润泽科技三季报：高效交付持续夯实行业龙头地位 高质量发展业绩与价值双提升

Core Insights - The company reported a revenue of approximately 3.977 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 15.05% [2] - The net profit attributable to shareholders reached approximately 4.704 billion yuan, showing a significant year-on-year increase of 210.74% [2] - The operating cash flow for the first three quarters amounted to 2.764 billion yuan, representing a year-on-year growth of 140.05% [2] Financial Performance - The company achieved a non-GAAP net profit of approximately 475 million yuan in the third quarter, with a quarter-on-quarter growth of 5.47% [2] - The company has maintained a steady quarter-on-quarter growth in non-GAAP net profit throughout 2025 [2] - Analysts expect the company to achieve a good shelf rate by the end of the year, with new data centers in Pinghu, Foshan, and Huizhou contributing to revenue and profit growth in the second half of the year [2] Industry Positioning - The company has established seven AIDC intelligent computing infrastructure clusters across six core regions, with a total of 61 intelligent computing centers and approximately 320,000 cabinet resources [3] - This growth aligns with the "14th Five-Year Plan," which emphasizes the construction of new infrastructure and the efficient utilization of information communication networks and integrated computing networks [3] - The focus areas in the "14th Five-Year Plan," such as new energy and advanced manufacturing, are expected to create a rigid demand for high-density computing, positioning the company to strengthen its industry status [3]