证券代码：300442 证券简称：润泽科技 公告编号：2024-041 润泽智算科技集团股份有限公司 第四届董事会第二十三次会议决议公告 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。 一、董事会会议召开情况 2024 年 9 月 9 日，润泽智算科技集团股份有限公司（简称"公司"）第四届 董事会通过现场和通讯相结合的方式召开了第二十三次会议，根据《润泽智算科 技集团股份有限公司章程》（简称"《公司章程》"）的规定，本次董事会会议通知 已于 2024 年 9 月 7 日发出。 本次会议由董事长周超男主持。会议召集和召开程序符合法律、行政法规和 《公司章程》的规定。 二、董事会会议审议情况 根据《中华人民共和国公司法》及《公司章程》的相关规定，董事会同意公 司于 2024 年 9 月 25 日召开 2024 年第三次临时股东大会，本次股东大会将采取 现场投票与网络投票相结合的表决方式，审议第四届董事会第二十二次会议审议 通过的《关于公司拟变更注册地址的议案》。 具体内容详见公司同日在中国证监会指定的创业板信息披露网站巨潮资讯 1 网（http://www.cni ...

证券代码：300442 证券简称：润泽科技 公告编号：2024-042 润泽智算科技集团股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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。 根据《中华人民共和国公司法》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法 律、法规、行政规章等文件以及《润泽智算科技集团股份有限公司章程》（简称 "《公司章程》"）的相关规定，润泽智算科技集团股份有限公司（简称"公司"） 第四届董事会第二十三次会议审议通过了《关于召开 2024 年第三次临时股东大 会的议案》，决定于 2024 年 9 月 25 日以现场投票与网络投票相结合的方式召开 公司 2024 年第三次临时股东大会（简称"本次会议"或"本次股东大会"）， 现将本次股东大会有关事项通知如下： 一、本次股东大会召开的基本情况 1、股东大会届次：2024 年第三次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次会议的召开已经公司第四届董事会第二 十三次会议审议通过，召集 ...

国元证券股份有限公司 关于润泽智算科技集团股份有限公司 2024 年半年度持续督导跟踪报告 | 独立财务顾问名称：国元证券股份有限公司 | 上市公司简称：润泽科技 | | --- | --- | | 财务顾问主办人：赵青 | 联系电话：0551-68167862 | | 财务顾问主办人：汪涛 | 联系电话：0551-68167862 | | 财务顾问主办人：丁江波 | 联系电话：0551-68167862 | | 5.现场检查情况 | | | --- | --- | | （1）现场检查次数 | 0 次 | | （2）现场检查报告是否按照本所规定报送 | 不适用 | | （3）现场检查发现的主要问题及整改情况 | 不适用 | | 6.发表专项意见情况 | | | （1）发表专项意见次数 | 7 次 | | （2）发表非同意意见所涉问题及结论意见 | 不适用 | | 7.向深圳证券交易所报告情况（现场检查报告除外） | | | （1）向深圳证券交易所报告的次数 | 0 次 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | ...

华泰联合证券有限责任公司 关于润泽智算科技集团股份有限公司 2024 年半年度跟踪报告 | 独立财务顾问名称：华泰联合证券有限责任公司 | 被保荐公司简称：润泽科技 | | --- | --- | | 财务顾问主办人姓名：蒋坤杰 | 联系电话：15094318338 | | 财务顾问主办人姓名： 陈嘉 | 联系电话：13451938833 | | 财务顾问主办人姓名：卞建光 | 联系电话：18951745977 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每 ...

Investment Rating - The report assigns an investment rating of "Buy" for the company, marking the first coverage of the stock [4]. Core Views - The demand for AI computing power is expected to drive new growth in China's IDC industry, with a projected CAGR of 31% from 2024 to 2027 [5][7]. - The company, Runze Technology, is positioned as a comprehensive solution provider in the computing power center sector, leveraging its strategic locations and advanced technologies to capture opportunities in the AI industry [5][7]. - The company is anticipated to maintain a leading market share, growth rate, and profitability as the AI industry develops [5]. Summary by Sections Company Overview - Runze Technology, established in 2009, focuses on IDC and AIDC businesses, providing server hosting and value-added services through partnerships with telecom operators [11]. - The company has a clear strategic layout across six core regions in China, planning approximately 61 intelligent computing centers with a total of around 320,000 cabinet resources [11][12]. AI Computing Demand - The IDC industry is experiencing a shift due to the increasing demand for AI computing power, with many existing cabinets unable to meet the requirements, leading to a consolidation effect in the industry [7][22]. - The average power per cabinet in China's IDC sector is about 4.6 kW, significantly lower than the power requirements for AI servers, which is expected to accelerate the phase-out of outdated cabinets [5][7]. Financial Performance and Projections - The company reported revenues of 4.35 billion yuan in 2023, a year-on-year increase of 60.27%, with a projected revenue of 6.45 billion yuan in 2024, reflecting a growth rate of 48.19% [6][8]. - The net profit attributable to shareholders is expected to reach 2.12 billion yuan in 2024, with a growth rate of 20.43% [6][8]. - The company’s earnings per share (EPS) are projected to be 1.23 yuan in 2024, increasing to 2.27 yuan by 2026 [6][8]. Market Position and Competitive Advantage - The company has achieved a cabinet utilization rate exceeding 90% in its mature data centers, which is a key factor in maintaining its industry-leading profitability [5][8]. - Runze Technology's strategic focus on liquid cooling technology and AIDC business development positions it well to capitalize on the growing AI market [5][7]. Long-term Growth Strategy - The company aims to become a leading provider of intelligent computing centers globally, focusing on technological advancements and expanding its IDC and AIDC businesses [8][20]. - The company has initiated a stock incentive plan aimed at achieving significant net profit growth over the next few years, with targets set for 2025 to 2027 [20][21].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The AIDC business continues to grow rapidly, with a significant increase in revenue driven by the demand for AI high-power cabinets, which are currently scarce in the market [6][8] - The company achieved a revenue of approximately 3.575 billion yuan in the first half of 2024, representing a year-on-year growth of 112.47%, with AIDC revenue growing by 1147.85% [6] - The overall gross margin for the company decreased to 34.57%, primarily due to the lower growth rate of IDC revenue compared to operating costs [6] - The company is expected to maintain strong profitability as the new cabinet installation rate continues to rise [6][8] Summary by Sections Financial Performance - In the first half of 2024, the company reported a net profit of approximately 967 million yuan, a year-on-year increase of 37.64% [6] - The projected revenues for 2024 to 2026 are 58.14 billion yuan, 77.31 billion yuan, and 99.67 billion yuan, respectively, with year-on-year growth rates of 33.64%, 32.96%, and 28.93% [7][10] - The gross margin is expected to stabilize around 46.9% to 47.0% in the coming years [10] Market Dynamics - The demand for AI computing power is rapidly increasing, with a shift towards data centers with a capacity of over 30MW, which are currently in short supply [6][8] - The implementation of the "East Data West Computing" initiative has led to stricter land and energy consumption regulations in major cities, further exacerbating the scarcity of high-power cabinets [6] Operational Insights - The company has upgraded its low-power cabinets and is focusing on high-power modifications to meet market demands [8] - The utilization rate of mature computing centers exceeds 90%, indicating strong operational efficiency [8]

证券代码：300442 证券简称：润泽科技 公告编号：2024-040 润泽智算科技集团股份有限公司 关于超短期融资券获准注册的公告 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"）分别于 2024 年 6 月 2 日 召开的第四届董事会第二十一次会议及 2024 年 6 月 18 日召开的 2024 年第二次 临时股东大会审议通过了《关于公司拟注册发行银行间债券市场非金融企业债务 融资工具的议案》，同意公司向中国银行间市场交易商协会（简称"交易商协会"） 申请注册发行不超过人民币 40 亿元（含 40 亿元）的银行间债券市场非金融企业 债务融资工具，发行品种包括超短期融资券、中期票据等相关监管部门认可的债 务融资工具品种。具体情况详见公司于 2024 年 6 月 3 日在中国证券监督管理委 员会指定的创业板信息披露网站巨潮资讯网（http://www.cninfo.com.cn）披露的 《关于拟注册发行银行间债券市场非金融企业债务融资工具的公告》（公告编号 2024-026）。 近日，公司收到交易商协会出具的《接受 ...

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company's AIDC business has experienced rapid growth, with revenue increasing by 112.47% YoY to RMB 3.575 billion in H1 2024 [6] - The company has a significant lead in the IDC business, with a total of 76,000 cabinets in operation and an occupancy rate exceeding 90% in mature data centers [6] - The AIDC business has become a new growth driver, with revenue from this segment surging by 1148% YoY to RMB 2.054 billion in H1 2024 [6] Financial Performance - In H1 2024, the company achieved a net profit attributable to shareholders of RMB 967 million, a 37.64% YoY increase [6] - The company plans to distribute a cash dividend of RMB 0.3995 per share (tax inclusive) for every 10 shares [6] - The company's revenue is expected to grow from RMB 4.351 billion in 2023 to RMB 10.881 billion in 2026, with a CAGR of 35.8% [7] Business Segments - IDC business revenue grew by 0.19% YoY to RMB 1.521 billion in H1 2024, with a gross margin of 51.36%, down 5.48 percentage points YoY [6] - AIDC business revenue surged by 1148% YoY to RMB 2.054 billion in H1 2024, with a gross margin of 22.14% [6] Market Position - The company has completed the planning of 7 AIDC intelligent computing infrastructure clusters across 6 core regions, with a total reserve of approximately 320,000 cabinets [6] - The company has attracted leading AI clients to deploy their core training modules in its intelligent computing centers, leading to exponential growth in AIDC business orders [6] Valuation - The company's PE ratio is expected to be 17.7x, 11.9x, and 9.7x for 2024, 2025, and 2026, respectively, based on the closing price on August 26, 2024 [7] - The company's EPS is forecasted to grow from RMB 1.02 in 2023 to RMB 2.33 in 2026 [7]

Investment Rating - Buy rating maintained for Runze Technology (300442) [1] Core Views - Runze Technology achieved 3.575 billion yuan in revenue for the first half of 2024, a year-on-year increase of 112.47%, with AIDC business revenue reaching 2.054 billion yuan, up 1147.85% YoY [1] - The company's net profit attributable to shareholders was 967 million yuan, a 37.64% YoY increase, maintaining strong profitability [1] - The IDC industry is recovering, and AIDC is expected to enter a new growth cycle driven by AI demand [1] - Runze Technology has a strong position in AIDC and liquid cooling technologies, with significant resource advantages and a nationwide deployment of computing clusters [1][2] Industry Analysis - The IDC industry is rebounding after a 4-5 year downturn, with the bottom reached in late 2023 and early 2024 [1] - AIDC demand is booming due to the rapid growth of AI-related industries, with early demand focused on training and future demand shifting to inference [1] - The company has deployed computing clusters in six major regions across China, with a total planned capacity of 610,000 cabinets [1][2] Company Analysis - Runze Technology's AIDC business is growing rapidly, with a 1147.85% YoY increase in revenue, driven by strong market demand and sufficient orders [1] - The company's IDC business revenue reached 1.521 billion yuan, showing steady progress [1] - Runze Technology has a leading position in liquid cooling technology, with innovative designs for high-power, high-computing, and high-storage computing clusters [2] - The company's energy consumption indicators increased by approximately 60% compared to the end of 2023, providing a solid foundation for future growth [1] Financial Performance - Runze Technology's gross margin for the first half of 2024 was 34.57%, a significant decline from the previous year due to changes in revenue structure, increased depreciation, and cabinet upgrades [1] - The company's 2024-2026 net profit forecasts are adjusted to 2.183 billion yuan, 3.305 billion yuan, and 4.156 billion yuan, respectively [3] - The current P/E ratios for 2024-2026 are 17.71, 11.70, and 9.30, with EV/EBITDA ratios of 13.38, 9.45, and 6.90, respectively [3] Strategic Advantages - Runze Technology's "Langfang Model" in traditional IDC business has achieved industry-leading occupancy rates (over 90%) and gross margins (over 50%) [1][2] - The company's AIDC business benefits from its cluster delivery model, with advantages in network topology, routing, and high-power management [2] - Runze Technology's liquid cooling technology is applied across multiple next-generation computing centers, enabling large-scale, high-performance computing clusters [2]

证券代码：300442 证券简称：润泽科技 润泽智算科技集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |----------------|--------------|------------|----------| | | | | 2024-004 | | 投资者关系活动 | 特定对象调研 | 分析师会议 | | 类别媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 天风证券、国联证券、D.E. Shaw（德劭基金）、Jefferies、UBS、 Willing Capital（威灵资本）、安联保险资管、宝盈基金、北京诚 旸投资、北京宏道投资、北京金百镕投资、北京暖逸欣私募、博 时基金、财通资管、诚通通盈、淳厚基金、大家资管、淡水泉（北 京）资管、德邦基金、东方财富、东方证券、东方资产、方正富 邦基金、方正证券、蜂巢基金、富国基金、光大保德信基金、广 东正圆投资、广发基金、广发证券资管（广东）、国金基金、国 寿、国寿安保基金、国投瑞银基金、国投证券、国信证券、国元 参与单位名称及 证券、海富通基金、海南兴高私募、海通国际、恒泰证券、弘毅 人员姓名 远方 ...