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].

Investment Rating - The report initiates coverage with an "Outperform" rating for the company, setting a target price of RMB 41.42 for 2024 [5][14]. Core Insights - The company, established in 2009, operates in the IDC and AIDC sectors, providing server hosting and intelligent computing services, with significant revenue growth driven by the new AIDC business [12][13]. - In 2023, the company reported revenue of approximately RMB 43.51 billion, a year-on-year increase of 60.27%, and a net profit of about RMB 17.62 billion, up 47.03% year-on-year [2][4]. - The rapid advancement of AI technology is driving the demand for intelligent computing power, positioning AIDC centers as essential infrastructure [13]. Revenue and Profit Growth - The company achieved a revenue of approximately RMB 12.42 billion in Q1 2024, reflecting a year-on-year growth of 53.65%, with a net profit of about RMB 4.74 billion, up 43.81% year-on-year [2][12]. - The AIDC business contributed approximately RMB 11.99 billion to the total revenue in 2023, marking a significant expansion [2][5]. Business Expansion and Infrastructure - The company has established a national integrated computing power center system, with 61 computing centers and around 320,000 rack resources across six core regions [3][13]. - Plans for 2024 include accelerating the construction of new intelligent computing centers to support high-complexity AI model training [3][14]. Financial Forecast - Revenue projections for 2024-2026 are RMB 58.14 billion, RMB 77.31 billion, and RMB 99.67 billion, with expected year-on-year growth rates of 33.64%, 32.96%, and 28.93% respectively [5][14]. - Net profit forecasts for the same period are RMB 22.27 billion, RMB 30.83 billion, and RMB 40.49 billion, with corresponding growth rates of 26.42%, 38.42%, and 31.32% [5][14].

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]

证券代码：300442 证券简称：润泽科技 公告编号：2024-025 润泽智算科技集团股份有限公司 第四届董事会第二十一次会议决议公告 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 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《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》。 表决结果 8 票同意，0 票反对，0 票弃权。 2024 年 6 月 2 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二十一次会议，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 5 月 31 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》 为进一步拓宽公司融资渠道、优化融资结构、降低融资成 ...

证券代码：300442 证券简称：润泽科技 公告编号：2024-027 润泽智算科技集团股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 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"） 第四届董事会第二十一次会议审议通过了《关于召开公司 2024 年第二次临时股 东大会的议案》，决定于 2024 年 6 月 18 日以现场投票与网络投票相结合的方式 召开公司 2024 年第二次临时股东大会（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：2024 年第二次临时股东大会 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 十一次会议审议通过， ...

润泽智算科技集团股份有限公司 关于拟注册发行银行间债券市场非金融企业债务 证券代码：300442 证券简称：润泽科技 公告编号：2024-026 融资工具的公告 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。 为进一步拓宽融资渠道、优化融资结构、降低融资成本，增强资金管理的灵 活性，保障持续健康发展的资金需求，根据中国人民银行《银行间债券市场非金 融企业债务融资工具管理办法》《非金融企业超短期融资券业务指引》《非金融 企业中期票据业务指引》等有关规定，润泽智算科技集团股份有限公司（简称"公 司"）拟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（简 称"本次债务融资工具"），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（"本次注册发行"）。本次注册发行具体情况如 下： 一、 本次注册发行的方案 1、 融资主体：润泽智算科技集团股份有限公司 2、 注册规模：本次债务融资工具拟注册规模不超过人民币 40 亿元（含 40 亿元）。 3、 发行期 ...

各位投资者大家下午好我是长江通信的分析师李燕今天主要是来跟大家再更新一下IPC行业它的一个基本面的情况包括咱们的一个重点推介公司任德科技它的一个信息的情况 那首先我觉得第一点的话我们还是要来这个重述一下整个IPC行业它的一个投资逻辑啊那我觉得像IPC行业的话它作为整个算力链中的这个算力的一个基础底座嘛那它一定是这个行业内中这个 确定性最高的这么一个环节因为我们现在也能够看到包括说像Kimi还有像一些其他的一些应用其实我们也是能够慢慢地看到这些应用在逐渐爆发所以说我觉得在这样一个背景下的话其实虽然说我们不知道以后是什么样的一个应用最终能够爆发出来或者说什么样的行业它能够有一个比较爆款的一个应用 那其实对IPC来说的话,其实对它来说都是受益的,不管是什么样的应用跑出来,最终都是能够带动整个服务器的增长,整个IPC这边的一个增长。所以说我觉得它算是整个算力链中确定性最强的一个环节,尤其是现在大家在整体追求确定性的一个环节。 一个趋势之下,我觉得ITC它算是一个整个专利链中确定性最强的,那我觉得这个是第一点。那另外一点的话,我们最近也能够看到整个政策端它其实对ITC行业它其实是有一个比较强的这么一个推动啊,我觉得一方 ...