Precise(300442) 华创证券·2024-06-12 23:01Investment Rating - The report gives a "Recommend" rating for Runze Technology (300442) with a target price of 38.21 yuan, compared to the current price of 28.31 yuan [1] Core Views - Runze Technology is a leading industrial park-level data center operator with strong performance and a nationwide "integrated computing power center system" framework [1] - The company has delivered 7 AIDC intelligent computing infrastructure clusters across 6 major regions, with a total planned capacity of 61 intelligent computing centers and 320,000 racks [1] - Revenue grew from 628 million yuan in 2018 to 4.351 billion yuan in 2023, with a CAGR of 47.27%, while net profit grew from 127 million yuan in 2019 to 1.762 billion yuan in 2023, with a CAGR of 92.99% [1] - The company is expected to benefit from the AI-driven demand for intelligent computing centers, with AIDC business projected to become a second growth curve [1][7] Industry Analysis - The global IDC market size grew from 46.55 billion yuan in 2017 to 67.93 billion yuan in 2021, with a CAGR of 9.91%, while China's IDC market size grew from 51.28 billion yuan in 2017 to 150.02 billion yuan in 2021, with a CAGR of 30.78% [26] - The AI-driven demand for computing power is increasing, with the global AI computing market expected to grow from 19.5 billion USD in 2022 to 34.66 billion USD in 2026, with a CAGR of 15.5% [38] - The power requirements for single racks are increasing, with Nvidia's H100/B200 chips requiring 700W/1000W, leading to single rack power demands of 40KW/25KW [48] Company Advantages - Runze Technology has significant location advantages, with 61 intelligent computing centers and 320,000 racks planned across 6 major regions and 7 computing nodes [1][7] - The company's mature rack occupancy rate exceeds 90%, and it operates under a "self-investment, self-construction, self-holding, and self-operation" model, ensuring long-term stability and reliability [1][7] - The company has delivered the first pure liquid-cooled green intelligent computing center in the industry, with a single rack power of 21.5KW, and plans to build more intelligent computing centers in Langfang B Zone and Pinghu Phase II [1][7] Financial Projections - The company's revenue is projected to grow from 6.158 billion yuan in 2024 to 10.588 billion yuan in 2026, with a CAGR of 31.1% [5] - Net profit is expected to grow from 2.191 billion yuan in 2024 to 4.161 billion yuan in 2026, with a CAGR of 37.6% [5] - The IDC business is expected to generate revenue of 4.001 billion yuan in 2024, growing to 5.868 billion yuan in 2026, while the AIDC business is expected to generate revenue of 2.158 billion yuan in 2024, growing to 4.721 billion yuan in 2026 [8]