丨证券研究报告丨 公司研究丨点评报告丨润泽科技（300442.SZ） [Table_Title] 润泽科技 2025 半年报点评： IDC 交付规模创新高，AIDC 收入结构优化 报告要点 [Table_Summary] 2025Q2，公司业绩环比逐步改善，财报表现与当前交付节奏匹配。IDC 交付规模创新高，上架 速度加快，在上半年能评审批收紧的背景下，公司能耗指标仍进一步增长。AIDC 收入结构优 化，业务盈利能力与稳定性显著提升，技术行业领先。此外，公司率先协助客户完成单机柜百 千瓦级超节点国产液冷智算集群部署，液冷交付经验丰富，战略布局领先。 分析师及联系人 1 润泽科技（300442.SZ） cjzqdt11111 [Table_Title 润泽科技 2025 2] 半年报点评： IDC 交付规模创新高，AIDC 收入结构优化 [Table_Author] 于海宁 温筱婷 SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Summary2] 事件描述 ...

Summary of the Conference Call for Runze Technology Industry Overview - **Technology Sector Valuation Recovery**: After a decade of adjustment, technology stock valuations have become reasonable, with significant comparative advantages over traditional industries, driving market consensus on the tech sector's performance [2][3]. - **Domestic Computing Power Demand**: China's large model training capabilities lag behind the U.S. by approximately one to one and a half generations, necessitating at least a tenfold increase in computing power to catch up. The vast population and industrial scale in China provide a leading market space for inference industries [2][4]. Company Insights - **Runze Technology's Industry Position**: As a leading AIDC (Artificial Intelligence Data Center) enterprise, Runze Technology possesses significant advantages in key metrics such as customer base, location, and network nodes, playing a crucial role in AI initiatives [2][6]. - **Business Growth Stability**: The demand in the AI industry chain is robust, leading to increased data center hosting equipment needs. Runze Technology has achieved stable growth through long-term service provision, akin to a snowball effect [2][9]. - **2025 H1 Performance**: The company reported revenue of 2.496 billion yuan, a year-on-year increase of 15.31% and a quarter-on-quarter increase of 8.36%. The net profit attributable to the parent company was 882 million yuan, with a quarter-on-quarter growth of 5.06% [2][15]. Financial Performance - **Revenue and Profitability**: In the first half of 2025, Runze Technology achieved a revenue of 2.496 billion yuan, with a year-on-year increase of 3.31 billion yuan. Operating costs rose by 3.34 billion yuan to 1.263 billion yuan, primarily due to initial costs associated with new data center deliveries [15][16]. - **Asset Growth and Inventory Decline**: Fixed assets surged to 20.2 billion yuan, driven by data center infrastructure construction and expanded self-owned computing power. Inventory decreased from 1.77 billion yuan to 293 million yuan, partly due to high-performance servers being converted for internal use [17]. Technological Advancements - **Liquid Cooling Technology**: Runze Technology has made significant strides in liquid cooling technology, successfully delivering its first fully liquid-cooled data center and expanding the deployment of liquid-cooled cabinets [4][13]. - **AIDC Business Transformation**: The AIDC business has transitioned from one-time inflow to stable, profitable self-computing services, now accounting for over 85% of the business, indicating significant improvements in profitability and stability [4][14]. Market Dynamics - **Supply and Demand in AI DC Business**: The supply-demand relationship in the AI data center business is influenced by energy consumption restrictions in first-tier cities, leading to a market shift towards regions like Ulanqab and Zhongwei [26]. - **Future Expansion Plans**: Runze Technology plans to expand based on customer demand, with new data centers being established in regions such as Hainan, Chongqing, and Gansu [28]. Strategic Outlook - **Acquisition Strategy**: Runze Technology has disclosed its acquisition strategy for the first time in its 2025 annual report, indicating readiness in technology, talent, and financial resources for potential acquisitions [31]. - **Server Leasing Business**: The company is cautious about expanding its server leasing business, prioritizing stability and assessing market opportunities before making significant commitments [32][33]. This summary encapsulates the key points from the conference call, highlighting the company's performance, industry dynamics, and strategic outlook.

Group 1 - The core announcement is that SenseTime Group (stock code: 0020) plans to raise approximately HKD 2.5 billion through the placement of new Class B shares, issuing 1,666,667,000 shares at a price of HKD 1.50 per share, which represents a discount of about 6.3% to the closing price on July 23, 2025 [1] - The placement shares will account for approximately 4.5% of the existing issued share capital and about 4.3% of the enlarged share capital after completion [1] - The funds raised will be used to support the company's core business development, research in generative artificial intelligence, and exploration of technology integration in innovative verticals, as well as for general working capital [1] Group 2 - The placement is managed by Guotai Junan Securities and CITIC Securities, and is expected to be completed within three business days after the fulfillment of certain conditions [1]

Core Viewpoint - The performance expectations of communication companies are diverging in Q2 2025, but overall improvement is anticipated compared to Q1, driven by the surge in AI demand in North America [1] Group 1: Performance Expectations - The leading companies in optical modules are expected to experience rapid growth due to the explosion of AI demand in North America [1] - The performance of optical devices and second-tier optical module companies is also expected to accelerate [1] - Domestic demand for computing power continues to improve, with leading domestic optical module and switch companies expected to perform well [1] Group 2: Sector Analysis - The AIDC sector, due to its heavy asset characteristics, is expected to see performance improvements in the second half of 2025 [1] - Traditional domestic communication equipment is generally under pressure [1] - Overall, the performance of operators is stable, with growth expectations improving compared to Q1 [1] Group 3: Industry Trends - The deep-sea construction is expected to drive the optical cable and submarine cable industry into an upward channel [1] - The IoT module sector maintains a favorable outlook, with performance expected to grow on a quarter-on-quarter basis [1] Group 4: Recommendations - Key recommendations include focusing on leading companies in optical modules, AIDC, operators, and IoT sectors [1]