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润泽科技:公司半年报点评:AIDC业务继续高速成长,AI高功率机柜稀缺

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]