Ge Long Hui·2025-09-29 07:47Core Viewpoint - The report from CITIC Securities indicates that Runze Technology's net profit attributable to shareholders for the first half of the year is 882 million yuan, a year-on-year decrease of 8.73% [1] Group 1: Financial Performance - In Q2, the net profit attributable to shareholders remains at 882 million yuan, showing a year-on-year decrease of 8.73% [1] - The company's performance in Q2 shows a quarter-on-quarter growth, with new deliveries reaching a historical high [1] Group 2: Infrastructure and Resources - The company has secured scarce core resources such as land, energy consumption, and electricity around first-tier cities [1] - Currently, the company has established seven major parks, approximately 61 intelligent computing centers, and 320,000 cabinets, primarily located in satellite cities of Beijing, Shanghai, Guangzhou, and Shenzhen [1] - Among the seven parks, five have completed, are under construction, or have projects awaiting construction, all of which have obtained the necessary energy consumption [1] Group 3: Future Prospects - The company plans to deliver 220 MW in the first half of 2025, which would set a new historical high [1] - With the delivery and deployment of new data centers, the company's performance is expected to continue to grow [1] - The successful issuance of public REITs has opened up a light asset operation pathway, optimizing the company's asset structure and increasing the proportion of high-power cabinets [1] - Following the issuance, the company has ample cash on hand and sufficient financing channels, having already assessed multiple potential acquisition projects, which may enhance market share and pricing power [1] - The rating for the company is maintained as "Buy" [1]