Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has shown significant growth in the first three quarters of 2024, with operating revenue reaching 6.41 billion yuan, a year-over-year increase of 139.11%, and a net profit attributable to shareholders of 1.514 billion yuan, up 35.13% year-over-year [3][4] - The third quarter of 2024 continued to demonstrate high growth, with quarterly revenue of 2.835 billion yuan, a year-over-year increase of 184.03% and a quarter-over-quarter increase of 21.52% [4] - The company is progressing steadily with its AIDC construction, with the main structure of the Pinghu B District project completed [5] Financial Performance Summary - The company’s revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 7.725 billion yuan in 2024, 9.593 billion yuan in 2025, and 11.647 billion yuan in 2026 - Net profit: 2.176 billion yuan in 2024, 3.052 billion yuan in 2025, and 3.806 billion yuan in 2026 [6][7] - The company’s gross margin for the first three quarters was 30.73%, while the net margin was 23.74% [3] - The company’s earnings per share (EPS) are projected to be 1.26 yuan in 2024, 1.77 yuan in 2025, and 2.21 yuan in 2026 [6][7] Market Context - The capital expenditure of major domestic cloud companies like Tencent, Baidu, and Alibaba has seen a significant increase, with a total of approximately 23 billion yuan in Q2 2024, a year-over-year growth of nearly 70% [5] - The capital expenditure of major overseas cloud companies such as Meta, Microsoft, Google, and Amazon reached approximately 53 billion USD in Q2 2024, with a year-over-year growth of around 60% [5]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 40.31 CNY, compared to the current price of 32.62 CNY [1]. Core Insights - The company continues to experience significant revenue growth, with a reported revenue of 6.41 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 139.11%. The net profit attributable to shareholders reached 1.514 billion CNY, up 35.13% year-on-year [1]. - The company is expanding its client base, particularly in the IDC business, and is issuing debt financing tools to optimize its financial structure. This is expected to support sustainable growth [1]. - The demand for AIDC services is strong, particularly in the Yangtze River Delta region, with several new data centers under construction and expected to be operational soon [1]. Financial Performance Summary - Total revenue for 2023 is projected at 4.351 billion CNY, with a year-on-year growth rate of 60.3%. For 2024, revenue is expected to reach 8.563 billion CNY, reflecting a growth rate of 96.8% [2]. - The net profit attributable to shareholders is forecasted to be 1.762 billion CNY for 2023, with a growth rate of 47.0%. For 2024, it is expected to be 2.191 billion CNY, with a growth rate of 24.4% [2]. - The company’s earnings per share (EPS) is projected to increase from 1.02 CNY in 2023 to 1.27 CNY in 2024 [2]. Market Position and Future Outlook - The company is positioned as a leading player in the park-level data center sector, benefiting from strategic location, high utilization rates, and a mature operational model [1]. - The anticipated delivery of new generation intelligent computing centers is expected to accelerate revenue growth, with significant demand in emerging applications such as autonomous driving and smart healthcare [1]. - The company plans to register and issue up to 4 billion CNY in short-term financing instruments to further enhance its capital structure and support business expansion [1].

Investment Rating - The report maintains a "Buy" rating for the company, with expected returns exceeding 20% over the next six months [7]. Core Insights - The company reported a significant increase in revenue and profit, with Q3 2024 revenue reaching 6.41 billion yuan, a year-on-year growth of 139.11%, and a net profit of 1.514 billion yuan, up 35.13% year-on-year [1]. - The company's AIDC (AI Data Center) business is expanding rapidly, contributing to a quarterly revenue of 2.835 billion yuan in Q3, representing a year-on-year growth of 184.03% and a quarter-on-quarter increase of 21.52% [2]. - The company is positioned as a leader in AI computing infrastructure, with a strong order book from top AI clients, indicating robust future growth potential [4]. Financial Performance Summary - The company achieved a gross margin of 25.89% in Q3, which has slightly decreased due to changes in revenue structure from the rapid growth of AIDC [3]. - The projected net profits for the company from 2024 to 2026 are estimated at 2.218 billion yuan, 3.282 billion yuan, and 4.205 billion yuan respectively, with corresponding P/E ratios of 25, 17, and 13 [5][6]. - The company’s total revenue is expected to grow significantly, with projections of 8.42 billion yuan in 2024, 9.36 billion yuan in 2025, and 11.14 billion yuan in 2026, reflecting growth rates of 93.54%, 11.14%, and 19.01% respectively [6][11].

证券研究报告 润泽科技 (300442 CH) 业绩快速增长，夯实智算竞争力 年春研究 2024 年 10 月 31 日 | 中国内地 李报点评 通信服务 公司 2024 年前三季度营业收入同比增长 139.11%至 64.10 亿元,归母净利 润同比增长 35.13%至 15.14 亿元,收入利润保持高增长势头。单季度来看, 3Q24 营业收入同比增长 184%至 28.35 亿元,归母净利润同比增长 30.92% 至 5.47 亿元,符合我们此前预期(5.31 亿元)。我们认为 AIGC 浪湖下,国 内智算需求逐步上量,公司积极把握新一轮产业革命带来的新机遇,率先覆 益 AI 头部客户,未来随着新机柜持续交付上架、AIDC 贡献新增长点,公司 发展有望再上新台阶,维持"买入"评级。 前瞻性开展全国智算中心布局，AIDC 业务需求端进一步提振 IDC 业务方面,公司前瞻性进行全国性战略布局,已在廊坊、平湖、佛山、 惠州、重庆、儋州、兰州等地拥有丰富的智算中心资源储备,着力打造超大 规模算力基础设施集群,进一步夯实竞争力。展望 4Q24-1H25 客户上架进 度或将提速,带动IDC 业务收入快速增长。AIDC ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved continuous revenue growth, with a revenue of 6.41 billion yuan in the first three quarters, representing a year-on-year increase of 139.11%. The net profit attributable to the parent company reached 1.514 billion yuan, up 33.65% year-on-year [1][2] - The company is expected to benefit from the development of AIGC, with profit forecasts for 2024-2026 being 2.206 billion, 3.072 billion, and 3.936 billion yuan respectively. The current stock price corresponds to PE ratios of 25.4, 18.3, and 14.3 times for the respective years [1][2] Business Expansion - The company has accelerated its AIDC business expansion, with significant investments in research and development, reaching 105 million yuan in the first three quarters, a year-on-year increase of 69.81% [3] - The company has established seven AIDC infrastructure clusters across six major regions in China, with a total of 61 planned data centers and approximately 320,000 cabinets, achieving a cabinet utilization rate of over 90% [4] Financial Performance - The company reported a revenue of 2.835 billion yuan in Q3, with a year-on-year growth of 184.03%. The net profit attributable to the parent company for the same period was 544 million yuan, up 29.94% year-on-year [2][4] - The financial forecasts indicate a steady growth trajectory, with expected revenues of 6.303 billion yuan in 2024, 8.338 billion yuan in 2025, and 10.594 billion yuan in 2026, alongside net profits of 2.206 billion, 3.072 billion, and 3.936 billion yuan respectively [4][7]

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company achieved a revenue of 6.4 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 139.1%, and a net profit of 1.5 billion yuan, up 35.1% year-on-year [1] - In the third quarter of 2024 alone, the company reported a revenue of 2.8 billion yuan, a year-on-year increase of 184.0%, and a net profit of 550 million yuan, growing 30.9% year-on-year [1] - The rapid development of domestic large models and the initial emergence of AI reasoning capabilities are highlighted, with the AutoGLM model being integrated into popular applications [1] - The company is seizing new opportunities in the AIDC sector, with a staggering 1148% year-on-year growth in AIDC business orders, amounting to 2.05 billion yuan in the first half of 2024 [1] - The company is recognized as a leader in liquid cooling technology, contributing to the green development of computing centers and achieving significant green electricity trading [1] Financial Forecasts - The company is expected to achieve revenues of 6.14 billion yuan, 8.08 billion yuan, and 10.93 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 2.47 billion yuan, 3.33 billion yuan, and 4.61 billion yuan [1][5] - The earnings per share (EPS) are projected to be 1.44 yuan, 1.94 yuan, and 2.68 yuan for the same years, with price-to-earnings (P/E) ratios of 23, 17, and 12 respectively [1][5] - The company’s gross margin is expected to improve to 52.1% in 2024, with a net profit margin of approximately 40.3% [5][6]

Financial Performance - Revenue for the third quarter reached RMB 2.835 billion, a year-on-year increase of 184.03%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 547.21 million, up 30.92% year-on-year[2] - Revenue for the first nine months of 2024 was RMB 6.410 billion, a year-on-year increase of 139.11%[2] - Net profit attributable to shareholders for the first nine months was RMB 1.514 billion, up 35.13% year-on-year[2] - Total operating revenue for the quarter reached 6,410,351,527.92 yuan, a significant increase from 2,680,914,634.76 yuan in the same period last year[22] - Net profit attributable to the parent company's shareholders was 1,513,743,522.45 yuan, compared to 1,120,175,988.70 yuan in the previous year[23] - Basic earnings per share (EPS) rose to 0.88 yuan from 0.66 yuan, indicating improved profitability[24] - Total comprehensive income for the quarter was 1,521,576,890.64 yuan, up from 1,118,814,965.85 yuan in the previous year[24] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 28.649 billion, an increase of 22.90% compared to the end of the previous year[2] - Total assets increased to RMB 28.65 billion, up from RMB 23.31 billion at the beginning of the period[21] - Monetary funds rose to RMB 2.96 billion, compared to RMB 1.81 billion at the beginning of the period[20] - Fixed assets grew to RMB 11.73 billion, up from RMB 9.37 billion at the beginning of the period[21] - Accounts receivable increased to RMB 1.52 billion, compared to RMB 1.06 billion at the beginning of the period[21] - Inventory rose to RMB 1.46 billion, up from RMB 769.65 million at the beginning of the period[21] - Short-term borrowings increased to RMB 200.19 million, compared to RMB 100.11 million at the beginning of the period[21] - Total liabilities increased to 18,914,159,134.97 yuan from 14,765,187,818.64 yuan, driven by higher long-term borrowings and bonds[22] - The company's total assets grew to 28,649,044,323.90 yuan, up from 23,310,849,208.60 yuan, driven by both asset expansion and increased liabilities[22] Cash Flow - Cash flow from operating activities for the first nine months was RMB 1.151 billion, a decrease of 36.92% year-on-year[2] - Sales of goods and services received cash of 6,570,647,576.69, a significant increase from the previous period's 2,672,446,519.13[25] - Total cash inflows from operating activities reached 6,870,945,001.86, up from 3,257,231,241.89 in the previous period[25] - Cash paid for goods and services increased to 5,095,179,553.97 from 1,026,114,217.62[26] - Net cash flow from operating activities was 1,151,431,283.62, compared to 1,825,469,040.05 in the previous period[26] - Cash received from investments was 600,000,000.00, down from 4,548,395,363.81[26] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was 4,213,027,058.38, up from 3,193,461,966.55[26] - Net cash flow from financing activities was 3,911,085,384.04, compared to 4,396,021,558.25 in the previous period[26] - The company's cash and cash equivalents at the end of the period were 2,683,270,100.73, up from 2,567,683,813.85[26] Expenses and Costs - R&D expenses for the first nine months increased by 69.07% to RMB 105.26 million[6] - Financial expenses for the first nine months surged by 124.57% to RMB 140.38 million[6] - Research and development expenses increased to 105,258,580.28 yuan from 62,256,538.52 yuan, reflecting a focus on innovation[23] - Interest expenses increased to 154,174,382.51 yuan from 90,792,685.97 yuan, reflecting higher borrowing costs[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 39,015[10] - The largest shareholder, Jingjinji Runze (Langfang) Digital Information Co., Ltd., holds 61.17% of the shares, amounting to 1,052,452,523 shares[10] - Xinjiang Darong Minsheng Investment Partnership holds 2.91% of the shares, with 50,031,000 shares, of which 34,940,000 are pledged[10] - Hefei Hongbo Runze Equity Investment Partnership holds 2.43% of the shares, totaling 41,778,545 shares[10] - Ping An Capital Co., Ltd. - Ningbo Fengwen Equity Investment Fund Partnership holds 2.15% of the shares, amounting to 37,052,534 shares[10] - Ping An Dingchuang Equity Investment Management (Shanghai) Co., Ltd. - Ningbo Meishan Bonded Port Area Pingsheng Ankang Equity Investment Fund Partnership holds 1.45% of the shares, totaling 25,010,460 shares[10] - Qilu (Xiamen) Equity Investment Partnership holds 1.38% of the shares, amounting to 23,751,499 shares[10] - Shanghai Weiguan Investment Partnership holds 1.24% of the shares, totaling 21,305,205 shares[10] - The controlling shareholder, Jingjinji Runze (Langfang) Digital Information Co., Ltd., has 1,052,452,523 restricted shares, which will be released on August 8, 2025[14] - Hefei Hongbo Runze Equity Investment Partnership had 46,323,079 restricted shares, which were released on August 8, 2024[14] Equity and Earnings - Minority shareholders' comprehensive income was 7,833,368.19 yuan, compared to a loss of 1,361,022.85 yuan in the previous year[24] - The company's equity attributable to the parent company's shareholders increased to 9,399,371,315.28 yuan from 8,521,793,541.32 yuan, reflecting retained earnings growth[22] Business Expansion and Financing - Inventory increased by 89.59% to RMB 1.459 billion due to the expansion of AIDC business and the purchase of high-performance servers[5] - Long-term loans increased by 47.56% to RMB 11.216 billion due to business expansion[5] - The company plans to issue debt financing instruments not exceeding RMB 4 billion in the interbank bond market[19] Restricted Shares and Adjustments - The company granted 904,000 Class I restricted shares and 3.616 million Class II restricted shares at a price of RMB 14.25 per share[17] - The company adjusted the grant price of restricted shares to RMB 13.85 per share due to the implementation of the 2024 semi-annual profit distribution plan[18] Audit Information - The third quarter report was not audited[27]

证券代码：300442 证券简称：润泽科技 公告编号：2024-056 润泽智算科技集团股份有限公司 关于调整 2023 年限制性股票激励计划授予价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 润泽智算科技集团股份有限公司（简称"公司"）于 2024 年 10 月 28 日召 开第四届董事会第二十五次会议和第四届监事会第十九次会议，审议通过了《关 于调整 2023 年限制性股票激励计划授予价格的议案》。根据《润泽智算科技集 团股份有限公司 2023 年限制性股票激励计划（草案修订稿）》（简称"《激励 计划（草案修订稿）"》）和公司 2023 年第二次临时股东大会的授权，公司董 事会对公司 2023 年限制性股票激励计划（简称"本激励计划"）的授予价格进 行调整。现将相关调整情况公告如下： 一、本激励计划已经履行的相关审批程序 2023 年 7 月 27 日，公司召开第四届董事会第十五次会议和第四届监事会第 十一次会议，审议通过了《关于公司<2023 年限制性股票激励计划（草案）>及 其摘要的议案》《关于公司<2023 年限制性股票激励计划实施考核管 ...

润泽智算科技集团股份有限公司 第四届董事会独立董事第四次专门会议决议 2024 年 10 月 28 日，润泽智算科技集团股份有限公司（以下简称"公司"） 以现场会议和通讯方式召开第四届董事会独立董事第四次专门会议。根据《上市 公司独立董事管理办法》的相关规定，本次会议已经提前三天发出会议通知。会 议应到独立董事 3 人，实到 3 人，会议的召集、召开和表决程序符合《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司独立董事管理办法》《润泽 智算科技集团股份有限公司公司章程》的有关规定。 本次会议由独立董事杜婕女士主持，经会议审议，形成决议如下： 1、《关于调整公司 2023 年限制性股票激励计划授予价格的议案》 公司本次对 2023 年限制性股票激励计划授予价格的调整，符合《上市公司 股权激励管理办法》《润泽智算科技集团股份有限公司 2023 年限制性股票激励计 划（草案修订稿）》中的相关规定。 本次调整公司 2023 年限制性股票激励计划相关事项属于公司 2023 年第二 次临时股东大会对公司董事会的授权范围内，调整程序合法、合规，不存在损害 公司及全体股东利益的情况。因此，同意公司董事会对 202 ...

北京市中伦（重庆）律师事务所 关于润泽智算科技集团股份有限公司 北京市中伦（重庆）律师事务所 关于润泽智算科技集团股份有限公司 2023 年限制性股票激励计划授予价格调整事项的 法律意见书 致：润泽智算科技集团股份有限公司 北京市中伦（重庆）律师事务所（简称"本所"）接受润泽智算科技集团股 份有限公司（简称"润泽科技"或"公司"）的委托，担任公司 2023 年限制性股 票激励计划（简称"激励计划"、"本次激励计划"）相关事宜的专项法律顾问。 本所律师根据《中华人民共和国公司法》（简称"《公司法》"）、《中华人民共和国 证券法》（简称"《证券法》"）、《上市公司股权激励管理办法》（简称"《管理办法》"）、 《深圳证券交易所创业板股票上市规则（2024 年修订）》及《深圳证券交易所创 业板上市公司自律监管指南第 1 号——业务办理（2024 年修订）》等法律、法规 和规范性文件以及《润泽智算科技集团股份有限公司章程》的有关规定，按照律 师行业公认的业务标准、道德规范和勤勉尽责精神，对公司提供的相关文件进行 了核查和验证，现就公司本次激励计划首次授予部分第二类限制性股票的授予价 格及预留授予部分第一类、第二类限制性 ...