润泽科技20250707

Summary of the Conference Call for Runze Technology Industry Overview - The IDC (Internet Data Center) sector is currently at a low position, with market expectations also low, making it a favorable time for investment due to factors such as the growth of NB new cards, domestic cards, and an increase in overseas TOKEN numbers, enhancing the cost-effectiveness of the IDC sector [2][4] - Despite previous policy factors causing delays in bidding, the overall situation in the IDC industry remains normal, with expected improvements in the third quarter driven by new card factors and increasing overseas TOKEN numbers [4] Company Insights - Runze Technology has strategically positioned itself in the park-level data center sector since its inception, with each node starting at a capacity of 100 MW, aligning well with the demands of large enterprises in the AI era [2][5] - The company has substantial resource reserves, totaling approximately 2.5 GW across locations such as Langfang, Pinghu, Foshan, Huizhou, Chongqing, Lanzhou, and Hainan, comparable to major competitors like GDS [2][5] - As of the end of 2024, Runze's delivery scale was about 500 MW, with an expected delivery capacity of 420 MW in 2025, and significant energy evaluation reserves in the eastern region, indicating strong long-term growth potential [2][5][6] - Runze Technology is the only publicly listed company in A-shares that collaborates with leading internet giants, increasing the likelihood of securing new and expanded orders in the future [2][6] Financial Performance - In 2024, Runze's financial performance was impacted by two main factors: the renovation of four buildings and impairment losses from the sale of certain components of computing equipment [3][6] - The first quarter of 2025 continued to feel the effects of the renovations, but by the end of the first quarter, 90% of the renovations had been completed, with expectations for significant recovery in revenue and profit in the second quarter [2][3][6] - Overall, the company's delivery and industrial promotion remain normal, and the largest impairment factor last year was unrelated to its core business, maintaining confidence in the company's future development [3][6]