证 券 研 究 报 告 润泽科技（300442）2025 年三季报点评 推荐（维持） IDC 规模稳步扩张，业绩环比持续增长 目标价：62.4 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,365 | 5,886 | 8,255 | 9,717 | | 同比增速(%) | 0.3% | 34.9% | 40.2% | 17.7% | | 归母净利润(百万) | 1,790 | 5,217 | 3,171 | 4,327 | | 同比增速(%) | 1.6% | 191.4% | -39.2% | 36.4% | | 每股盈利(元) | 1.10 | 3.19 | 1.94 | 2.65 | | 市盈率(倍) | 42 | 15 | 24 | 18 | | 市净率(倍) | 7.6 | 5.4 | 5.0 | 4.2 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 11 月 20 日收盘价 公司研究 云基础设施服 ...

Core Viewpoint - The company *ST Zhengping has experienced a significant stock price increase of 152.42% from September 1 to October 28, 2025, leading to concerns about market sentiment and irrational speculation. The company has issued multiple risk warnings and has been suspended from trading for verification since October 29, 2025. The verification results indicate that while non-operating fund occupation has been cleared, there are major uncertainties regarding the company's mineral resource extraction capabilities and the risk of delisting [1][2][3]. Group 1: Financial and Operational Status - The company has fully recovered the non-operating funds amounting to 13.21 million yuan from its subsidiary, with a confirmation report stating that the balance of non-operating fund occupation is now 0.00 yuan as of November 10, 2025 [2]. - As of June 30, 2025, the company reported monetary funds of 102 million yuan, with 81.66 million yuan being restricted due to various reasons, resulting in a high debt ratio of 92.22% [3]. - The company has faced continuous operating losses, reporting a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, and for the first three quarters of 2025, it reported a revenue of 652 million yuan and a net loss of 99 million yuan [5]. Group 2: Mining and Resource Extraction Challenges - The company has acknowledged its insufficient mineral resource extraction capabilities, indicating that future development will require substantial investment, which it currently lacks in terms of funds, personnel, and equipment [3][4]. - The company has received a mining license for its subsidiary, but the future progress and profitability of mineral resource extraction remain highly uncertain due to various external factors [2][3]. Group 3: New Business Initiatives - The company is actively expanding into new business areas such as new energy construction and intelligent computing services, establishing partnerships with local governments and organizations to implement related projects [5][6]. - A joint venture with Hangzhou Bingtai Technology Co., Ltd. was formed to focus on data software development, including services related to computing power and data [6][8].

Core Viewpoint - *ST Zhengping has completed its stock trading review and will resume trading on November 12, 2025, after a significant stock price increase of 152.42% from September 1 to October 28, 2025, indicating potential market overheating and irrational speculation risks [2][3]. Group 1: Stock Trading and Review - The stock of *ST Zhengping was suspended from trading for review due to concerns over excessive price increases and potential risks [2][3]. - The review confirmed that non-operating fund occupation has been fully repaid, but the company faces significant uncertainties regarding its mineral resource mining capabilities and risks of delisting [3][4]. Group 2: Financial Performance - For the year 2024, *ST Zhengping reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan, with a net loss of 990 million yuan for the first three quarters of 2025 [7]. - The company has been actively expanding into new business areas such as renewable energy construction and intelligent computing services to foster new growth points [7]. Group 3: Mining Operations and Risks - The company has received a mining license but lacks sufficient mining capacity, requiring significant investment for future development, which is uncertain due to financial constraints [6][7]. - As of June 30, 2025, the company had 102 million yuan in cash, with 81.6642 million yuan restricted, and a high debt ratio of 92.22% [6]. Group 4: New Business Ventures - *ST Zhengping has established a partnership with Hangzhou Bingtai Technology Co., focusing on data software development and computing services [8][10]. - The company is working on collaborative projects with local governments to develop intelligent computing and renewable energy initiatives [7].

Core Viewpoint - *ST Zhengping has resumed trading after completing a stock trading review, stating that its production and operational conditions are normal and no significant changes or undisclosed major events have been found [1] Group 1: Stock Performance and Trading Activity - *ST Zhengping's stock has seen a significant increase of 152.42% from September 1, 2025, to October 28, 2025, with 21 days of trading halts and 5 instances of abnormal trading fluctuations [3] - The company announced a trading suspension starting October 29, 2025, due to rapid stock price increases and potential trading risks, with a maximum suspension period of 10 trading days [3] - The company cautioned that the stock price may be subject to irrational speculation and warned investors of the risks associated with short-term price surges [3] Group 2: Business Operations and Financial Performance - *ST Zhengping is primarily engaged in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is actively expanding into new areas such as renewable energy and intelligent computing services [3] - The company reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, with a revenue of 652 million yuan and a net loss of 99 million yuan for the first three quarters of 2025 [4] - The company faces challenges including insufficient mining capacity, risks of delisting, and ongoing financial losses [4] Group 3: Regulatory and Compliance Issues - The company’s subsidiary, Gelmu Shengguang Mining Development Co., Ltd., has obtained a mining license, but there are significant uncertainties regarding future mining operations due to a lack of funds, personnel, and equipment [4] - Due to limited audit scope, *ST Zhengping received an audit report with no opinion for its 2024 annual report, leading to a delisting risk warning for its stock [4] - The company is under additional risk warnings due to negative audit opinions regarding internal controls and significant uncertainties about its ability to continue operations [4]

Group 1 - The core viewpoint of the article highlights that Baidu Intelligent Cloud leads the smart computing service market with a 19.9% market share according to the latest IDC report [1] - In the GenAI IaaS sector, Baidu Intelligent Cloud has achieved nearly fivefold growth, marking the highest growth rate in the market [1]

Core Insights - The rapid growth of the digital economy and the rise of AI models are driving significant demand for data centers and computing power infrastructure in China, with a projected market size increase of $274 billion from 2025 to 2029, reflecting a compound annual growth rate (CAGR) of over 38% [1] Group 1: Company Developments - Prologis' Changshu Southeast Data Center Phase II project has achieved 100% signing, aimed at supporting a leading internet company in building a large-scale, high-performance intelligent computing project [1] - Prologis has established a reputation for providing high-standard green computing infrastructure and lifecycle services to multiple leading internet companies, gaining customer trust [1] - The Changshu Southeast Data Center is built according to national A-level and international T3+ standards, serving as a model for computing power infrastructure in East China [1] Group 2: Technological Innovations - The project incorporates several industry-leading green energy-saving technologies and a modular design, creating a flexible and adaptive "1-2-3-4 infrastructure architecture" that accommodates both air-cooled and liquid-cooled systems [2] - The infrastructure supports three innovative layout scales (thousand, ten thousand, and fifty thousand units) and meets deployment requirements for power densities ranging from 6 kW to 40 kW, facilitating the rapid construction of high-density intelligent computing centers [2] Group 3: Market Position and Future Plans - Prologis has established 20 projects nationwide, providing IT loads of up to 1,400 MW, showcasing strong delivery capabilities and advanced smart operations that enhance market competitiveness [2] - The company has secured a strategic investment of 2.5 billion yuan from a state-owned enterprise in Zhejiang, a strong province for the digital economy, and plans to continue focusing on the intelligent computing sector, upgrading solutions to meet the growing demand for computing power [2]

Group 1 - The core viewpoint of the article highlights the positive market response to Cloud Factory's (云工场) stock, which rose over 5% and is currently trading at 5.17 HKD with a transaction volume of 22.62 million HKD [1] - The Ministry of Industry and Information Technology (工信部) announced that as of June 30, 2025, there are 10.85 million standard racks in use for computing power centers in China, with an intelligent computing power scale of 788 EFLOPS [1] - The Ministry plans to improve the policy framework for computing power layout and optimize infrastructure, which is expected to accelerate the construction of local intelligent computing centers [1] Group 2 - Cloud Factory has entered into a joint venture agreement with Shannon Chip Innovation (香农芯创), with a registered capital of 120 million RMB to explore the intelligent computing service market [1] - The company believes that the intelligent computing business complements its existing operations and will create synergies for overall business development [1] - There is a stable growth trend in demand for computing resources and processing capabilities from existing customers, supported by the company's technical expertise and established supply chain [1]

Group 1 - A total of 60 stocks in the A-share market reached the daily limit on September 19, indicating strong market activity [1] - Notable stocks include *ST Zhengping with 6 consecutive limit-ups in the intelligent computing service sector, and Taimusi with 5 consecutive limit-ups in the apparel and home textile sector [1] - Several robotics concept stocks also showed significant performance, with Yunnan Tourism achieving 3 consecutive limit-ups and companies like Gongyuan Co. and Hongdou Co. recording 2 consecutive limit-ups [1] Group 2 - The list of stocks with consecutive limit-ups includes various sectors, such as *ST Green Kang in synthetic biology and Yongxin Optical in optical components, both achieving 3 consecutive limit-ups [1] - Other notable mentions are Hangdian Co. with 4 consecutive limit-ups in the smart grid sector and multiple companies in the automotive and tourism sectors achieving 2 consecutive limit-ups [1] - The performance of these stocks reflects a growing interest in sectors like robotics, tourism, and renewable energy, indicating potential investment opportunities [1]

Financial Performance - In the first half of 2025, the company's operating revenue reached 269.4 billion yuan, a year-on-year increase of 1.3% [2] - The net profit attributable to shareholders was 23 billion yuan, reflecting a year-on-year growth of 5.5% [2] - The company declared an interim dividend of 0.1812 yuan per share (including tax), which is 72% of the profit attributable to shareholders, marking an 8.4% increase year-on-year, totaling 16.58 billion yuan [2] Revenue Growth in AI and Digital Services - The revenue from intelligent services, including AI and computing services, surged by 89.4% year-on-year, amounting to 6.3 billion yuan in the first half of 2025 [4] - The company's digitalization revenue reached 74.9 billion yuan, with AIDC revenue growing by 7.4% [4] - Key product revenues showed significant growth: Tianyi Cloud revenue reached 57.3 billion yuan, security revenue increased by 18.2% to 9.1 billion yuan, and satellite revenue grew by 20.5% [4] AI Infrastructure and Services - The company has established a smart cloud system centered around its technology "Xirang," providing integrated services of computing power, platforms, data, models, and applications [6] - Total computing power, including self-owned and accessed resources, reached 77 EFLOPS, offering heterogeneous computing services across various computing types [6] - The company is advancing AI technology across 21 key areas, developing over 160 AI applications to enhance operational efficiency and reduce costs [7] Strategic Initiatives - The company is actively promoting the "AI+" initiative, collaborating with over 30 central enterprises to create AI application benchmarks and establishing a demonstration base for AI applications [5][6] - It has built over 80 industry-specific large models and served more than 20,000 industry clients, facilitating digital transformation [6] - The company has initiated 29 high-value scenarios to enhance cloud network operations, resulting in significant reductions in fault handling times and operational efficiency [7]

Group 1 - The core viewpoint of the report is that Guanghuan Xinnet (300383.SZ) is given a "buy" rating due to its strategic positioning in the intelligent computing service market and its efforts to integrate the computing power industry chain [2] - The company is actively binding with high-quality clients in the AI industry and is pushing forward with its global AIDC (Artificial Intelligence Data Center) layout [2] Group 2 - The report highlights the positive outlook for Guanghuan Xinnet's initiatives in the intelligent computing service sector, which is expected to enhance its market competitiveness [2] - The company's proactive approach in establishing partnerships with AI industry leaders is seen as a significant growth driver [2]