大家好欢迎参加中信简投通信通信行业优选系列第六奖润泽科技电话会议目前所有参会者均处于静静态下面开始播报免责声明声明播报完毕后主讲老师风险提示及免责声明一本次会议为中信简投研究发展部组织的闭门会议请面向中信简投白名单客户 参加会议的投资者不得制作会议纪要包括但不限于文字纪要录音录像截屏等形式并对外转发给任何其他个人或机构擅自制作编辑及转发会议纪要引起不当传播的中性箭头有权追究其法律责任二 本次会议内容在任何情形下都不构成对会议参加者的投资建议且中信建投不承诺不保障所含具有预测性质的内容必然得以实现敬请会议参加者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险三本次会议包含信息均来源于中信建投认为可靠的公开资料 但中信箭头对这些信息的准确性、时效性以及完整性不做任何保证本次会议如涉及专家分享该专家分享仅代表专家个人观点不代表中信箭头立场 在法律法规及监管规定允许的范围内中信建投可能持有并交易本次会议所提及公司的股份或其他财产权益也可能在过去目前或者将来为所提及公司提供或者争取为其提供投资银行做市交易财务顾问或其他金融服务 五本次会议内容的知识产权仅为中性箭头所有未经中性箭头事先书面许可任何机构或 ...

我会分为大概四个部分,第一部分的话我们会从整个行业的一个维度去做一个拆解,然后第二个部分的话是从整个公司的一个维度去做一个拆解,那第三部分的话就是大概解答一下最近可能大家会比较关心的几个问题。 那首先其实就是讲这个第一步法就从整个行业的维度因为我们从前几期也大概梳理了一下整个国产专利链的一些投资方向包括说各个环节嘛那其实我觉得像IDC这个环节就是从跟其他的几个环节相比较起来包括说可能像夜冷还有说像这个童年节那可能 整体来看的话这个环节应该算是国产商业链中确定性最强的这么一个环节因为我们现在其实很难去判断往后来看我们整个大的这个应用的一个爆发的一个时点包括说整个应用爆发的一个究竟是哪一家最终能够走出来我们现在其实还是处于一个比较模糊的一个阶段 但是从这个环节来看的话我觉得它其实是一个确定性受益的因为你不管是什么样的应用最终能够跑出来那其实最终都是能够拉动整个IDC这边的一个稳步的一个增长的因为本身IDC它增长的一个底层逻辑还是在于整个数据量的一个爆发尤其是我们能够预见等到整个应用端的一个爆发尤其是推理端的一个需求的一个 爆发之后那其实对于整个IDC行业它的一个拉动会有一个更明显的一个作用所以说整体来看的话我觉得 ...

Summary of Conference Call Company and Industry Overview - The conference call primarily discusses Runze Technology and its current situation in the ITC (Information Technology and Communications) industry, which has been relatively weak over the past two years [1] Core Points and Arguments - The ITC industry is experiencing a downturn, indicating challenges and potential risks for companies operating within this sector [1] Other Important Content - The mention of Yang Lin suggests potential leadership or key personnel involvement, although her absence during the call may indicate a lack of representation or communication from the company [1]

2023 年年度权益分派实施公告 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"）2023 年年度利润分配预案 （简称"本次利润分配方案"或"2023 年年度利润分配方案"）已获 2024 年 5 月 22 日召开的公司 2023 年年度股东大会审议通过，现将权益分派事宜公告如 下： 证券代码：300442 证券简称：润泽科技 公告编号：2024-029 润泽智算科技集团股份有限公司 一、股东大会审议通过利润分配方案的情况 1、公司 2023 年年度利润分配方案为：以公司现有总股本 1,720,577,649 股 为基数，向全体股东按每 10 股派发现金红利 1.27 元（含税），合计派发现金红 利人民币 218,513,361.42 元（含税）。本次利润分配不进行资本公积转增股本， 不送红股，剩余未分配利润结转以后年度分配。若本次利润分配方案实施前公司 由于出现股权激励行权、可转债转股、股份回购等情形导致总股本发生变动的， 将按照分配总额不变的原则对分配比例进行调整。 具体内容详见公司披露于中国证监会指定的创业板信 ...

北京市中伦（重庆）律师事务所 关于润泽智算科技集团股份有限公司 法律意见书 致：润泽智算科技集团股份有限公司 北京市中伦（重庆）律师事务所（以下简称"本所"）受润泽智算科技集团 股份有限公司（以下简称"公司"）委托，指派律师出席公司 2024 年第二次临时 股东大会（以下简称"本次股东大会"），并就贵公司本次股东大会的召集和召开 程序、召集人资格、出席会议人员资格、本次股东大会的表决程序、表决结果等 相关问题出具本法律意见书。 2024 年第二次临时股东大会的 法律意见书 二〇二四年六月 重庆市江北区金融街 3 号 D 座中国人保寿险大厦 5-1 层 A 单元 邮编：400023 5-1A, Tower D, PICC Life Insurance Tower, 3 Financial Street, Jiangbei District, Chongqing 400023, P.R. China 电话/Tel : +86 23 8879 8388 传真/Fax : +86 23 8879 8300 www.zhonglun.com 北京市中伦（重庆）律师事务所 关于润泽智算科技集团股份有限公司 2024 年第 ...

润泽智算科技集团股份有限公司 2024 年第二次临时股东大会决议公告 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。 特别提示： 1. 本次股东大会未出现变更或否决议案的情形。 2. 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 证券代码：300442 证券简称：润泽科技 公告编号：2024-028 （一） 会议召开情况 1. 会议召开时间： （1） 现场会议召开时间：2024 年 6 月 18 日 14:30 开始。 （2） 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体 时间为：2024 年 6 月 18 日 9:15—9:25，9:30—11:30 和 13:00—15:00；通过深圳 证券交易所互联网投票系统投票的具体时间为：2024 年 6 月 18 日 9:15 至 15:00 任意时间。 2. 召开地点：廊坊经济技术开发区楼庄路 9 号京津冀大数据创新应用中心 3F 润泽厅 3. 召开方式：现场表决与网络投票相结合的方式 4. 召集人：董事会 5. 主持人：本次股东大会由公司董事长周超男女士主持。 6. 本 ...

Investment Rating - The report gives a "Recommend" rating for Runze Technology (300442) with a target price of 38.21 yuan, compared to the current price of 28.31 yuan [1] Core Views - Runze Technology is a leading industrial park-level data center operator with strong performance and a nationwide "integrated computing power center system" framework [1] - The company has delivered 7 AIDC intelligent computing infrastructure clusters across 6 major regions, with a total planned capacity of 61 intelligent computing centers and 320,000 racks [1] - Revenue grew from 628 million yuan in 2018 to 4.351 billion yuan in 2023, with a CAGR of 47.27%, while net profit grew from 127 million yuan in 2019 to 1.762 billion yuan in 2023, with a CAGR of 92.99% [1] - The company is expected to benefit from the AI-driven demand for intelligent computing centers, with AIDC business projected to become a second growth curve [1][7] Industry Analysis - The global IDC market size grew from 46.55 billion yuan in 2017 to 67.93 billion yuan in 2021, with a CAGR of 9.91%, while China's IDC market size grew from 51.28 billion yuan in 2017 to 150.02 billion yuan in 2021, with a CAGR of 30.78% [26] - The AI-driven demand for computing power is increasing, with the global AI computing market expected to grow from 19.5 billion USD in 2022 to 34.66 billion USD in 2026, with a CAGR of 15.5% [38] - The power requirements for single racks are increasing, with Nvidia's H100/B200 chips requiring 700W/1000W, leading to single rack power demands of 40KW/25KW [48] Company Advantages - Runze Technology has significant location advantages, with 61 intelligent computing centers and 320,000 racks planned across 6 major regions and 7 computing nodes [1][7] - The company's mature rack occupancy rate exceeds 90%, and it operates under a "self-investment, self-construction, self-holding, and self-operation" model, ensuring long-term stability and reliability [1][7] - The company has delivered the first pure liquid-cooled green intelligent computing center in the industry, with a single rack power of 21.5KW, and plans to build more intelligent computing centers in Langfang B Zone and Pinghu Phase II [1][7] Financial Projections - The company's revenue is projected to grow from 6.158 billion yuan in 2024 to 10.588 billion yuan in 2026, with a CAGR of 31.1% [5] - Net profit is expected to grow from 2.191 billion yuan in 2024 to 4.161 billion yuan in 2026, with a CAGR of 37.6% [5] - The IDC business is expected to generate revenue of 4.001 billion yuan in 2024, growing to 5.868 billion yuan in 2026, while the AIDC business is expected to generate revenue of 2.158 billion yuan in 2024, growing to 4.721 billion yuan in 2026 [8]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 38.21 CNY, based on a 30x PE for 2024 [4][10]. Core Insights - The company has shown strong performance in the data center sector, with a significant increase in revenue and net profit over the years. From 2018 to 2023, revenue grew from 628 million CNY to 4.351 billion CNY, reflecting a CAGR of 47.27%. Net profit increased from 127 million CNY to 1.762 billion CNY, with a CAGR of 92.99% [2][21]. - The company is positioned as a leader in the AIDC (Artificial Intelligence Data Center) sector, with a robust infrastructure and strategic location advantages across six core regions in China [2][9]. - The demand for data centers is expected to surge due to the growth of AI and cloud computing, with the company poised to benefit significantly from this trend [3][10]. Summary by Sections Company Overview - The company has established itself as a leading provider of large-scale, high-performance data centers since its inception in 2009. It has built seven AIDC infrastructure clusters across six major regions in China, with plans for 61 intelligent computing centers and 320,000 cabinets [2][14]. Financial Performance - The company reported a revenue of 4.351 billion CNY in 2023, a year-on-year increase of 60.3%. The net profit for the same year was 1.762 billion CNY, reflecting a growth of 47.0% [21][22]. - The gross margin has remained stable between 45% and 55% since 2019, indicating strong operational efficiency [22][24]. Market Trends - The IDC industry is experiencing a boom driven by advancements in big data, cloud computing, and AI technologies. The report highlights that the demand for data center services is expected to grow exponentially [2][10]. - The company is leveraging its technological advantages, such as liquid cooling and high-density power cabinets, to meet the increasing demand for computing power [3][10]. Competitive Advantages - The company has several competitive advantages, including strategic location, high cabinet utilization rates (over 90%), and a self-built, self-operated model that enhances service quality and customer loyalty [2][9]. - The company has established long-term contracts with major clients, ensuring a stable revenue stream and lower sales expense ratios compared to peers [2][9]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 2.191 billion CNY, 3.303 billion CNY, and 4.161 billion CNY for 2024, 2025, and 2026, respectively [10][21]. - The report anticipates that the AIDC business will become a significant growth driver, contributing to the company's second growth curve [3][10].

[Table_MainInfo] 公司研究/信息服务 证券研究报告 润泽科技（300442）公司研究报告 [ Table_InvestInfo] 首次覆盖：AIDC 第二增长曲线驱动公 司快速成长 [Table_Summary] 投资要点：  IDC+AIDC的行业资深玩家。公司成立于2009年，主营业务包括 IDC 业务和 AIDC 业务。IDC 业务：公司与基础电信运营商合作，主要采用批发模式，共 同为头部互联网公司、大型云厂商等终端客户提供服务器托管服务，同时提 供运营维护、安全管理及其他增值服务。AIDC 业务：公司作为智算中心的链 主方，联合生态伙伴，通过汇聚资源、技术、模型、算法和数据，组织构建 一个从智算基础设施，到智算平台，再到智算中心整体解决方案的完整产业 生态，高质量输出高性能计算能力和大规模并行处理能力，为终端大模型客 户提供智算服务。  收入和净利大幅增长。2023 年，公司营收约 43.51 亿元人民币，同比增长 60.27%，实现归母净利润约 17.62亿元人民币，同比增长 47.03%，扣非净利 润约 17.09亿元人民币，同比增长 50.18%。公司收入出现大幅增长的原因是 ...

Summary of Conference Call Industry Overview - The conference call focused on the IPC (Industrial PC) industry and its fundamental situation [1] Company Highlight - The key company recommended during the call was Rende Technology, with an emphasis on its information and performance [1]