Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The AIDC business continues to grow rapidly, with a significant increase in revenue driven by the demand for AI high-power cabinets, which are currently scarce in the market [6][8] - The company achieved a revenue of approximately 3.575 billion yuan in the first half of 2024, representing a year-on-year growth of 112.47%, with AIDC revenue growing by 1147.85% [6] - The overall gross margin for the company decreased to 34.57%, primarily due to the lower growth rate of IDC revenue compared to operating costs [6] - The company is expected to maintain strong profitability as the new cabinet installation rate continues to rise [6][8] Summary by Sections Financial Performance - In the first half of 2024, the company reported a net profit of approximately 967 million yuan, a year-on-year increase of 37.64% [6] - The projected revenues for 2024 to 2026 are 58.14 billion yuan, 77.31 billion yuan, and 99.67 billion yuan, respectively, with year-on-year growth rates of 33.64%, 32.96%, and 28.93% [7][10] - The gross margin is expected to stabilize around 46.9% to 47.0% in the coming years [10] Market Dynamics - The demand for AI computing power is rapidly increasing, with a shift towards data centers with a capacity of over 30MW, which are currently in short supply [6][8] - The implementation of the "East Data West Computing" initiative has led to stricter land and energy consumption regulations in major cities, further exacerbating the scarcity of high-power cabinets [6] Operational Insights - The company has upgraded its low-power cabinets and is focusing on high-power modifications to meet market demands [8] - The utilization rate of mature computing centers exceeds 90%, indicating strong operational efficiency [8]

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 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 证券研究报告 云基础设施服务 公司快报 2024 年 08 月 23 日 润泽科技(300442.SZ) AIDC 业务持续高增，夯实三大领先地位 事件概述 2024 年 8 月 22 日，公司发布 2024 年中报，上半年实现营业收入 35.75 亿元，同比增长 112.47%，单 Q2 实现营业收入 23.33 亿元，同比增 长 166.86%。2024 年上半年实现归母净利润 9.67 亿元，同比增长 37.64%，单 Q2 实现归母净利润 4.92 亿元，同比增长 32.18%。公司 营业收入受益于 AIDC 业务的驱动实现高速增长，净利润端也保持了 良好的增长态势，未来有望进一步巩固公司 IDC 领先、液冷领先、AIDC 领先的行业地位和发展优势，在 AI 智算的浪潮下继续乘风破浪。 受益于智算产业崛起，AIDC 业务高速增长 从收入拆分来看，公司 IDC 业务上半年实现营业收入 15.21 亿元， 同同比增长 0.19%，主要由于公司上半年主动加大存量低功率机柜升 级改造力度，使得部分成熟机房贡献的收入有所减少，我们预计伴随 存量机柜升级改造工 ...

按照中国证券监督管理委员会（简称"中国证监会"）《上市公司监管指引 第2号——上市公司募集资金管理和使用的监管要求》，根据《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》及《深圳证券交易 所上市公司自律监管指南第2号——公告格式》的规定，现将润泽智算科技集团 股份有限公司（简称"润泽科技"或"公司"）截至2024年6月30日募集资金存 放与使用情况报告如下： 证券代码：300442 证券简称：润泽科技 公告编号：2024-035 润泽智算科技集团股份有限公司 2024年半年度募集资金存放与使用情况的专项报告 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、募集资金基本情况 经中国证监会出具的《关于同意上海普丽盛包装股份有限公司1重大资产置 换及向京津冀润泽（廊坊）数字信息有限公司等发行股份购买资产并募集配套 资金注册的批复》（证监许可〔2022〕1100号）同意注册，公司向24名特定对 象发行人民币普通股（A股）股票133,446,905股，发行价格为35.22元/股，募集 资金总 额为 人民 币4,69 9,999, 994.1 ...

第四届监事会第十七次会议决议公告 本公司及监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：2024-032 润泽智算科技集团股份有限公司 1 （二）审议通过了《关于公司<2024 年半年度募集资金存放与使用情况的专 项报告>的议案》 经审议，监事会认为：《2024 年半年度募集资金存放与使用情况的专项报告》 符合相关法律、法规及公司《募集资金管理制度》关于募集资金存放和使用的相 关规定，报告内容真实、准确、完整地反映了公司 2024 年半年度募集资金存放 和使用的实际情况。 具体内容详见公司同日在中国证监会指定的创业板信息披露网站巨潮资讯 网（http://www.cninfo.com.cn）发布的《2024 年半年度募集资金存放与使用情况 的专项报告》。 与会监事以 3 票同意，0 票反对，0 票弃权审议通过本议案。 一、监事会会议召开情况 2024 年 8 月 21 日，润泽智算科技集团股份有限公司（简称"公司"）第四 届监事会通过现场会议的方式召开了第十七次会议。根据《润泽智算科技集团股 份有限公司章程》（简 ...