证券研究报告 | 年报点评报告 gszqdatemark 2025 05 06 年 月 日 润泽科技（300442.SZ） 改造机房适配新需求，AIDC 高增趋势未改 投资建议：我们预计公司 2025-2027 年收入为 63/79/96 亿元，归母净利润为 26.8/33.0/39.9 亿元，对应 PE 分别为 31/25/21 倍。公司是园区级数据中心龙 头，未来有望凭借其前瞻性的布局充分受益于 AI 迅速发展带来的智算中心需 求，但鉴于公司由于会计核算调整以及机房改造可能造成短期业绩承压，我们 下调公司的业绩预测，维持 买入"评级。 风险提示：上架率不及预期、市场竞争风险、AIGC 进展不达预期。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 4,351 | 4,365 | 6,307 | 7,906 | 9,580 | | 增长率 yoy（%） | 60.3 | 0.3 | 44.5 | 25.4 | 21.2 | | 归母净利润（百万元） | 1 ...

证券研究报告 | 2025年04月30日 润泽科技（300442.SZ） 优于大市 积极储备稀缺能耗资源，稳步推进智算中心建设交付 润泽科技 2024 年总营业收入 43.65 亿元，同比上升 0.32%；归母净利润 17.9 亿元，同比上升 1.62%；扣非归母净利润 17.78 亿元,同比上升 4.07%。公司 2025 年一季度单季营收 11.98 亿元，同比上升 21.4%，环比上升 32%；归母 净利润 4.3 亿元，同比下降 9%，环比上升 55.5%。2024 年，董事会提议， 拟向全体股东按每 10 股派发现金红利 1.288 元（含税）。 公司正经历 IDC 向 AIDC 升级阵痛期，业绩短期承压。2024 年公司 IDC 业务 实现营收29.14亿元（占收比66.8%），同比下降7.6%，IDC业务毛利率47.53%， 同比减少 6.9pct。IDC 业务短期承压主要原因为：对早期的多栋低功率数据 中心进行升级改造，改造期间不形成服务费用，但同时折旧费用仍在发生。 公司目前已逐步恢复上架，截止 2025 年 3 月末改造的数据中心计费机柜总 功率已超改造前的 90%。 公司 AIDC 业务 ...

AIDC 系列报告： 电源产业乘风而起 [Table_Industry] [Table_ReportDate] 2025 年 4 月 29 日 】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】 】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】】 】】】 、、、、、、、、、、、来 证券研究报告 行业研究 [行业Tabl深度报告 e_ReportType] [Table_StockAndRank] 电力设备与新能源 [Table_Author] 武浩 电力设备与新能源行业首席分析 师 执业编号：S1500520090001 | 一、AI 大势所趋，供配电需求乘风而起 5 | | --- | | 1.1 AI 浪潮已至，智算中心建设有望加速 5 | | 1.2 供配电基础设施有望迭代升级 7 | | 二、AI 服务器电源升级，不间断电源 UPS 有望向 HVDC 发展 11 | | 2.1 AI 服务器电源功率提升 11 | | 2.2 不间断电源 UPS 有望向 HVDC 发展，高效率有望成为演进方向 16 | | 2. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and performance are expected to rise steadily, with overseas expansion and AIDC (Artificial Intelligence Data Center) likely to contribute to incremental growth [1] - The company reported a revenue of 7.76 billion yuan in 2024, a year-on-year decrease of 4.71%, and a net profit of 315.18 million yuan, down 37.90% year-on-year [7] - The data center business is showing strong growth, with revenue from this segment reaching 3.15 billion yuan in 2024, up 14.70% year-on-year, accounting for over 40% of total revenue [7] - The company is focusing on core products and product upgrades, which has led to improved profitability despite a decline in revenue from certain segments [7] - The company is increasing its overseas business efforts, particularly in the renewable energy sector, which is expected to recover by the end of Q3 2025 [7] - The company has demonstrated excellent cost control, with operating expenses decreasing by 5.7% year-on-year in 2024 [7] - The forecast for net profit for 2025-2027 is 688 million yuan, 1.05 billion yuan, and 1.4 billion yuan respectively, with corresponding growth rates of 118%, 52%, and 34% [7] Financial Summary - Total revenue is projected to be 8.92 billion yuan in 2025, with a year-on-year growth of 14.93% [1] - The net profit for 2025 is expected to be 688 million yuan, reflecting a significant increase from the previous year [1] - The company's earnings per share (EPS) is forecasted to be 1.33 yuan in 2025, with a price-to-earnings (P/E) ratio of 30.69 [1] - The company’s total assets are estimated to reach 13.02 billion yuan by 2025, with total liabilities of 7.78 billion yuan [8]

随着人工智能技术和产业的快速发展，全球围绕AI的战略竞争正日益加剧。智算中心作为支撑大模型训练与推理的核心基础设施，已成为各国科技竞争 中的"新基建"。 《IT时报》去年曾报道，国内地方政府、科技巨头和电信运营商纷纷加码智算中心项目，投资规模从百亿级跃升至千亿级。 然而，今年以来，随着国际市场风向发生微妙变化，这场算力建设热潮也出现波动。如微软，已宣布暂停多个数据中心项目，释放出"收缩"信号。尽管全 球科技公司仍在持续加大AI投入，但"许多项目缺乏明确客户""AI服务器集群供应过剩"的声音不绝于耳。阿里巴巴集团董事会主席蔡崇信就警告称，美国 AI数据中心或陷入建设泡沫。 而在国内市场，审慎转向的迹象同样出现。 一边是热火朝天的建设，一边是宏观调控的降温，智算中心是否已由"香饽饽"变成"鸡肋"？国产算力建设是否过剩了？ 01 投资热度未减 中国通信工业协会数据中心委员会发布的《中国智算中心产业发展白皮书（2024年）》（以下简称《白皮书》）显示，截至2024年11月，全国已投运的智 算中心项目近150个，在建及规划中的项目接近400个。 截至2024年8月，全国智算中心项目总数已超过300个，公布算力规模超过5 ...

Financial Performance - In 2024, the company's total revenue was CNY 7.757 billion, a decrease of 4.71% year-on-year [3] - Data center revenue reached CNY 3.152 billion, an increase of 14.07% year-on-year, with a gross margin of 28.77% [3] - Smart energy revenue was CNY 922 million, down 9.01% year-on-year, with a gross margin of 41.06% [3] - New energy revenue was CNY 3.608 billion, a decline of 15.98% year-on-year, with a gross margin of 16.78% [3] - The net profit attributable to shareholders was CNY 315 million, impacted by credit and asset impairment losses totaling CNY 258 million [3] Business Development - The smart computing center business generated approximately CNY 3.152 billion in revenue, growing 14.07% year-on-year [4] - The company is actively engaging in AI, computing power, and autonomous driving markets, establishing a robust heterogeneous computing power platform [4] - The company has secured numerous product orders from major clients in the internet, telecommunications, and finance sectors, with significant growth expected in 2025 [5] Technological Advancements - The company has been recognized as a top 10 service provider in the third-party computing power center sector, ranking 8th in comprehensive development and 4th in technical capability [6] - In the smart energy sector, the company has launched innovative products such as the 1500V 5MW liquid-cooled photovoltaic inverter, enhancing its market position [8] - The company has achieved the highest shipment volume of energy storage PCS among Chinese enterprises globally, maintaining a strong presence in the renewable energy sector [9] Future Outlook - The company plans to intensify its focus on the smart computing center business, leveraging its core technology in power electronics for new product development [10] - A strategic customer department has been established to deepen collaborations with major internet companies and expand into various sectors [10] - The company is considering future financing plans based on strategic goals and market conditions, following the successful completion of a convertible bond project [11]