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]

证券研究报告 公司点评 润泽科技(300442.SZ) 通信｜ 通信服务 业绩同比高增，打造智算生态链 2023 年年报点评 2024年 04月 24日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 增持 主营收入(亿元) 27.15 43.51 59.64 78.43 100.11 归母净利润(亿元) 11.98 17.62 23.74 31.80 41.03 评级变动 维持 每股收益（元） 0.70 1.02 1.38 1.85 2.38 交易数据 每股净资产（元） 1.71 4.95 8.54 9.69 11.16 当前价格（元） 30.03 P/E 43.12 29.33 21.77 16.25 12.59 52周价格区间（元） 18.03-64.69 P/B 17.60 6.06 3.52 3.10 2.69 总市值（百万） 51668.95 资料来源：iFinD，财信证券 流通市值（百万） 10774.56 总股本（万股） 172057.80 投资要点： 流通股（万股） 35879.30  业绩同比大幅增长，毛利率小幅下滑。公司发布 2023年年报，全年营 业收入为 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][9]. Core Views - The company achieved a revenue of 4.351 billion yuan in 2023, representing a year-on-year increase of 60.3%. The net profit attributable to shareholders reached 1.762 billion yuan, up 47.0% year-on-year [5]. - The company has successfully expanded its AIDC (Artificial Intelligence Data Center) business, establishing a second growth curve and enhancing its revenue contributions from multiple data center parks [6]. - The company is well-positioned to benefit from the increasing demand for high-power cabinets and AIDC services, with expectations for significant growth in net profit over the next few years [7]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 4.351 billion yuan, with a gross profit of 2.113 billion yuan, resulting in a gross margin of 49% [11]. - The net profit attributable to shareholders was 1.762 billion yuan, with an EPS of 1.03 yuan [11]. Business Expansion - The company has entered a new phase of revenue contribution from multiple parks, delivering five new data centers and increasing the total number of cabinets to approximately 76,000, a growth of 65.22% from the previous year [6]. - The company has also expanded its AIDC business, achieving 1.199 billion yuan in revenue from this segment, which includes liquid cooling and intelligent computing services [6]. Future Outlook - The company is expected to see net profits of 2.184 billion yuan in 2024, 3.305 billion yuan in 2025, and 3.961 billion yuan in 2026, with growth rates of 24%, 51%, and 20% respectively [7]. - The report highlights the structural supply-demand imbalance for high-power cabinets, driven by the increasing shipment of AI servers, which is expected to enhance the company's market position [7].

证券研究报告 | 2024年04月20日 润泽科技（300442.SZ） 增持 积极推进液冷与智算布局，分红回馈股东 核心观点 公司研究·财报点评 2023年净利润增长47%。公司2023年实现收入43.5亿元，同比增长60.3%； 通信·通信服务 实现归母净利润17.6亿元，同比增长47.0%；实现扣非归母净利润17.1亿 证券分析师：马成龙 联系人：钱嘉隆 元，同比增长50.2%。单四季度来看，公司实现营业收入16.7亿元，同比增 021-60933150 021-60375445 machenglong@guosen.com.cn qianjialong@guosen.com.cn 长130.2%；实现归母净利润6.4亿元，同比增长69.9%。经营性净现金流受 S0980518100002 AIDC业务设备购置支出影响，同比降低30.4%至12.44亿元。总体来看，公 基础数据 司归母净利润位于此前业绩预告区间，2023年实现快速增长。 投资评级 增持(维持) 合理估值 分业务来看，其中IDC业务实现收入31.5亿元，同比增长16.1%；AIDC业 收盘价 29.20元 总市值/流通市值 50241/1 ...

公司报告 | 年报点评报告 业绩持续高增，AIDC 龙头逐步体现业务增量弹性，AI 浪潮智算航母扬帆 事件： 润泽科技发布 2023 年度报告，实现营业收入 43.5 亿元，同比增长 60.3%， 实现归母净利润 17.62 亿元，同比增长 47.03%。其中 AIDC 业务实现营业收 入约 12 亿元。 算力 23Q4 已显现利润增量贡献，AIDC 元年收入超 10 亿 利润率小幅下降，期待新机柜上架爬坡后回升 持续前瞻布局，液冷+AIDC 赋能未来发展 公司 23 年上半年分红 6.7 亿，年度分红 2.19 亿元，合计分红近 9 亿元， 同时公司提请股东大会授权董事会制定不超过 70,000.00 万元的 2024 年中期现金分红方案。持续稳定分红回报股东。 我们预计公司 24-26 年归母净利润分别为 22/33/42 亿元，对应估值为 22/15/12 倍，维持"买入"评级 单 23Q4 来看，公司实现归母净利润 6.42 亿元，同比增长 70%。业绩在 Q4 加速增长，我们预计主要是 AIDC 业务在 Q4 产生增量业绩贡献，同时 IDC 业务稳健增长所致。AIDC 业务方面，公司 23 年实现营 ...

2024年04月20日 公司研究●证券研究报告 润泽科技（ ） 公司快报 300442.SZ 计算机 | 云基础设施服务Ⅲ IDC 到 AIDC 行业领军，智算中心引领未来 投资评级 买入-B(维持) 股价(2024-04-19) 28.40元 投资要点： 事件：2024年4月18日，润泽科技发布2023年年度报告，2023年公司实现营 交易数据 业收入43.51亿元，同比增长60.27%，实现归母净利润17.62亿元，同比增长 总市值（百万元） 48,864.41 47.03%，扣非净利润17.1亿，同比增长50.18%。第四季度实现营收16.69亿元， 流通市值（百万元） 10,189.72 归母净利润6.41亿元。 总股本（百万股） 1,720.58 流通股本（百万股） 358.79 事件分析： 12个月价格区间 69.70/19.06 经营保持总体稳定，长效激励注入动力。公司主营业务包括IDC业务和AIDC业务。 一年股价表现 主要提供服务器托管服务、运营维护、安全管理服务，同时，为终端大模型客户提 供智算服务。2023年IDC业务实现营业收入31.51亿，同比增长16.10%，毛利 率为54.4 ...

润泽科技（300442.SZ）2023 年年报点评 精进笃行稳增长，AIDC 夺头筹 2024 年 04 月 19 日 ➢ 润泽科技发布 2023 年业绩。2023 年，公司实现收入 44 亿元，同比增长 60.3%；实现归母净利润 17.6 亿元，同比增长 47.0%。实现扣非净利润 17.1 亿 元，同比增长 50.2%。单季度看，4Q23 实现收入 17 亿元，同比增长 130.2%； 实现归母净利润 6.4 亿元，同比增长 69.9%；实现扣非净利润 5.9 亿元，同比增 长 56.8%。 ➢ 算力中心领域崛起，公司业绩稳健增长。2023 年，算力中心领域迎来了近 十年最大的发展机遇，随着新一轮科技和产业革命深入发展，世界主要国家纷纷 将"智能算力"确立为优先发展的战略方向。在这一背景下，2023 年公司收入 及净利润保持稳步增长，自 2019 年盈利以来，均已连续五年稳步增长，2019 年 -2023 年收入 CAGR 达 44.83%；截至 2023 年 12 月 31 日，公司总资产 233 亿元，总负债 148 亿元，归属于上市公司股东的净资产 85 亿元，资产负债率 63.34%，资产负债结 ...

润泽智算科技集团股份有限公司 2023 年年度报告全文 润泽智算科技集团股份有限公司 2023 年年度报告 公告编号：2024-018 2024 年 04 月 1 润泽智算科技集团股份有限公司 2023 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 公司负责人周超男、主管会计工作负责人董磊及会计机构负责人(会计主 管人员)梁爱华声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 8 | | 第三节 | 管理层讨论与分析 | 11 | | 第四节 | 公司治理 | 35 | | 第五节 | 环境和社会责任 | 53 | | 第六节 | 重要事项 | 55 | | 第七节 | 股份变动及股东情况 | 77 | | 第八节 | 优先股相关情况 | 88 | | 第九节 | 债券相关情况 | ...

润泽智算科技集团股份有限公司 审计报告 容诚审字[2024]518Z0406 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-7 | | 2 | 合并资产负债表 | 8 | | 3 | 合并利润表 | 9 | | 4 | 合并现金流量表 | 10 | | 5 | 合并所有者权益变动表 | 11 - 12 | | 6 | 母公司资产负债表 | 13 | | 7 | 母公司利润表 | 14 | | 8 | 母公司现金流量表 | 15 | | 9 | 母公司所有者权益变动表 | 16 - 17 | | 10 | 财务报表附注 | 18 - 121 | 审 计 报 告 容诚会计师事务所(特殊普通合伙) 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层/922-926(10037) TEL: 010-6600 1391 FAX: 010-6600 1392 E-mail:bj@rsmchina.com.cn https//WWW.rsm.global/china/ 容诚审字[2024]518 ...

非经营性资金占用及其他关联资金 往来情况专项说明 润泽智算科技集团股份有限公司 容诚专字[2024]518Z0451 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所(特殊普通合伙) 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层/922-926(100037) TEL: 010-6600 1391 FAX: 010-6600 1 392 E-mail:bj@rsmchina.com.cn 关于润泽智算科技集团股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2024]518Z0451 号 润泽智算科技集团股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了润泽智算科技集团股份 有限公司（以下简称"润泽科技"）2023 年 12 月 31 日的合并及母公司资产负债 表，2023 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公司 所有者权益变动表以及财务报表附注，并于 2024 年 4 月 16 日出具了容诚审字 [2024]518Z0406 号的无保留意见审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号— ...