润泽科技：聚力AIDC，有望长期成长

Investment Rating - The report assigns an investment rating of "Buy" for the company, marking the first coverage of the stock [4]. Core Views - The demand for AI computing power is expected to drive new growth in China's IDC industry, with a projected CAGR of 31% from 2024 to 2027 [5][7]. - The company, Runze Technology, is positioned as a comprehensive solution provider in the computing power center sector, leveraging its strategic locations and advanced technologies to capture opportunities in the AI industry [5][7]. - The company is anticipated to maintain a leading market share, growth rate, and profitability as the AI industry develops [5]. Summary by Sections Company Overview - Runze Technology, established in 2009, focuses on IDC and AIDC businesses, providing server hosting and value-added services through partnerships with telecom operators [11]. - The company has a clear strategic layout across six core regions in China, planning approximately 61 intelligent computing centers with a total of around 320,000 cabinet resources [11][12]. AI Computing Demand - The IDC industry is experiencing a shift due to the increasing demand for AI computing power, with many existing cabinets unable to meet the requirements, leading to a consolidation effect in the industry [7][22]. - The average power per cabinet in China's IDC sector is about 4.6 kW, significantly lower than the power requirements for AI servers, which is expected to accelerate the phase-out of outdated cabinets [5][7]. Financial Performance and Projections - The company reported revenues of 4.35 billion yuan in 2023, a year-on-year increase of 60.27%, with a projected revenue of 6.45 billion yuan in 2024, reflecting a growth rate of 48.19% [6][8]. - The net profit attributable to shareholders is expected to reach 2.12 billion yuan in 2024, with a growth rate of 20.43% [6][8]. - The company’s earnings per share (EPS) are projected to be 1.23 yuan in 2024, increasing to 2.27 yuan by 2026 [6][8]. Market Position and Competitive Advantage - The company has achieved a cabinet utilization rate exceeding 90% in its mature data centers, which is a key factor in maintaining its industry-leading profitability [5][8]. - Runze Technology's strategic focus on liquid cooling technology and AIDC business development positions it well to capitalize on the growing AI market [5][7]. Long-term Growth Strategy - The company aims to become a leading provider of intelligent computing centers globally, focusing on technological advancements and expanding its IDC and AIDC businesses [8][20]. - The company has initiated a stock incentive plan aimed at achieving significant net profit growth over the next few years, with targets set for 2025 to 2027 [20][21].