润泽科技：IDC行业回暖，AIDC和液冷助力公司高增长

Investment Rating - Buy rating maintained for Runze Technology (300442) [1] Core Views - Runze Technology achieved 3.575 billion yuan in revenue for the first half of 2024, a year-on-year increase of 112.47%, with AIDC business revenue reaching 2.054 billion yuan, up 1147.85% YoY [1] - The company's net profit attributable to shareholders was 967 million yuan, a 37.64% YoY increase, maintaining strong profitability [1] - The IDC industry is recovering, and AIDC is expected to enter a new growth cycle driven by AI demand [1] - Runze Technology has a strong position in AIDC and liquid cooling technologies, with significant resource advantages and a nationwide deployment of computing clusters [1][2] Industry Analysis - The IDC industry is rebounding after a 4-5 year downturn, with the bottom reached in late 2023 and early 2024 [1] - AIDC demand is booming due to the rapid growth of AI-related industries, with early demand focused on training and future demand shifting to inference [1] - The company has deployed computing clusters in six major regions across China, with a total planned capacity of 610,000 cabinets [1][2] Company Analysis - Runze Technology's AIDC business is growing rapidly, with a 1147.85% YoY increase in revenue, driven by strong market demand and sufficient orders [1] - The company's IDC business revenue reached 1.521 billion yuan, showing steady progress [1] - Runze Technology has a leading position in liquid cooling technology, with innovative designs for high-power, high-computing, and high-storage computing clusters [2] - The company's energy consumption indicators increased by approximately 60% compared to the end of 2023, providing a solid foundation for future growth [1] Financial Performance - Runze Technology's gross margin for the first half of 2024 was 34.57%, a significant decline from the previous year due to changes in revenue structure, increased depreciation, and cabinet upgrades [1] - The company's 2024-2026 net profit forecasts are adjusted to 2.183 billion yuan, 3.305 billion yuan, and 4.156 billion yuan, respectively [3] - The current P/E ratios for 2024-2026 are 17.71, 11.70, and 9.30, with EV/EBITDA ratios of 13.38, 9.45, and 6.90, respectively [3] Strategic Advantages - Runze Technology's "Langfang Model" in traditional IDC business has achieved industry-leading occupancy rates (over 90%) and gross margins (over 50%) [1][2] - The company's AIDC business benefits from its cluster delivery model, with advantages in network topology, routing, and high-power management [2] - Runze Technology's liquid cooling technology is applied across multiple next-generation computing centers, enabling large-scale, high-performance computing clusters [2]