Financial Performance - The company's revenue for Q1 2025 was ¥1,198,007,005.48, representing a 21.40% increase compared to ¥986,822,300.97 in the same period last year[5] - Net profit attributable to shareholders decreased by 9.29% to ¥430,171,336.88 from ¥474,234,549.39 year-on-year[5] - The company's basic earnings per share decreased by 10.71% to ¥0.25 from ¥0.28 in the same period last year[5] - The net profit for the current period is ¥426.35 million, down from ¥475.23 million, indicating a decrease of about 10.3%[26] - The company reported a total comprehensive income of ¥426.35 million, down from ¥475.23 million, representing a decrease of approximately 10.3%[26] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to ¥868,813,291.68, a 155.21% increase from a negative cash flow of ¥1,573,683,215.99 in the previous year[11] - The company reported cash and cash equivalents at the end of the period amounting to ¥5.50 billion, up from ¥1.88 billion, marking an increase of approximately 192.5%[30] - The cash flow from operating activities generated a net amount of ¥868.81 million, a significant recovery from a negative cash flow of ¥1.57 billion in the previous period[29] - The company received cash inflows from financing activities totaling ¥4.33 billion, compared to ¥3.03 billion in the previous period, reflecting an increase of approximately 42.5%[29] Assets and Liabilities - Total assets increased by 11.37% to ¥34,867,428,980.77 from ¥31,308,886,649.72 at the end of the previous year[5] - Current assets totaled ¥10,296,725,942.27, increasing from ¥8,940,963,098.28, representing a rise of 15.1%[21] - Total liabilities increased to ¥22,160,969,899.33 from ¥19,758,779,691.39, reflecting an increase of 12.7%[22] - The non-current liabilities totaled ¥15,768,334,165.76, up from ¥13,741,374,972.84, which is an increase of 14.8%[22] - The equity attributable to shareholders of the parent company reached ¥10,377,571,260.77, compared to ¥9,965,729,329.71, showing an increase of 4.1%[22] Operating Costs and Expenses - Operating costs rose by 51.04% to ¥602,297,756.45, primarily due to the steady expansion of business operations[10] - Total operating costs increased to ¥757.34 million from ¥534.22 million, reflecting a rise of approximately 41.8%[25] - The company incurred research and development expenses of ¥34.54 million, slightly down from ¥37.64 million, indicating a decrease of about 5.6%[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 75,870[12] - The top 10 unrestricted shareholders hold a total of 35,412,534 shares, representing 2.06% of the total shares outstanding[14] - The second-largest unrestricted shareholder, Ping An Ding Chuang Equity Investment Management (Shanghai) Co., Ltd., holds 23,903,460 shares, accounting for 1.39%[14] - The total number of shares held by the top 10 unrestricted shareholders amounts to 135,000,000 shares, which is a significant portion of the company's equity[15] - The company has a total of 9,843,303 shares held by Hefei Hongbo Runze Equity Investment Partnership, representing a notable investment[15] Strategic Initiatives - The company is focused on expanding its market presence through new product development and technological advancements[16] - The company has a clear strategy for future growth, emphasizing market expansion and potential mergers and acquisitions[16] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19] - The company has engaged in strategic partnerships with major financial institutions, including China Construction Bank and Industrial and Commercial Bank of China, to enhance its capital structure[15] Asset Restructuring - The company has committed to a significant asset restructuring, with shares locked for a period until August 8, 2025, involving multiple stakeholders[18] - The company has issued new shares for asset acquisitions, with a total of 1,052,452,523 shares subject to lock-up until August 8, 2025[17] - The company plans to release 16,786,651 shares from lock-up on August 8, 2025, as part of the asset acquisition strategy[17] Taxation - The company experienced a 332.00% increase in income tax expenses, amounting to ¥14,769,573.73, due to reduced tax incentives[10] - The company received tax refunds amounting to ¥43.71 million during the current period[29] - The company reported a 94.66% decrease in other income to ¥1,292,918.03, mainly due to a reduction in government subsidies received[10]

关注算力产业的投资人皓天表示，润泽科技净利润低于预期的部分原因是受传统IDC业务改造影响， 影响 业绩金额约3亿元。 " 行业拨乱反正阶段，算力摸底是润泽科技股价下跌的原因之一。 " 作者丨刘伊伦 编辑丨包永刚 4月23日晚，润泽科技（ 300442.SZ ）发布2024年年报，报告发布后，市场反应强烈。次日开盘，润泽 科技股价下跌14.16%，盘中一度跌近17%。当日，算力板块整体也表现不佳。 截至2025年4月25日收盘，润泽科技的市值为788.44亿元，与此前逼近1300亿元的历史高点相比， 市值 近乎腰斩。 报告期内，润泽科技实现营业收入43.65 亿元，同比仅增长0.32%；归属于上市公司股东的净利润为 17.90亿元，同比增长1.62%。此前，国盛证券、兴业证券等发布的研报对其2024年归母净利润预测均超 21亿元，实际17.90亿元的净利润远低于预期，致使投资者信心受挫引发股价下跌。 然而，也有业内人士称，能耗指标以及政府关系才是数据中心运营商面对大厂的核心筹码。产业投资人俊 杰称， 润泽科技能搞定能耗指标以及政府关系才是关键 ，并且头部的数据中心都有英伟达供应商的关 系，能拿到高端N卡供应。 ...

2025 年 04 月 28 日 润泽科技(300442.SZ) 引流策略和机房改造扰动业绩，AIDC 长期需求向好 事件概述 公司近期发布 2024 年年报，2024 年公司实现营业收入 43.65 亿元， 同比增长 0.32%，实现归母净利润 17.90 亿元，同比增长 1.62%。公 司 24Q4 业务出现一定程度的扰动，主要由于引流策略和机房改造带 来短期影响，但中长期来看，公司 AIDC 业务卡位明确，客户需求良 好，我们仍然看好公司长期的业绩增长。 引流策略和机房改造扰动短期业绩，2025 年影响消除 公司 24Q4 收入和利润均出现一定程度的下降，从而影响公司 2024 年全年的业绩，我们认为主要是两个方面原因的影响： 1）"引流策略"吸引 AI 头部客户，但带来短期收入波动：2024 年为 了抢抓 AI 头部客户的智算建设需求，公司通过搭配销售算力模组的 "引流策略"来加速客户入驻，成功通过全栈式的智算服务赢得了 AI 客户深度信任，在客户多样性方面取得了重大突破。然而根据公 司投资者关系活动表的披露，一方面公司 AIDC 业务中的高性能算力 模组业务的部分收入确认方法从"总额法"调整为"净额 ...

证券研究报告 润泽科技 (300442 CH) 业绩增速短期承压，AIDC 景气趋势不变 AIDC 业务："引流策略"吸引多个 AI 头部客户入驻，智算实力持续提升 AIDC 业务方面，2024 年实现营业收入 14.51 亿元，同比增长 21.03%，毛 利率同比提升 18.65pct 至 51.75%。考虑到业务实质，公司将 AIDC 业务中 高性能算力模组业务的收入确认方法从"总额法"调整为"净额法"，使得 该业务毛利率水平有所上升。公司的 AIDC 业务通过"引流策略"吸引了众 多头部 AI 客户入驻，长期来看有利于公司在 AI 时代市场份额的进一步提升。 展望 2025 年，一次性的引流工作已基本完成，未来公司的 AIDC 业务将聚 焦于新一代智算中心的建设及交付，目前，廊坊 B1 的 200MW 新一代智算 中心正在紧张建设中，平湖 B1 单体 100MW 智算中心已基本建设完成。 盈利有望持续增长，维持"买入"评级 考虑到智算中心集中交付投运期折旧摊销费用的增加，我们预计公司 25-27 年归母净利润分别为 26.93/32.39/38.88 亿元（较 25/26 年前值分别下调 18%/18% ...

Summary of the Conference Call for Runze Technology Company Overview - **Company**: Runze Technology - **Industry**: Artificial Intelligence Data Center (AIDC) and Internet Data Center (IDC) Key Points and Arguments Industry Dynamics - The demand for computing power is surging due to the explosion of AI applications, leading to a shortage of quality AIDC resources, particularly in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen under the national dual carbon strategy [2][3][20] - The government has introduced "Artificial Intelligence +" as a new development strategy, supporting the widespread application of large models and new intelligent terminals [3][9] Company Performance - In 2024, Runze Technology reported a revenue of 4.365 billion yuan, a year-on-year increase of 0.32%, and a net profit of 1.79 billion yuan, up 1.62% [2][7] - Total assets reached 31.309 billion yuan, with a debt-to-asset ratio reduced to 63.11%, indicating a stable financial structure [2][7] Infrastructure Development - The company has significantly increased its energy resource reserves, with five out of seven parks having secured necessary energy resources [3][20] - The newly operational 220kV substation in the Beijing-Tianjin-Hebei region has a supply capacity of 960 megawatts, doubling the previous capacity [2][21] - Additional 110kV substations are operational or will be soon in regions like the Yangtze River Delta, Chongqing, Foshan, and Huizhou to ensure stable power supply across all parks [2][4][21] Strategic Initiatives - Runze Technology is attracting leading AI companies to its parks through a diversion strategy, with orders for computing centers in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area expected to be operational by 2025 [2][4][10] - The company plans to prioritize the construction of intelligent computing centers in Langfang and Pinghu in 2025, enhancing AIDC market supply capacity [2][5] Future Growth Plans - The company aims to expand horizontally starting in 2025, leveraging its established cash flow from existing data centers and enhancing its market share [4][6] - Runze Technology is focusing on low-carbon development and innovation, with plans to upgrade low-power cabinets and enhance traditional IDC market positions [5][6] Financial Health and Projections - The company has a robust financing structure, with over 30 billion yuan in bank credit and successful issuance of short-term financing bonds [7][24] - The public REITs project has been accepted by the Shenzhen Stock Exchange, with underlying assets being quality data centers [3][24] Market Trends and Challenges - The transition from traditional IDC to AIDC is creating competitive pressures, but the demand for AI-driven data centers is expected to grow significantly [10][18] - The company is adapting to market changes by upgrading low-power data centers and capturing new orders [10][12] Miscellaneous Insights - The company has successfully attracted several large CSP manufacturers through its diversion strategy [16] - The impact of the H20 embargo is seen as a potential catalyst for domestic equipment development and the shift towards liquid cooling technology in data centers [27] Shareholder Engagement - A share buyback plan has been approved to enhance investor confidence, with a budget of 500 million to 1 billion yuan [28] - A restrictive stock incentive plan has been established, with performance targets set for net profit growth over the next three years [30] This summary encapsulates the key insights from the conference call, highlighting Runze Technology's strategic positioning, financial performance, and future growth trajectory in the rapidly evolving AIDC and IDC landscape.

Industry Overview - The "Artificial Intelligence +" strategy was introduced as a national development strategy in 2024, with continued emphasis in 2025 to integrate digital technology with manufacturing and support the widespread application of large models [3][4] - The rapid development of domestic AI applications has led to significant increases in capital expenditures related to computing power by leading internet companies [3][4] - The strict control of the "dual carbon" policy has resulted in a scarcity of energy indicators and electricity resources in high-quality locations, particularly in major cities [4] Company Resource and Infrastructure - The company has significantly increased its energy resource reserves by the end of 2024 compared to the end of 2023, with five out of seven parks having secured necessary energy resources [4][22] - A new 220kV substation in the Beijing-Tianjin-Hebei region has been operational since January 2024, doubling the power supply capacity to 960MW, enhancing the ability to support large-scale deployments [4][23] - The company has established seven AI computing infrastructure clusters across six major regions, planning a total of 61 computing centers and approximately 320,000 cabinets [21][22] Strategic Development Plans - The company aims to implement four major strategies over the next 3 to 5 years, focusing on orderly delivery of computing centers, promoting low-carbon development, enhancing operational capabilities, and leveraging opportunities in the AI wave [6][9] - The company plans to execute a horizontal expansion strategy starting in 2025 to increase market share and position within the industry [5][9] Financial Performance and Projections - The company achieved a performance completion rate of 93.56% for 2024, with challenges primarily due to intense competition and the transition from traditional IDC to AIDC [24][26] - The company anticipates significant growth in billing capacity by the end of 2025, with a stable gross margin expected to be achieved [16][28] Market Demand and Customer Base - The demand for AIDC is expected to surge, driven by the rapid growth of AI applications, with a notable shift from training to inference [10][11] - The company has successfully attracted numerous high-quality AI clients through its "drainage strategy," enhancing customer diversity and trust [12][16] Mergers and Acquisitions Strategy - The company is preparing to initiate horizontal expansion through acquisitions, focusing on data centers and related industries, particularly in economically developed regions [20][22] - The acquisition strategy will prioritize companies with scarce core resources, strong technical capabilities, and advantageous geographic locations [20][22] Energy Supply and Sustainability - The company is actively expanding its energy supply capabilities, with plans for additional substations to ensure stable power supply across all parks [23][22] - The focus on green practices and low-carbon development is integral to the company's operational strategy, with innovations in cooling technologies being prioritized [6][9] Investor Relations and Shareholder Engagement - The company has initiated a share buyback program with a budget of 500 million to 1 billion RMB to enhance investor confidence and stabilize company value [30][31] - A stock incentive plan has been established with performance targets set for 2025 to 2027, aiming for a net profit growth rate of 50%, 75%, and 100% respectively [32]

丨证券研究报告丨 公司研究丨点评报告丨润泽科技（300442.SZ） [Table_Title] 润泽科技 2024 年报点评： IDC 改造致业绩短期承压，AIDC 持续领先 报告要点 [Table_Summary] 2024 年公司营收及净利润实现增长，机柜规模稳步扩大，2025 将再次进入大规模交付期。IDC 业务方面，低功率机柜升级改造致公司业绩短期承压，在能耗指标稀缺性日益凸显的背景下， 公司指标储备实现再扩充。AIDC 业务方面，公司客户多样性实现突破，综合考虑盈利空间，公 司后续将专注于智算中心的建设交付。此外，公司综合考虑自身现金流、资金储备和融资渠道 情况，蓄力实施积极的横向并购战略，有望进一步提升公司行业话语权。 分析师及联系人 [Table_Author] 于海宁 温筱婷 SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 润泽科技（300442.SZ） cjzqdt11111 [Table_Title 润泽科技 2024 2] 年报点评： IDC ...

Core Viewpoint - The report highlights the investment strategies and portfolio adjustments of Morgan Stanley fund manager Lei Zhiyong, focusing on the digital economy sector, particularly in intelligent computing infrastructure and AI applications [2][10]. Group 1: Fund Performance and Management - Lei Zhiyong's managed fund size increased by over 50% in Q1 2025, reaching a total management scale of 55.31 billion yuan, up from 36.09 billion yuan in the previous quarter [5]. - The fund "Damo Digital Economy Mixed" saw a net subscription of 763 million units during Q1, bringing its latest scale to 52.33 billion yuan, a nearly 55% increase from the end of last year [5]. - The fund maintained a high stock position, with stock holdings exceeding 90%, and made slight increases compared to the previous quarter [6]. Group 2: Investment Focus and Adjustments - The top ten holdings of the Damo Digital Economy Mixed fund remained stable, with structural adjustments made in individual stocks. New additions included KOTAI Power, Lens Technology, and Shenghong Technology, while stocks like Zhongji Xuchuang and Huadian were removed [7]. - The fund continues to focus on the digital economy sector, with a positive outlook on intelligent computing infrastructure and AI applications for future investment opportunities [9][10]. Group 3: Market Environment and Challenges - The market environment in 2025 has not been favorable for Lei Zhiyong, with only one of the three managed funds, Damo Wan Zhong Innovation, showing a profit, while the others reported negative returns [10]. - The strategy of focusing on the technology sector reflects Lei Zhiyong's long-term belief in AI, but the current market performance indicates that this approach may not yield leading returns compared to diversified investments [10].

第三，公司在手订单情况及横向扩张战略。公司23、24年通过"引流策略"吸引了众多优质头部AI客户入 驻，并在客户多样性方面取得了重大突破。目前，公司京津冀、长三角及大湾区三大园区已交付的和即 将交付的算力中心全部取得投产订单，预计2025年可完成上架并趋向成熟，这些订单的交付上架将成为 公司稳定的现金流压舱石，为公司未来长期稳健发展提供基础保障。 基于行业的高速扩张需求预期，以及公司深耕行业16年所储备的核心资源，公司将于25年开始适时执行 横向扩张战略，以提升公司在行业中的市场份额和地位。 其次，对于公司未来3到5年的"四大战略"，他表示主要有以下四点： 4月25日，润泽科技（300442）2024年度业绩说明会在全景网成功举行。润泽科技总经理李笠从三个方 面介绍了行业及公司2024年的整体情况。 第一，行业情况。2024年，国务院政府工作报告中首次提出将"人工智能+"作为国家新的发展战略。 2025年，国务院政府工作报告中再次提出持续推进"人工智能+"行动，要将数字技术与制造、市场优势 更好结合起来，支持大模型广泛应用，大力发展智能网联新能源汽车、人工智能手机和电脑、智能机器 人等新一代智能终端以及智能制 ...

公司报告 | 年报点评报告 润泽科技（300442） 证券研究报告 行业景气趋势不变，手握核心资源+订单受益需求增长 事件： 公司发布 2024 年报，2024 年实现营业收入 43.65 亿元，同比增长 0.32%；实现归 母净利润 17.90亿元，同比增长 1.62%；实现扣非净利润 17.78亿元，同比增长 4.07%。 营业收入确认口径调整,AIDC 业务更加纯粹 公司 AIDC 业务通过"引流策略"吸引了众多头部 AI 客户入驻，通过全栈式的智算服 务赢得了 AI 客户深度信任，但 AIDC 的相关销售业务的收入确认方法由 "总额法" 调整为"净额法"，对于前三季度营业收入进行差错更正。 24Q4 营收利润受高性能算力模组业务盈利下滑冲击 公司 24Q4 营业收入实现 9.08 亿元，同比下降 45.64%，归母净利润实现 2.77 亿元， 同比下降 56.89%。主要是因为随着 AIDC 竞争兴起，高性能算力模组出售业务盈 利空间大幅下滑，Q4 营收利润预计受到该业务较大影响。公司"引流策略"已取 得较好成效，后续将逐渐减少该类业务投入，专注于新一代智算中心的建设交付。 抢占特殊窗口期，完成机房改 ...