润泽科技(300442)：智算中心交付提速 竞争优势凸显

Core Viewpoint - The company reported a 15.31% year-on-year increase in revenue for the first half of 2025, reaching 2.496 billion yuan, while net profit attributable to shareholders decreased by 8.73% to 882 million yuan, primarily due to increased depreciation and amortization expenses related to the scaling of computing power center deliveries [1] IDC Business - The IDC business saw a steady revenue growth of 6.15% year-on-year, totaling 1.614 billion yuan, driven by the improvement in the total power of billing cabinets exceeding 90% of the pre-renovation level and increased deployment in the Langfang data center [1] - The company has strategically positioned large computing power centers in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area, enhancing its competitive edge in scarce cabinet resources as land and energy consumption restrictions tighten in major cities [1] AIDC Business - The AIDC business experienced a significant revenue increase of 36.95% year-on-year, reaching 882 million yuan, benefiting from strong domestic demand for intelligent computing centers [2] - The company delivered a leading single 100MW intelligent computing center in the first half of 2025, with a total of 220MW of new computing power centers delivered, which is expected to enhance high-performance computing supply and drive rapid revenue growth in AIDC services [2] Profitability and Future Outlook - The company's gross margin for the first half of 2025 was 49.40%, a decrease of 7.7 percentage points year-on-year, mainly due to adjustments in the AIDC business structure [2] - The company is expected to see continued profit growth, with projected net profits for 2025-2027 at 2.335 billion, 3.024 billion, and 3.844 billion yuan respectively, reflecting a decrease in previous estimates by 13%, 7%, and 1% [3] - The company maintains a "buy" rating, with a target price of 70.07 yuan per share, based on a 32.5 times EV/EBITDA for 2025, indicating confidence in its ability to capitalize on the growing demand for intelligent computing driven by AI applications [3]