润泽科技（300442）：公司信息更新报告：AIDC交付在即，加速横向并购优化资源布局

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company is expected to benefit from the AIGC wave, with a strong position in the IDC and AIDC sectors. The report maintains a "Buy" rating based on the company's growth potential and market positioning [4][5] - The company achieved a revenue of 4.365 billion yuan in 2024, a slight increase of 0.32% year-on-year, with a net profit of 1.790 billion yuan, up 1.62% year-on-year. The first quarter of 2025 saw a revenue of 1.198 billion yuan, representing a year-on-year growth of 21.40% [4][5] - The company plans to accelerate its expansion through horizontal mergers and acquisitions, focusing on high-demand regions such as Beijing-Tianjin-Hebei and the Yangtze River Delta [6] Financial Summary - The company’s revenue is projected to grow significantly, with estimates of 6.196 billion yuan in 2025, 7.720 billion yuan in 2026, and 9.118 billion yuan in 2027, reflecting year-on-year growth rates of 41.9%, 24.6%, and 18.1% respectively [4][8] - The net profit attributable to the parent company is expected to reach 2.620 billion yuan in 2025, 3.272 billion yuan in 2026, and 3.764 billion yuan in 2027, with corresponding growth rates of 46.3%, 24.9%, and 15.1% [4][8] - The company has a strong gross margin of around 48% and a net margin of approximately 42% for the forecasted years [8] Business Performance - The IDC business generated a revenue of 2.914 billion yuan in 2024, while the AIDC business achieved 1.451 billion yuan, marking a year-on-year growth of 21.03% [5] - The company has accelerated its capacity expansion, with six new data centers delivered in 2023-2024, totaling approximately 240 MW, and plans to deliver five additional centers in 2025, totaling around 420 MW [5][6] - The company has established seven AIDC infrastructure clusters across six major regions in China, with a total planned capacity of 61 data centers and approximately 320,000 cabinets [6]