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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company has shown significant year-on-year revenue growth, with a 53.7% increase in Q1 2024, reaching 1.242 billion yuan. The net profit attributable to shareholders also increased by 43.8% to 474 million yuan [6][7]. - The IDC and AIDC businesses are progressing steadily, with the traditional IDC industry expected to benefit from two main opportunities: structural supply shortages for high-power cabinets and increased demand for AI servers [8][9]. - The company has successfully expanded its AIDC business, contributing to a new growth trajectory, with the delivery of five new computing centers and approximately 30,000 cabinets [7][8]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 1.242 billion yuan, a year-on-year increase of 53.7%. The net profit attributable to shareholders was 474 million yuan, up 43.8% year-on-year, while the net profit excluding non-recurring items was 471 million yuan, reflecting a 45.5% increase [6][7]. - The gross margin for Q1 2024 was 47.3%, down 6.6 percentage points year-on-year but up 1.2 percentage points quarter-on-quarter, indicating improved profitability in the AIDC business [7]. Business Expansion - The company has entered a new phase of revenue contribution from multiple parks, having delivered five new computing centers, with a total of approximately 76,000 cabinets delivered by the end of 2023, a 65.22% increase from the end of 2022 [7][8]. - The company has also expanded its AIDC business significantly, deploying large-scale computing modules in key regions, which is expected to drive future growth [7][8]. Market Opportunities - The report highlights that the traditional IDC industry will see opportunities from high-power cabinet shortages and increased demand for data centers in major cities due to the AI wave, shifting the demand dynamics from end-users to upstream hardware manufacturers [8][9]. - The company is well-positioned to leverage these trends, especially with its strong relationships with leading internet companies and its resources in high-power cabinets [8].

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 ...

Investment Rating - The report assigns a "Buy" rating for Runze Technology (300442) with a target price of 38.7 CNY over the next six months [1]. Core Insights - Runze Technology reported a robust revenue growth of 60.3% year-on-year in 2023, reaching 4.35 billion CNY, with a net profit of 1.76 billion CNY, up 47% [2][19]. - The company is expanding its AIDC business, which is becoming a new growth driver alongside its established IDC operations [2][11]. - The data center industry is projected to continue growing, driven by digital transformation and AI technology, with a market size nearing 200 billion CNY in 2022 and a compound annual growth rate (CAGR) of 30.69% over the past three years [2][19]. Summary by Sections 1. Business Overview - Runze Technology focuses on IDC and AIDC businesses, establishing a comprehensive layout across six major regions in China, with plans for approximately 61 intelligent computing centers and 320,000 cabinets [2][11][19]. - The company has successfully completed asset restructuring and is enhancing its data center construction investments [11]. 2. Financial Analysis - The company achieved a net profit margin of 40.4% in 2023, despite a slight decline of 8.4% year-on-year [2][21]. - The revenue from IDC business is expected to grow steadily, while AIDC is anticipated to see a significant increase due to rising demand for AI computing power [28][30]. - R&D expenses have increased to 101.24 million CNY in 2023, reflecting a commitment to technological advancement [25][27]. 3. Earnings Forecast and Valuation - The forecasted earnings per share (EPS) for 2024-2026 are 1.29 CNY, 1.67 CNY, and 2.25 CNY, respectively, with a projected compound growth rate of 29.93% for net profit [3][30]. - The report suggests a valuation of 30 times earnings for 2024, leading to a target price of 38.7 CNY [3][30].

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]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Insights - The company reported a significant year-on-year revenue growth of 60.27%, reaching 4.351 billion yuan in 2023, with a net profit of 1.762 billion yuan, up 47.03% [4][6] - The company has successfully delivered five new data centers in 2023, contributing approximately 30,000 cabinets, with a total of 76,000 cabinets delivered by the end of 2023, marking a 65.22% increase from the previous year [5][6] - The company is expanding its AIDC business, aiming to create a complete intelligent computing ecosystem, which includes various revenue streams such as liquid-cooled computing centers and computing module sales [5][6] - The company has a stable dividend policy, with a total cash dividend of approximately 890 million yuan for 2023, representing about 50% of the net profit [5][6] Financial Summary - The company's main revenue is projected to grow from 4.351 billion yuan in 2023 to 5.964 billion yuan in 2024, and further to 10.011 billion yuan by 2026 [4][7] - The net profit is expected to increase from 1.762 billion yuan in 2023 to 2.374 billion yuan in 2024, reaching 4.103 billion yuan by 2026 [4][7] - The earnings per share (EPS) is forecasted to rise from 1.02 yuan in 2023 to 1.38 yuan in 2024, and to 2.38 yuan by 2026 [4][7] - The price-to-earnings (P/E) ratio is projected to decrease from 29.33 in 2023 to 21.77 in 2024, and further down to 12.59 by 2026 [4][7]