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研報掘金丨國盛證券:維持潤澤科技“買入”評級 AIDC高增趨勢未改

國盛證券研報指出,24年歸母淨利潤17.9億元,同比增長1.6%;25Q1歸母淨利潤4.3億元,同比下滑9.3%。收入確認審慎性調整+機房改造,造成短期業績承壓。此外,機櫃階段性暫停計費,但折舊仍在發生,剛性計提影響利潤約3億元。公司是園區級數據中心龍頭,未來有望憑藉其前瞻性的佈局充分受益於AI迅速發展帶來的智算中心需求,但鑑於公司由於會計覈算調整以及機房改造可能造成短期業績承壓,下調公司的業績預測,維持“買入”評級。

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