南方润泽科技数据中心REIT（180901）申购价值分析：申购策略

Group 1 - The core investment strategy focuses on the Southern Runze Technology Data Center REIT, which is based on a wholesale data center located in the Beijing-Tianjin-Hebei region, offering significant location and scale advantages, with a strong capacity for expansion and a PUE that can be further reduced [5][12][19] - The project has a 100% signing rate and over 99% occupancy rate, indicating strong demand stability from its primary client, Beijing Telecom, which provides a one-stop service for internet company A [5][47][48] - The expected fundraising amount for the REIT is 3.775 billion yuan, with an initial pricing range of 3.020 to 4.531 yuan per share, resulting in a P/FFO of 11.50 to 17.25 times, which is lower than comparable REITs [5][10][11] Group 2 - The project is strategically located 40 kilometers from Beijing, providing low-latency data transmission and rapid on-site support, which meets the growing demand from internet companies and cloud service providers for quick deployment and scalability [12][27] - The project has a robust power supply capacity, with existing substations and plans for additional substations to enhance power supply capabilities, ensuring stable operations and accommodating large-scale IT loads [19][21] - The project has demonstrated stable performance with revenue figures of 5.23, 5.46, 5.44, and 1.36 billion yuan from 2022 to Q1 2025, with EBITDA of 2.89, 3.14, 2.91, and 0.76 billion yuan during the same period [43][45][46] Group 3 - The project is expected to maintain a distribution yield of 7.71% and 6.42% for 2025 and 2026, respectively, which is higher than that of comparable REITs [5][11] - The project has a significant asset valuation increase of 491.27%, with a discount rate of 7.75%, aligning with industry standards [5][11] - The project is positioned to benefit from the increasing demand for data centers in the Beijing-Tianjin-Hebei region, with a projected market demand growth rate of 20% to 40% [27][31][32]