Range Intelligent (300442.SZ): First Take: AI Capex Surge to Accelerate Higher-ROIC Infra Transformation; 3Q26 Missed GSe on Sales Timing

Range Intelligent (300442.SZ) reported 3Q26 results moderately below GSe on revenue, EBIT and net profit, while we see several positives across its balance sheet/cash flow and operations: i) a sharp step-up in AI compute investment to c.Rmb8bn in 3Q26 alone (vs. c.Rmb10bn in FY2025), with quarterly capex nearly tripling qoq as supply availability improved following strategic partnerships with key supply-chain companies; ii) planned AI compute investment of up to c.Rmb57bn in 4Q26-1Q27, supported by recently announced Rmb50bn of new credit facilities and Rmb6.8bn of equity investment from the Export-Import Bank of China into Range's wholly-owned indirect subsidiary; iii) 290MW of new capacity delivered in China, comprising 200MW of AIDC and 90MW of IDC capacity; and iv) the ahead-of-schedule delivery of the first 20MW at Batam, Range's first overseas campus. 3Q26 revenue grew 30% yoy to Rmb1.92bn, moderating from 50% yoy growth in 1H26 and coming in 7% below GSe;