润泽科技：IDC+AIDC驱动业绩持续高增，长期价值凸显

Investment Rating - The report maintains a "Buy" rating for Runze Technology (300442.SZ) with a target price of 33.01 CNY as of November 5, 2024 [1]. Core Insights - Runze Technology has demonstrated significant revenue growth driven by its AIDC business, achieving a revenue of 2.835 billion CNY in Q3 2024, a year-on-year increase of 184.0%. The net profit attributable to shareholders reached 547 million CNY, up 30.9% year-on-year [1]. - The company is expected to maintain high growth rates, with projected revenues of 6.030 billion CNY, 8.316 billion CNY, and 10.884 billion CNY for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 38.6%, 37.9%, and 30.9% [4]. - Runze Technology's R&D investment has increased significantly, with R&D expenses reaching 105 million CNY in the first three quarters of 2024, a 69.07% increase year-on-year, indicating a commitment to technological innovation and business expansion [1]. Financial Performance - In the first three quarters of 2024, the cumulative revenue reached 6.410 billion CNY, a 139.1% increase compared to the same period last year, with a net profit of 1.513 billion CNY, up 35.1% year-on-year [1]. - The company's operating costs increased to 4.440 billion CNY, a rise of 232.01% year-on-year, primarily due to the expansion of revenue scale [1]. - The projected net profits for 2024, 2025, and 2026 are 2.277 billion CNY, 3.122 billion CNY, and 4.193 billion CNY respectively, with corresponding year-on-year growth rates of 29.3%, 37.1%, and 34.3% [4]. Market Position and Strategy - Runze Technology is solidifying its market leadership in the IDC and AIDC sectors, with a national layout that includes seven intelligent computing infrastructure clusters and approximately 61 intelligent computing centers [1]. - The company has successfully delivered the industry's first pure liquid cooling intelligent computing center, enhancing the stability and environmental efficiency of its computing centers [1]. - The company is actively pursuing diversified financing strategies to support its robust expansion, including public REITs projects and interbank debt financing tools [1]. Valuation Metrics - The report provides a forecast for EPS of 1.32 CNY, 1.81 CNY, and 2.44 CNY for 2024, 2025, and 2026, with corresponding P/E ratios of 24.9, 18.2, and 13.5 [4].