研报掘金丨天风证券：维持润泽科技“买入”评级，下半年交付上架有望加速

Core Viewpoint - Runze Technology reported a net profit attributable to shareholders of 882 million yuan for H1 2025, a year-on-year decline of 8.73%, with Q2 net profit at 452 million yuan, down 8.20% [1] Group 1: Financial Performance - The company experienced a decline in net profit for both H1 and Q2 compared to the previous year [1] - The gross profit margin faced pressure year-on-year, leading to adjustments in the company's profit forecast [1] Group 2: Future Outlook - Based on existing customer orders and delivery schedules, the company is expected to achieve a good ramp-up rate by the end of the year [1] - New data centers in Pinghu (100MW), Foshan, and Huizhou are anticipated to contribute to revenue and profit growth as ramp-up rates improve [1] - The company is optimistic about significant growth in the second half of the year due to accelerated ramp-up [1] Group 3: Investment Rating - The overall business development in data centers and intelligent computing centers is progressing rapidly [1] - The company maintains a "Buy" rating, reflecting confidence in the positive impact of accelerated ramp-up on profits in the second half of the year [1]