Precise(300442) 开源证券·2024-10-22 02:30Investment Rating and Core Views - The report initiates coverage on Runze Technology (300442 SZ) with a "Buy" rating [1] - The core view is that Runze Technology is a leading domestic liquid-cooled AIDC (AI Data Center) provider, well-positioned to benefit from the AIGC (AI Generated Content) development trend [2] - The company is expected to achieve net profits of 2 206 billion yuan, 3 072 billion yuan, and 3 936 billion yuan in 2024, 2025, and 2026 respectively, with EPS of 1 28 yuan, 1 79 yuan, and 2 29 yuan [2] Company Overview and Market Position - Runze Technology is a leading domestic data center solution provider, operating under a self-investment, self-construction, self-ownership, and self-operation model [2] - The company has built 7 AIDC infrastructure clusters across 6 major regions in China, with a total planned capacity of 610,000 cabinets [2] - Runze Technology has a strong competitive advantage in liquid-cooled AIDC technology, with rich experience in design, construction, and operation [4] - The company has secured key clients including ByteDance, Kuaishou, and major telecom operators, enhancing customer stickiness [4] Financial Performance and Projections - Runze Technology's revenue grew from 2 715 billion yuan in 2022 to 4 351 billion yuan in 2023, with a YoY growth of 60 3% [5] - The company's net profit margin is projected to increase from 35 0% in 2024 to 37 2% in 2026, with ROE expected to remain stable around 22 8%-22 9% [5] - Runze Technology's AIDC business revenue reached 2 054 billion yuan in H1 2024, accounting for 57 5% of total revenue [20] Industry Trends and Opportunities - The rapid development of AI has driven a surge in demand for intelligent computing power, leading to a shift from general-purpose computing to AI-specific computing [3] - Liquid-cooled data centers are gaining traction due to their ability to handle high-power-density cabinets, with Runze Technology delivering the industry's first fully liquid-cooled AIDC in 2023 [3] - The domestic data center market is expected to grow rapidly, driven by increasing data traffic and the adoption of emerging technologies like AIGC, cloud computing, and IoT [37] Competitive Advantages and Strategic Initiatives - Runze Technology has a strong R&D capability, with a focus on liquid-cooled AIDC technology and a robust talent development program [53] - The company has strategically acquired scarce IDC resources in key regions, providing a cost advantage and ensuring proximity to major urban centers [45] - Runze Technology is actively exploring new business models in the AIDC space, including providing computing power services and building computing platforms [51] Future Outlook and Growth Drivers - The company plans to expand its AIDC capacity, with a focus on high-power cabinets and liquid-cooling technology to meet the growing demand for AI computing [49] - Runze Technology is expected to benefit from the "East Data West Computing" project, which aims to optimize the national data center layout and promote green, low-carbon development [43] - The company's AIDC business is projected to drive future revenue growth, with a focus on serving AI head companies and providing computing power services [20]