Precise(SZ:300442) Xin Lang Cai Jing·2025-04-29 02:50Core Viewpoint - The company reported a slight increase in revenue and net profit for 2024, but the performance fell short of expectations due to ongoing upgrades in data centers, which temporarily affected billing while depreciation continued to be accounted for [1][2]. Group 1: Financial Performance - In 2024, the company's operating revenue grew by 0.32% to 4.365 billion yuan, while net profit attributable to shareholders increased by 1.62% to 1.790 billion yuan, which was below the previous expectation of 2.213 billion yuan [1]. - For Q4 2024, operating revenue and net profit attributable to shareholders decreased by 45.64% and 56.89% respectively, reaching 0.908 billion yuan and 0.277 billion yuan [1]. - The IDC business generated 2.914 billion yuan in revenue for 2024, a decline of 7.56%, with a gross margin decrease of 6.93 percentage points to 47.53% [2]. Group 2: Business Segments - The AIDC business achieved 1.451 billion yuan in revenue for 2024, marking a growth of 21.03%, with a gross margin increase of 18.65 percentage points to 51.75% [3]. - The company has adjusted its revenue recognition method for high-performance computing modules in the AIDC business, leading to an increase in gross margin [3]. - The company is focusing on the construction and delivery of new-generation intelligent computing centers, with significant projects underway [3]. Group 3: Future Outlook - The company expects to see a recovery in demand for data centers driven by the development of AI applications in 2025, with all power centers in key regions having secured production orders [2]. - Projections for net profit attributable to shareholders for 2025-2027 are 2.693 billion, 3.239 billion, and 3.888 billion yuan respectively, with EBITDA expected to be 3.938 billion, 4.790 billion, and 5.700 billion yuan [4]. - The company maintains a "buy" rating, with a target price of 54.22 yuan per share based on a 25 times EV/EBITDA multiple for 2025 [4].