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 - Runze Technology (300442) reported strong financial performance in Q3 2025, with significant revenue and profit growth driven by successful public REIT issuance and ongoing operational improvements [1][2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of approximately 3.977 billion yuan, a year-on-year increase of 15.05% [1] - The net profit attributable to shareholders reached approximately 4.704 billion yuan, reflecting a substantial year-on-year growth of 210.74% [1] - Excluding the impact of REITs, the company still demonstrated solid sequential growth, with a non-recurring net profit of about 475 million yuan in Q3, up 5.47% quarter-on-quarter [1] - The net cash flow from operating activities for the first three quarters was 2.764 billion yuan, marking a year-on-year increase of 140.05% [1] Industry Positioning - Runze Technology has established seven AIDC intelligent computing infrastructure clusters across six key regions, including the Beijing-Tianjin-Hebei area and the Yangtze River Delta, with a total of 61 intelligent computing centers and approximately 320,000 cabinet resources [2] - The company's growth aligns with the "14th Five-Year Plan," which emphasizes the construction of new infrastructure and the development of strategic emerging industries [2] - Analysts believe that the focus areas in the "14th Five-Year Plan" will create a rigid demand for high-density computing, positioning Runze Technology to strengthen its industry status and achieve dual enhancements in performance and value as it continues to deliver new computing centers [2]

Core Viewpoint - The company, Runze Technology, has demonstrated strong financial performance in the first half of 2025, with revenue reaching 2.496 billion yuan, a year-on-year increase of 15.31%, and a net profit of 882 million yuan, reflecting a quarter-on-quarter growth of 5.06% [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.496 billion yuan, marking a 15.31% increase year-on-year, and a net profit of 882 million yuan, with a quarter-on-quarter growth of 5.06% [1][2]. - The IDC business generated revenue of 1.614 billion yuan, a year-on-year increase of 6.15%, contributing over 60% of the company's total revenue [3]. Group 2: Business Strategy and Growth - The company is executing its "AIDC leading" strategy, which has led to a significant upgrade in its business structure and rapid growth in AIDC business [6]. - The AIDC business generated revenue of 882 million yuan in the first half of 2025, reflecting a year-on-year increase of 36.95%, becoming the company's second growth curve [6]. Group 3: Infrastructure and Capacity Expansion - The company has delivered a total of 18 data centers, with a high shelf rate of over 90% for mature data centers, and has established seven AIDC intelligent computing infrastructure clusters across six major regions in China [3]. - The company has made significant progress in power supply, with multiple new substations approved and operational across various parks, ensuring stable energy supply for long-term development [3]. Group 4: Technological Advancements - The company has been proactive in liquid cooling technology, which has transitioned from optional to essential, with applications expanding to high-density computing environments [9]. - Runze Technology has successfully delivered the industry's first pure liquid cooling green computing center, showcasing its leading capabilities in liquid cooling technology [9][10]. Group 5: Market Position and Client Relationships - The company has adopted a "self-invest, self-build, self-hold, self-operate" model for its data center clusters, enhancing its core competitiveness in the IDC industry [4]. - The company has built a strong "moat" through advanced planning and industry insight, leading to recognition from major clients and fostering a positive cycle of growth and innovation [11].