Precise(SZ:300442) Xin Lang Cai Jing·2025-10-30 14:43Core Viewpoint - Runze Technology is a leading data center service provider in China, with significant revenue and profit performance in the industry, despite a higher debt ratio compared to peers [2][3]. Group 1: Company Overview - Runze Technology was established on June 27, 2007, and listed on the Shenzhen Stock Exchange on April 24, 2015. The company is headquartered in Langfang, Hebei Province and specializes in data center services [1]. - The company operates in the communication services sector, specifically in value-added communication services, and is associated with concepts such as ByteDance, DeepSeek, computing power, superconductivity, and nuclear power [1]. Group 2: Financial Performance - For Q3 2025, Runze Technology reported revenue of 3.977 billion yuan, ranking 2nd in the industry, surpassing the industry average of 1.565 billion yuan and the median of 0.852 billion yuan. The top competitor, Guanghuan Xinnet, had revenue of 5.479 billion yuan [2]. - The company's net profit for the same period was 4.7 billion yuan, ranking 1st in the industry, significantly higher than the industry average of 0.317 billion yuan and the median of 0.0318 billion yuan. The second competitor, Aofei Data, reported a net profit of 0.167 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Runze Technology's debt-to-asset ratio was 62.53%, a decrease from 66.02% in the previous year but still above the industry average of 43.57% [3]. - The company's gross profit margin for Q3 2025 was 48.11%, down from 56.98% year-on-year, yet still higher than the industry average of 23.57% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 15.16% to 87,800, while the average number of circulating A-shares held per shareholder decreased by 13.16% to 18,500 [5]. Group 5: Management Compensation - The chairman, Zhou Chaonan, received a salary of 2.99 million yuan for 2024, unchanged from the previous year. The general manager, Li Li, received 1.282 million yuan, a decrease of 328,000 yuan from 2023 [4]. Group 6: Analyst Ratings and Projections - Haitong International maintains an "outperform" rating, projecting revenues of 6.282 billion, 7.636 billion, and 9.109 billion yuan for 2025-2027, with corresponding net profits of 2.694 billion, 3.336 billion, and 4.050 billion yuan [6]. - CITIC Securities maintains a "buy" rating, forecasting net profits of 2.672 billion, 3.483 billion, and 4.329 billion yuan for the same period, with current market PE ratios of 32x, 25x, and 20x [7].