券交易所"数字经济'智'动力"为主题的 集体业绩说明会的公告 一、本次业绩说明会的安排 二、投资者参加方式 为充分尊重投资者、提升交流的针对性，现就本次业绩说明会提前向投资者 公开征集问题，广泛听取投资者的意见和建议。投资者可提前登陆深交所"互动 易"平台（https://irm.cninfo.com.cn）"云访谈"栏目进入本次业绩说明会页面， 或扫描二维码（附后），进入问题征集专题页面进行提问。公司将在本次业绩说 明会上，对投资者普遍关注的问题进行回答。 1 业绩说明会投资者问题征集专用二维码 1、召开时间：2024 年 5 月 9 日（星期四）下午 15:00—17:00 2、召开地址：深交所上 ...

[Table_StockInfo] 2024 年 04 月 26 日 证券研究报告•2023 年年报点评 买入 （首次） 当前价：29.78 元 润泽科技（300442）通信 目标价：38.7 元（6 个月） 业绩稳健增长，AIDC 前景广阔 [Table_Summary 事件：公司发布] 2023年年度报告，2023年实现营收 43.5亿元，同比增长 60.3%； 归母净利润 17.6 亿元，同比增长 47%；扣非归母净利润 17.1 亿元，同比增长 50.2%。其中，Q4 单季度实现营收 16.7 亿元，同比增长 130.2%，环比增长 67.3%；归母净利润 6.4亿元，同比增长 69.9%，环比增长 53.5%；扣非归母净 利润 5.9 亿元，同比增长 56.8%，环比增长 41.1%。 IDC营收持续增长，AIDC成新增长点。2023年公司营收 43.5亿元，同比增长 60.3%，归母净利润为 17.6亿元，同比增长 43%，主要系 IDC 业务营收源增多 和 AIDC 业务拓展。IDC 业务方面，2023 年以前交付的算力中心上架率稳步提 升，2023 年实现多园区营收；AIDC 业务方面，业务拓 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its future performance [2][3]. Core Views - The company reported a revenue of 1.24 billion yuan in Q1 2024, representing a year-on-year growth of 53.7%, and a net profit attributable to shareholders of 470 million yuan, up 43.8% year-on-year [2]. - The growth is attributed to the steady advancement of IDC business and successful expansion of AIDC-related operations, leading to an increase in revenue scale [2]. - The company is actively expanding its AIDC layout, which is expected to contribute significantly to revenue throughout the year [2]. - The gross margin for Q1 2024 was 47.3%, a decrease of 1.2 percentage points quarter-on-quarter, primarily due to the lower gross margin of the newly expanded AIDC business [2]. - The company has made significant investments in liquid cooling technology and AI-driven management systems, positioning itself as a leader in the intelligent computing industry [2]. - The company is also enhancing its focus on cybersecurity and data confidentiality through collaborations with telecom operators and government agencies [2]. Financial Forecasts - The company is projected 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 [2][3]. - The net profit attributable to shareholders is expected to reach 2.47 billion yuan, 3.33 billion yuan, and 4.61 billion yuan for the same years [2][3]. - Corresponding EPS for these years is forecasted to be 1.44 yuan, 1.94 yuan, and 2.68 yuan, with P/E ratios of 21x, 16x, and 12x based on the closing price on April 26, 2024 [2][3].

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。 证券代码：300442 证券简称：润泽科技 公告编号：2024-021 润泽智算科技集团股份有限公司 关于召开 2023 年年度股东大会的通知 根据《中华人民共和国公司法》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法 律、法规、行政规章等文件以及《润泽智算科技集团股份有限公司章程》（简称 "《公司章程》"）的相关规定，润泽智算科技集团股份有限公司（简称"公司"） 第四届董事会第二十次会议审议通过了《关于召开 2023 年年度股东大会的议案》， 决定于 2024 年 5 月 22 日以现场投票与网络投票相结合的方式召开公司 2023 年 年度股东大会（简称"本次会议"或"本次股东大会"），现将本次股东大会有 关事项通知如下： 一、本次股东大会召开的基本情况 1、股东大会届次：2023 年年度股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次会议的召开已经公司第四届董事会第二 十次会议审议通过，召集程序符合有关法律、行政法规、 ...

证券代码：300442 证券简称：润泽科技 公告编号：2024-019 公司董事会认真审阅了《润泽智算科技集团股份有限公司 2024 年第一季度 报告》（简称"《2024 年第一季度报告》"），董事会认为公司《2024 年第一季度报 告》编制程序符合法律、行政法规、中国证券监督管理委员会（简称"中国证监 会"）和深圳证券交易所的相关规定，内容真实、准确、完整，不存在任何虚假 记载、误导性陈述或重大遗漏。 1 润泽智算科技集团股份有限公司 第四届董事会第二十次会议决议公告 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。 一、董事会会议召开情况 2024 年 4 月 26 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 2024 年 4 月 24 日发出。 本次会议由董事长周超男主持。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、董事会会议审议情况 （一） 审议通过了《关于公司<2024 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥1,242,260,262.53, representing a 53.65% increase compared to ¥808,499,284.48 in the same period last year[3] - Net profit attributable to shareholders was ¥474,234,549.39, up 43.81% from ¥329,756,259.04 year-on-year[3] - The company's basic earnings per share decreased by 22.22% to ¥0.28 from ¥0.36 in the same quarter last year[3] - Total operating revenue for Q1 2024 reached ¥1,242,260,262.53, a significant increase of 53.7% compared to ¥808,499,284.48 in the same period last year[16] - Net profit for Q1 2024 was ¥475,226,704.04, representing a 43.9% increase from ¥330,015,632.82 in Q1 2023[18] - The report indicates that there were no changes in the number of restricted shares for major shareholders during the period[11] - The company reported a total comprehensive income attributable to shareholders of the parent company of ¥474,234,549.39, compared to ¥329,756,259.04 in the previous year, an increase of 43.8%[18] Cash Flow and Assets - The net cash flow from operating activities was -¥1,573,683,215.99, a significant decrease of 710.71% compared to ¥257,679,497.66 in Q1 2023[7] - The company's cash and cash equivalents amounted to CNY 2,318,100,356.12, up from CNY 1,809,667,646.32, indicating a growth of about 28.1%[14] - The ending cash and cash equivalents balance was ¥1,882,405,573.75, down from ¥4,007,353,023.45 in the previous period, indicating a reduction of approximately 53%[20] - Total cash outflow for operating activities was ¥2,621,813,871.56, significantly higher than ¥405,427,157.12 in the previous period[20] - Cash inflow from investment activities totaled ¥602,607,780.82, a substantial increase from ¥17,763,840.13 in the previous period[20] - The net cash outflow from investment activities was ¥564,488,259.02, improving from a much larger outflow of ¥2,318,191,724.57 in the previous period[20] - Cash inflow from financing activities amounted to ¥3,029,999,800.00, down from ¥5,069,999,994.10 in the previous period, reflecting a decrease of approximately 40.3%[20] - The net cash flow from financing activities was ¥2,648,285,037.87, a decrease from ¥4,706,412,979.85 in the previous period[20] Operating Costs and Expenses - The company reported a 75.63% increase in operating costs, totaling ¥654,208,894.28, compared to ¥372,487,162.42 in Q1 2023[6] - Total operating costs amounted to ¥789,657,943.40, up 77.7% from ¥470,659,612.52 in Q1 2023[17] - Financial expenses surged by 139.24% to ¥46,514,207.63, attributed to increased interest expenses[6] - Financial expenses increased significantly to ¥46,514,207.63, compared to ¥19,442,650.09 in the same quarter last year, reflecting a rise of 139.7%[17] - Research and development expenses for Q1 2024 were ¥37,640,054.06, up 24.8% from ¥30,143,791.90 in Q1 2023[17] Shareholder Information - The total number of common shareholders at the end of the reporting period was 63,046[9] - The largest shareholder, Jingjinji Runze (Langfang) Digital Information Co., Ltd., holds 61.17% of shares, totaling 1,052,452,523 shares[9] - The second-largest shareholder, Hefei Hongbo Runze Equity Investment Partnership, holds 2.91% of shares, totaling 50,031,000 shares[9] - The company has no preferred shareholders with voting rights restored at the end of the reporting period[9] - The company plans to release additional shares for asset acquisition on August 8, 2025, for Jingjinji Runze and on August 8, 2024, for Hefei Hongbo Runze and others[11] Future Outlook and Strategy - The company plans to continue its market expansion and product development strategies, focusing on enhancing its technological capabilities and service offerings[12] - Runze Intelligent Computing is committed to maintaining its growth trajectory through strategic investments and potential mergers and acquisitions in the technology sector[12] - The company has implemented an employee stock incentive plan, which is expected to align employee interests with long-term corporate performance[13] Asset Overview - The total assets at the end of Q1 2024 amounted to ¥26,253,844,841.53, reflecting a 12.63% increase from ¥23,310,849,208.60 at the end of the previous year[3] - As of March 31, 2024, the total assets of Runze Intelligent Computing Technology Group reached CNY 26,253,844,841.53, an increase from CNY 23,310,849,208.60 at the beginning of the period, reflecting a growth of approximately 12.5%[14] - Accounts receivable increased to CNY 1,370,225,405.87 from CNY 1,064,149,033.24, representing a rise of approximately 29%[14] - Inventory surged to CNY 2,408,939,476.46, compared to CNY 769,647,362.89 at the beginning of the period, marking an increase of around 212%[15] - The company's non-current assets totaled CNY 18,968,875,488.38, up from CNY 18,286,493,100.87, reflecting an increase of about 3.7%[15] - The total equity attributable to shareholders of the parent company was ¥9,007,129,124.99, an increase from ¥8,521,793,541.32, marking a growth of 5.7%[16] - The company's total liabilities increased to ¥17,221,855,713.25, compared to ¥14,765,187,818.64 in the previous year, reflecting a growth of 16.6%[16] - Non-current liabilities rose to ¥12,960,248,263.28, up from ¥10,463,213,726.09, indicating a 24.0% increase year-over-year[16]