Core Viewpoint - The company reported a slight increase in revenue and net profit for 2024, but faced short-term disruptions due to its customer acquisition strategy and data center renovations, which are expected to stabilize in 2025, supporting long-term growth prospects [1][2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 4.365 billion yuan, a year-on-year increase of 0.32%, and a net profit attributable to shareholders of 1.790 billion yuan, up 1.62% year-on-year [1]. - The fourth quarter of 2024 saw a decline in both revenue and profit due to the impact of the "customer acquisition strategy" and data center renovations [1][2]. Group 2: Customer Acquisition Strategy - The "customer acquisition strategy" aimed at attracting leading AI clients led to short-term revenue fluctuations, as the revenue recognition method for high-performance computing module sales was adjusted from "gross method" to "net method" [1][2]. - Despite the short-term impact, this strategy has successfully captured AI customer demand, laying a solid foundation for medium to long-term business development [2]. Group 3: Data Center Renovations - The company initiated upgrades to low-power data centers at the end of 2023, which temporarily affected IDC business revenue and gross margin but allowed the company to secure new orders [2]. - By the end of March 2025, the total power of the renovated data center cabinets exceeded 90% of pre-renovation levels, indicating a recovery in operational capacity [2]. Group 4: Long-term Growth Potential - By the end of 2024, the company had delivered 14 computing centers with approximately 82,000 cabinets, achieving a mature utilization rate of over 90% [3]. - The company is actively constructing new generation intelligent computing centers, which are expected to be operational in 2025, further solidifying its market position in the "AI+" era [3]. Group 5: Resource and Infrastructure - The company has established a comprehensive layout of approximately 61 intelligent computing centers and 320,000 cabinets across major cities, ensuring a robust infrastructure for future growth [4]. - Energy consumption indicators have increased by approximately 130% compared to the end of 2023, supporting the company's operational stability [4]. Group 6: Investment Outlook - The company is positioned as a leading operator of large-scale data centers in China, with a diversified business model across multiple regions [5]. - Revenue projections for 2025, 2026, and 2027 are estimated at 6.167 billion yuan, 7.651 billion yuan, and 8.686 billion yuan, respectively, with net profits of 2.694 billion yuan, 3.398 billion yuan, and 3.826 billion yuan [6].

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 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [6] Core Views - The company reported strong Q1 2025 results with revenue of 3.347 billion yuan, a year-on-year increase of 18% and a quarter-on-quarter increase of 1%. The net profit attributable to shareholders was 278 million yuan, reflecting a year-on-year growth of 182% and a quarter-on-quarter growth of 345% [6] - The growth in Q1 2025 is attributed to rising refrigerant prices and cost reductions from the release of production capacity for layered foil and formation foil [6] - The company is well-positioned to benefit from the ongoing positive trends in the refrigerant industry, with a significant reduction in inventory and improved pricing dynamics [6] - The partnership with Zhongji Xuchuang aims to create integrated liquid cooling solutions, enhancing the company's market position in this segment [6] - The establishment of a joint venture with Zhiyuan Robotics marks the company's entry into the embodied intelligence sector, with initial orders already secured [6] - The layered foil capacitor project is expected to drive industry upgrades, with production capacity expansion underway [6] Financial Data and Profit Forecast - Total revenue projections for 2024, 2025E, 2026E, and 2027E are 12.199 billion yuan, 13.854 billion yuan, 15.405 billion yuan, and 16.965 billion yuan respectively, with year-on-year growth rates of 12.4%, 13.6%, 11.2%, and 10.1% [2] - Net profit attributable to shareholders is forecasted to be 1.415 billion yuan in 2025E, 1.782 billion yuan in 2026E, and 2.137 billion yuan in 2027E, reflecting significant growth rates [2] - The company's EPS is projected to be 0.47 yuan in 2025E, 0.59 yuan in 2026E, and 0.71 yuan in 2027E [2] - The gross margin is expected to improve from 21.1% in 2025E to 23.6% in 2027E [2] Market Data - As of April 25, 2025, the closing price of the stock was 9.63 yuan, with a market capitalization of 28.905 billion yuan [3] - The stock has a price-to-book ratio of 3.2 and a dividend yield of 3.49% [3]