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 ...

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。 引流策略获取 100%在手订单 公司采用"引流"策略开拓 AIDC 业务，虽然引流业务波动性较大，对公司的业绩 稳定性预期造成影响，对业绩造成短期的阶段性影响，但是公司成功地开拓了多个 头部 AI 客户，获取了充足的在手订单：截至 24 年底，公司在手订单资源充足。公 司京津冀园区、长三角园区、大湾区园区已交付的及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，将形成稳定的现金流压舱石 ...

长江商报奔腾新闻记者 徐阳 根据《盈利预测补偿协议》及其补充协议的相关规定，经测算，2024年润泽发展未实现业绩承诺金额为 3.6亿元，业绩补偿义务人应承担补偿义务总额为9.18亿元、应补偿股份总数为8713.81万股，同时前述 补偿股份在业绩补偿期间内对应的现金分红收益应无偿赠与公司。 润泽科技（300442）（300442.SZ）经营业绩稳增，但不及预期。 4月23日晚，润泽科技发布年报，2024年度公司营业收入43.65亿元，同比增长0.32%；归属于上市公司 股东的净利润（简称"净利润"）为17.90亿元，同比增长1.62%；归属于上市公司股东的扣除非经常性损 益的净利润（简称"扣非净利润"）为17.78亿元，同比增长4.07%。 据了解，润泽科技发展有限公司（润泽科技前身，下称"润泽发展"）成立于2009年，2022年，润泽发展 通过"借壳"普丽盛实现上市，随后上市公司更名为润泽科技。当前公司主营业务包括IDC业务和AIDC 业务，是全国领先的综合算力中心领域的科技公司。 长江商报奔腾新闻记者注意到，在借壳上市过程中，交易对方还作出业绩承诺，润泽发展2021年至2024 年实现的扣非净利润分别不低于 ...

央广网北京4月24日消息（记者 冯方）4月23日晚间，综合算力中心解决方案提供商润泽科技发布2024 年度报告。财报显示，润泽科技2024年实现营业收入约43.65亿元，同比增长0.32%；归属于上市公司股 东的净利润约为17.90亿元，同比增长1.62%。2024年，润泽科技中期现金分红合计派发6.87亿元，董事 会提议以每10股1.288元派发2.22亿元现金分红。 润泽科技进一步表示，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，公司将逐渐 减少该类业务投入，专注于新一代智算中心的建设交付。为进一步抢占市场先机，公司积极调动全部资 源建设了平湖园区单体100MW和廊坊园区单体200MW两栋新一代智算中心，预计2025年完成投运。 对于资产负债情况，润泽科技介绍，公司2024年末资产总额约为313.09亿元，较上年末大幅增长 34.31%；负债总额约为197.59亿元，公司资产负债率控制在63.11%，资产负债结构处于健康合宜水平。 此外，公司报告期内经营活动产生的现金流量净额约为20.94亿元，同比增长68.37%，为长期发展提供 充足流动性。 2025年3月，为盘活公司存量优质资产，拓 ...

Core Viewpoint - The stock market experienced a significant net outflow of 17.03 billion yuan, with 8 stocks seeing a net inflow exceeding 200 million yuan, led by Xilong Science with a net inflow of 273 million yuan [1][2]. Market Overview - The Shanghai Composite Index closed up by 0.03% today. Throughout the day, there was a total net outflow of 17.03 billion yuan from the two markets, with 1,618 stocks experiencing net inflows and 2,783 stocks facing net outflows [1]. - Among the 9 sectors that saw net inflows, the public utilities sector led with a net inflow of 1.48 billion yuan, followed by the pharmaceutical and biological sector with a net inflow of 524 million yuan [1]. Individual Stock Performance - Eight stocks had net inflows exceeding 200 million yuan, with Xilong Science leading at 273 million yuan, followed by Tianwo Technology at 264 million yuan. Other notable stocks include Hongbaoli, Shaoneng Shares, and Ningde Times [2]. - Stocks with significant net outflows included Qingdao Kingking with a net outflow of 492 million yuan, followed by Runze Technology and Satellite Chemical with outflows of 478 million yuan and 406 million yuan, respectively [2][4]. - Stocks with net inflows of over 200 million yuan saw an average increase of 8.01%, outperforming the Shanghai Composite Index. Notably, stocks like Shuangcheng Pharmaceutical and Xilong Science closed at their daily limit [2]. Sector Analysis - The sectors with the highest net inflows included public utilities, construction decoration, and basic chemicals, with 3, 1, and 1 stocks respectively from these sectors making the list of top inflows [2]. - Conversely, the sectors with the highest net outflows included electronics, with a net outflow of 3.97 billion yuan, followed by computers with 3.62 billion yuan [1][4].