证券研究报告 环保 | 环境治理 非金融|公司点评报告 永兴股份(601033.SH) hyzqdatemark 2025 年 04 月 28 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 04 | 月 25 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 15.83 | | 一 年 内 最 最 低 | 高 | / | | | | 17.17/12.00 | | （元） | | | | | | | | 总市值（百万元） | | | | | | 14,247.00 | | 流通市值（百万元） | | | | | | 3,799.20 | | 总股本（百万股） | | | | | | 900.00 | | 资产负债率（%） | ...

2025 年 04 月 28 日 Vertiv 财报大超预期，拥抱云与 IDC 产业趋势！ 看好 ——申万宏源通信周专题（20250421-20250425） 相关研究 《科华数据（002335）深度：算电协同下 的 AIDC 核心玩家（数据中心系列深度之 六）》 2025/03/25 《 5.5G/AIDC/端侧趋势向上，涌现产业机 会——寻找通信细分赛道的"隐形冠军" 系列之四》 2025/03/02 《坚定拥抱云与 IDC 产业趋势，AI 历史级 重估！ —— 申万宏源通信周专题 （20250217-20250221） 》 2025/02/23 《润泽科技（300442）深度：高度景气的 AIDC 成长先锋》 2024/12/13 《IDC 产业链中报复盘：重视智算需求及 产业链延伸机会！——申万宏源通信周专 题（20240826-20240830）》 2024/09/01 证券分析师 李国盛 A0230521080003 ligs@swsresearch.com 刘菁菁 A0230522080003 liujj@swsresearch.com 研究支持 郝知雨 A0230123060003 haozy ...

2025 年 04 月 28 日 润泽科技(300442.SZ) 引流策略和机房改造扰动业绩，AIDC 长期需求向好 事件概述 公司近期发布 2024 年年报，2024 年公司实现营业收入 43.65 亿元， 同比增长 0.32%，实现归母净利润 17.90 亿元，同比增长 1.62%。公 司 24Q4 业务出现一定程度的扰动，主要由于引流策略和机房改造带 来短期影响，但中长期来看，公司 AIDC 业务卡位明确，客户需求良 好，我们仍然看好公司长期的业绩增长。 引流策略和机房改造扰动短期业绩，2025 年影响消除 公司 24Q4 收入和利润均出现一定程度的下降，从而影响公司 2024 年全年的业绩，我们认为主要是两个方面原因的影响： 1）"引流策略"吸引 AI 头部客户，但带来短期收入波动：2024 年为 了抢抓 AI 头部客户的智算建设需求，公司通过搭配销售算力模组的 "引流策略"来加速客户入驻，成功通过全栈式的智算服务赢得了 AI 客户深度信任，在客户多样性方面取得了重大突破。然而根据公 司投资者关系活动表的披露，一方面公司 AIDC 业务中的高性能算力 模组业务的部分收入确认方法从"总额法"调整为"净额 ...

投资者关系活动记录表 | 投资者关系活动类别 | ■特定对象调研 □分析师会议 □媒体采访 | | | | | --- | --- | --- | --- | --- | | | □业绩说明会 □新闻发布会 □路演活动 | | | | | | □现场参观 ■其他 线上 | | | | | 参与单位名称及人员姓 | 丁祎 华创证券、周鑫雨 东北证券、丁珰 | | 西南证券、徐宇星 | 华泰柏瑞、 | | 名 | 樊艳阳 阳光资产、吴建明 信泰人寿、史彦刚 太平基金、张桥石 | 明河 | | | | | 投资、魏巍 中信期货、乌焕强 红筹投资、李晓青 仁桥资产、李思琦 | | | 中 | | | 天国富证券（自营）、王钟琪 华夏未来资本、汪自兵 方物基金、成佩剑 | | | | | | 五地投资、朱宏达 Willing Capital Management、刘宏 富敦投资、杨云杰 | | | | | | 西南证券、黄帅斌 光大证券 | | | | | 时间 | 2025 年 4 月 27 日 | | | | | 地点 | 厦门东亚机械工业股份有限公司 | | | | | 上市公司接待人员 | 董事会秘书韩文浩、证 ...

中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...

Group 1 - The core viewpoint is that the company is well-positioned to benefit from the increasing demand for computing power and data center products due to the maturity of AI applications [1] - The company is a leading domestic provider of UPS and data center equipment, with a strong market share in high-power products and a broad product line including HVDC, power modules, and modular data centers [1] - The company has established deep collaborations with major clients such as the three major telecom operators, banks, and internet firms like Tencent, which enhances its customer resource quality [1] Group 2 - The demand for data center products is expected to continue rising, with projections for new domestic data center power additions of 7.4, 11.7, 13.8, and 15.8 GW from 2024 to 2027 [1] - The domestic UPS market is projected to grow from approximately 11.8 billion yuan in 2024 to 25.3 billion yuan in 2027, reflecting a CAGR of 29.0% over three years [1] - The company's market share in the Asia-Pacific region for UPS shipments is about 7%, with a 12% share in high-power products above 500 kVA, indicating potential for further market share growth [1] Group 3 - The energy storage business is accelerating its international expansion, which is expected to enhance profitability [2] - Global energy storage installations are projected to increase significantly, with new installations of 169.9 GWh in 2024 and 258.5 GWh in 2025, representing year-on-year growth rates of approximately 78.0% and 52.2% respectively [2] - The company ranks first in domestic energy storage PCS shipments and second among domestic manufacturers in overseas PCS shipments, highlighting its leading position in the industry [2] Group 4 - The company is expected to experience high revenue growth, with projected revenues of 8.186 billion yuan, 9.760 billion yuan, and 11.418 billion yuan from 2024 to 2026, reflecting year-on-year growth rates of 0.56%, 19.23%, and 16.98% respectively [3] - The projected net profits for the same period are 400 million yuan, 781 million yuan, and 1.064 billion yuan, with year-on-year growth rates of -21.12%, 94.99%, and 36.29% respectively [3] - The company maintains a "buy" rating based on its expected high growth in data center-related business and a target share price of 49.00 yuan, supported by a favorable valuation compared to peers [3]

各位投资者大家好我是孩童电信梅汉然后今天主要讲科幻数据在讲科幻数据之前的话先解读一下昨晚腾讯资本开支的一个情况24年来看的话其实腾讯资本开支还是比较高的体现了AI的需求特别是四季度四季度腾讯资本开支有360多亿 然后同比增加有380%多然后所以的话其实增幅还是非常的高然后24年全年的资本开支的话有767亿那同比的增长221%是创一个历史新高那约占收入的大概12%然后其中的话AI相关的投入其实就高达707亿 然后昨晚其实也说了一下奥年的一个资本开支的预期那奥年的话业绩会上说学术会继续增加资本支出然后这样收入的低两位数百分比那大概低两位数百分比这么意思其实就是在10%到14%之间然后以目前的奥年腾讯 收入的预期大概是7138亿左右的一个收入预期那如果涨比10%到14同时也还要进一步增加资本的资本支出的话大概对应就是800到1000亿这个投资其实整体还是比较符合之前的市场预期但是呢其实 因为之前像阿里字节之前的资本预期的话其实是更高的嘛所以无法排除就是说可能投资者对于就是之前对腾讯的预期会更加乐观的一个情况因为像阿里之前的话可能预期三年是投入3800亿然后年均资本开支在1300亿 的一个情况那其实2024年的资本开 ...

Group 1 - The core viewpoint of the news is the establishment of a joint venture between Haotian International Construction Investment and Jiangsu Litong, with Haotian holding 75% and Litong 25% of the equity [1] - The joint venture will receive capital commitments of RMB 300 million from Haotian and RMB 100 million from Litong, and will become a subsidiary of the company as long as Haotian remains a subsidiary [2] - The joint venture aims to engage in AI computing resources and 5G big data-related businesses, including but not limited to computing power services and related technical consulting, business planning, logistics, and trade [2] Group 2 - The AI sector has seen significant advancements over the past year, with developments in large language models and multimodal models, leading to a decrease in training and inference costs, thus lowering the application threshold for large models [3] - The trend is accelerating the evolution of data centers towards AI Data Centers (AIDC), presenting new opportunities for industry growth [3] - The joint venture with Jiangsu Litong provides a valuable opportunity for the company to enter the AI business, which is expected to generate annual revenues potentially reaching USD 300 million or more if successful [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9]. Core Views - The company has established itself as a leading provider of intelligent computing centers, smart energy, and renewable energy solutions in China, leveraging over 30 years of experience in power electronics technology [8][20]. - The company's dual business model consists of intelligent computing center services and renewable energy solutions, which are expected to drive future growth [8][20]. - The collaboration with Tencent is highlighted as a significant advantage, providing a strong safety margin and potential for further partnerships in the AI cycle [9][11]. Financial Data and Profit Forecast - Total revenue projections for 2024-2026 are estimated at 79.27 billion, 100.14 billion, and 115.46 billion yuan, with year-on-year growth rates of -2.6%, 26.3%, and 15.3% respectively [7][9]. - The net profit attributable to the parent company is forecasted to be 3.96 billion, 7.52 billion, and 9.71 billion yuan for the same period, with growth rates of -22.0%, 90.0%, and 29.2% respectively [7][9]. - The company’s earnings per share are projected to be 0.86, 1.63, and 2.10 yuan for 2024, 2025, and 2026 respectively [7]. Business Segments - The intelligent computing center business is expected to see significant growth, driven by the demand for data center services and products, including UPS and HVDC systems [10][11]. - The renewable energy segment, particularly in energy storage, is positioned for expansion, with the company being a leader in global energy storage PCS shipments [8][11]. - The IDC service segment benefits from a strong partnership with Tencent, with a well-established operational footprint in major cities [8][11]. Market Position and Competitive Advantage - The company is recognized as a key player in the IDC market, with a comprehensive product matrix in UPS technology and a strong understanding of HVDC systems [11][41]. - The report emphasizes the company's unique position akin to "Vertiv" in the domestic market, providing integrated solutions for power supply and temperature control [11][41]. - The company has a stable shareholding structure, with a significant portion held by the actual controller, ensuring consistent strategic direction [24][29].