积极推进液冷与智算布局，分红回馈股东

Investment Rating - The investment rating for Runze Technology (300442.SZ) is "Accumulate" [1][4] Core Views - Runze Technology achieved a net profit growth of 47% in 2023, with total revenue reaching 4.35 billion yuan, a year-on-year increase of 60.3% [1] - The company is actively advancing its liquid cooling and intelligent computing layout, having delivered the industry's first liquid-cooled intelligent computing center [1] - The company plans to distribute cash dividends to shareholders, proposing a cash dividend of 1.27 yuan per 10 shares for the 2023 annual dividend [1] Financial Performance Summary - In 2023, Runze Technology's revenue was 43.5 billion yuan, with a net profit of 17.6 billion yuan, reflecting a 47% increase year-on-year [1] - The company's operating cash flow decreased by 30.4% to 12.44 billion yuan due to equipment procurement expenses in the AIDC business [1] - The gross profit margin for 2023 was 48.6%, down 4.5 percentage points year-on-year, while the net profit margin was 40.4%, down 3.7 percentage points year-on-year [1] Business Segment Performance - The IDC business generated revenue of 31.5 billion yuan, a year-on-year increase of 16.1%, while the AIDC business generated 12.0 billion yuan [1] - The East China region contributed significantly to revenue, achieving 1.01 billion yuan in 2023, with expansion in the Langfang area underway [1] Future Outlook - The company maintains its profit forecast for 2024-2025 and has added a forecast for 2026, expecting net profits of 2.32 billion yuan, 3.47 billion yuan, and 4.00 billion yuan for 2024, 2025, and 2026 respectively [2][13] - The current stock price corresponds to a PE ratio of 22, 15, and 13 for 2024, 2025, and 2026 respectively, indicating a favorable valuation [2][13]