Core Viewpoint - Runze Technology has a market position that is inferior to its peers, yet its gross margin significantly exceeds that of its competitors, raising questions about the authenticity of its financial data and operational strength [1][19][36] Financial Data Anomalies - Runze Technology reported a substantial accounting error involving nearly 3 billion yuan in revenue adjustments due to a change in revenue recognition method from "gross method" to "net method" [4][6] - The company's revenue growth figures were misleading prior to the accounting correction, with a reported 139.11% growth for the first three quarters of 2024, which drastically fell to 0.32% post-correction [9][10] - The gross margin of Runze Technology has been consistently high at around 50%, while its peers like Wangguo Data and Century Interconnect have gross margins between 20% and 30% [19][34] Cost Structure Concerns - The cost structure of Runze Technology shows significant discrepancies, with operational costs for its AIDC business rising from 3.13% in 2023 to 21.79% in 2024, while equipment costs dropped from 32.72% to 9.62% [14][15] - The company's depreciation and interest expenses are notably lower than those of its competitors, raising questions about potential earnings management practices [34][36] Market Position and Competitiveness - Runze Technology ranks fifth among third-party data center service providers in China, according to industry reports, indicating a weaker market position compared to its competitors [17][19] - Despite its lower market share, the company claims to have a competitive edge through its unique operational model and resource advantages, which may not be entirely substantiated given the financial discrepancies [36][36] Revenue and Expense Matching - There are concerns regarding the alignment of electricity expenses with the company's revenue growth, as electricity costs have not increased in line with revenue, suggesting potential inefficiencies [26][27] - The company's financial practices, particularly regarding electricity pricing and depreciation, have drawn scrutiny from regulators, indicating a need for transparency [28][29]

Core Viewpoint - Runze Technology demonstrates a strong commitment to shareholder returns through stable dividends, reflecting confidence in future growth, particularly in the AIDC business driven by increasing investments in AI by major domestic internet companies [1][2][3]. Group 1: Dividend Policy - The annual shareholder meeting approved a profit distribution plan for 2024, with a total cash dividend of 222 million yuan, bringing the total dividends since the 2022 restructuring to 2.618 billion yuan [2]. - The company plans to continue its dividend policy, with a potential mid-year cash dividend cap of 688 million yuan for 2025, contingent on achieving a net profit exceeding 688 million yuan in the first half of 2025 [2][3]. Group 2: AIDC Industry Growth - The AIDC industry is entering a new growth cycle, supported by significant increases in capital expenditures from major players like Alibaba and Tencent, with Alibaba's capital expenditure reaching 31.775 billion yuan, a year-on-year increase of 258.76% [3][4]. - Tencent's capital expenditure also surged to 36.578 billion yuan, a year-on-year increase of 386.15%, with plans for further increases in 2025 [3][4]. Group 3: Infrastructure and Market Position - Runze Technology has established seven AIDC infrastructure clusters across six regions in China, completing a nationwide integrated computing center framework with plans for 61 intelligent computing centers and approximately 320,000 cabinets [4]. - The company employs a "self-invest, self-build, self-hold, self-operate" model to create a competitive moat, attracting leading AI clients and building deep trust through comprehensive intelligent computing services [4][5]. Group 4: Long-term Value and Strategic Positioning - The combination of stable dividends and strategic acquisitions strengthens investor confidence and lays a foundation for long-term value growth [5]. - Runze Technology is positioned to capture industry leadership through its technological reserves, market layout, and shareholder return mechanisms, making it a key focus for capital markets [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue for 2024 is projected to be 43.65 billion yuan, with a year-over-year growth of 0.32%. The net profit attributable to shareholders is expected to be 17.90 billion yuan, reflecting a year-over-year increase of 1.62% [2] - The IDC business showed steady development, generating revenue of 29.14 billion yuan in 2024, down 7.56% year-over-year, while the AIDC business achieved revenue of 14.51 billion yuan, up 21.03% year-over-year [4][5] - The company is expanding its energy consumption resources, with a 130% increase in energy consumption indicators compared to the end of 2023, and plans to deliver additional computing centers in 2025 [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 43.65 billion yuan, with a net profit of 17.90 billion yuan. The fourth quarter of 2024 saw a revenue of 9.08 billion yuan, down 45.64% year-over-year, and a net profit of 2.77 billion yuan, down 56.89% year-over-year [2] - For Q1 2025, the company achieved a revenue of 11.98 billion yuan, representing a year-over-year increase of 21.40%, while the net profit was 4.30 billion yuan, down 9.29% year-over-year [3] Business Segments - The IDC business generated 29.14 billion yuan in revenue for 2024, with a gross margin of 47.53%, down 6.93 percentage points year-over-year. The company has completed upgrades to several low-power data centers, which are expected to recover and generate new orders [4] - The AIDC business reported a revenue of 14.51 billion yuan in 2024, with a gross margin of 51.75%, up 18.65 percentage points year-over-year. The company is focusing on building new-generation intelligent computing centers to meet the growing demand [5] Growth Prospects - The company has a robust order backlog and plans to deliver five additional computing centers in 2025, totaling approximately 420MW. The focus will be on regions with high economic development and significant computing demand [6] - The company is also progressing with public REITs, having initiated the issuance process at the end of 2023, which is expected to enhance its financing capabilities [11] Profitability Forecast - The company aims for significant profit growth, with net profit targets set at 27.28 billion yuan, 31.83 billion yuan, and 36.37 billion yuan for 2025, 2026, and 2027 respectively, indicating a growth rate of 50%, 75%, and 100% compared to 2024 [12] - The projected net profits for 2025, 2026, and 2027 are 26.90 billion yuan, 33.12 billion yuan, and 41.02 billion yuan, with corresponding P/E ratios of 31, 25, and 20 [13]

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 ...

改造机房适配新需求，AIDC 高增趋势未改 事件：公司发布 2024 年财报，24 全年实现总营业收入 44 亿元，同比增长 0.3%；归母净利润 17.9 亿元，同比增长 1.6%；扣非归母净利润 17.8 亿元， 同比增长 4.1%。单季度来看，24Q4 公司实现营收 9 亿元，同比下滑 46%； 归母净利润 2.8 亿元，同比下滑 57%；25Q1 实现营收 12 亿元，同比增长 21%，归母净利润 4.3 亿元，同比下滑 9.3%。 收入确认审慎性调整+机房改造，造成短期业绩承压。公司业绩短期承压，主 要因会计核算方式调整、机房改造等影响：1）AIDC 业务收入确认方法由" 总 额法"调整为" 净额法"，追溯调减前三季度营收 29.5 亿元，全年 AIDC 业务 收入 14.5 亿元，同比增长 21%，占比提升至 33%（较去年提高 5.7 个百分 点），毛利率提升至 52%"（较去年提高 19 个百分点），业务结构更趋优质；2） 旧机房改造期间客户下架导致 IDC 收入减少，全年 IDC 业务营收 29 亿元，同 比下滑 8%，毛利率下滑 7 个百分点至 47.5%，此外，机柜阶段性暂停计费， 但折 ...

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 ...

润泽科技（300442.SZ）2024 年年报&2025 年一季报点评 不畏浮云遮望眼，看好 AIDC 全年景气度 2025 年 04 月 30 日 ➢ 润泽科技发布 2024 年年报&2025 年一季报。2025 年 4 月 28 日，公司发 布 2024 年年报和 2025 年一季报。2024 年，实现营业收入 43.65 亿元，同比 增长 0.32%；归母净利润 17.90 亿元，同比增长 1.62%；扣非归母净利润 17.78 亿元，同比增长 4.07%。2025 年 Q1 实现营收 11.98 亿元，同比增长 21.40%； 归母净利润 4.30 亿元，同比下降 9.29%；扣非归母净利润 4.28 亿元，同比下降 8.97%。2024 年公司 AIDC 业务营收同比上涨 21.03%，占总营收比重从 27.56% 提升到 33.25%，毛利率同比上涨 18.65pct。 2025 年 Q1 销售毛利率同比下降 9.86pct，主要系公司业务规模持续扩大，相应的成本增加所致。 ➢ 前瞻性 AI 布局，精进笃行稳增长。2024 年，公司依托前瞻性布局加速构建 全国多园区智算集群，京津冀、长三角及大湾区 ...

Core Viewpoint - The company reported a slight increase in revenue and net profit for 2024, but the performance fell short of expectations due to ongoing upgrades in data centers, which temporarily affected billing while depreciation continued to be accounted for [1][2]. Group 1: Financial Performance - In 2024, the company's operating revenue grew by 0.32% to 4.365 billion yuan, while net profit attributable to shareholders increased by 1.62% to 1.790 billion yuan, which was below the previous expectation of 2.213 billion yuan [1]. - For Q4 2024, operating revenue and net profit attributable to shareholders decreased by 45.64% and 56.89% respectively, reaching 0.908 billion yuan and 0.277 billion yuan [1]. - The IDC business generated 2.914 billion yuan in revenue for 2024, a decline of 7.56%, with a gross margin decrease of 6.93 percentage points to 47.53% [2]. Group 2: Business Segments - The AIDC business achieved 1.451 billion yuan in revenue for 2024, marking a growth of 21.03%, with a gross margin increase of 18.65 percentage points to 51.75% [3]. - The company has adjusted its revenue recognition method for high-performance computing modules in the AIDC business, leading to an increase in gross margin [3]. - The company is focusing on the construction and delivery of new-generation intelligent computing centers, with significant projects underway [3]. Group 3: Future Outlook - The company expects to see a recovery in demand for data centers driven by the development of AI applications in 2025, with all power centers in key regions having secured production orders [2]. - Projections for net profit attributable to shareholders for 2025-2027 are 2.693 billion, 3.239 billion, and 3.888 billion yuan respectively, with EBITDA expected to be 3.938 billion, 4.790 billion, and 5.700 billion yuan [4]. - The company maintains a "buy" rating, with a target price of 54.22 yuan per share based on a 25 times EV/EBITDA multiple for 2025 [4].

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 ...

证券研究报告 润泽科技 (300442 CH) 业绩增速短期承压，AIDC 景气趋势不变 AIDC 业务："引流策略"吸引多个 AI 头部客户入驻，智算实力持续提升 AIDC 业务方面，2024 年实现营业收入 14.51 亿元，同比增长 21.03%，毛 利率同比提升 18.65pct 至 51.75%。考虑到业务实质，公司将 AIDC 业务中 高性能算力模组业务的收入确认方法从"总额法"调整为"净额法"，使得 该业务毛利率水平有所上升。公司的 AIDC 业务通过"引流策略"吸引了众 多头部 AI 客户入驻，长期来看有利于公司在 AI 时代市场份额的进一步提升。 展望 2025 年，一次性的引流工作已基本完成，未来公司的 AIDC 业务将聚 焦于新一代智算中心的建设及交付，目前，廊坊 B1 的 200MW 新一代智算 中心正在紧张建设中，平湖 B1 单体 100MW 智算中心已基本建设完成。 盈利有望持续增长，维持"买入"评级 考虑到智算中心集中交付投运期折旧摊销费用的增加，我们预计公司 25-27 年归母净利润分别为 26.93/32.39/38.88 亿元（较 25/26 年前值分别下调 18%/18% ...