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 faced short-term disruptions due to its customer acquisition strategy and data center renovations, which are expected to stabilize in 2025, supporting long-term growth prospects [1][2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 4.365 billion yuan, a year-on-year increase of 0.32%, and a net profit attributable to shareholders of 1.790 billion yuan, up 1.62% year-on-year [1]. - The fourth quarter of 2024 saw a decline in both revenue and profit due to the impact of the "customer acquisition strategy" and data center renovations [1][2]. Group 2: Customer Acquisition Strategy - The "customer acquisition strategy" aimed at attracting leading AI clients led to short-term revenue fluctuations, as the revenue recognition method for high-performance computing module sales was adjusted from "gross method" to "net method" [1][2]. - Despite the short-term impact, this strategy has successfully captured AI customer demand, laying a solid foundation for medium to long-term business development [2]. Group 3: Data Center Renovations - The company initiated upgrades to low-power data centers at the end of 2023, which temporarily affected IDC business revenue and gross margin but allowed the company to secure new orders [2]. - By the end of March 2025, the total power of the renovated data center cabinets exceeded 90% of pre-renovation levels, indicating a recovery in operational capacity [2]. Group 4: Long-term Growth Potential - By the end of 2024, the company had delivered 14 computing centers with approximately 82,000 cabinets, achieving a mature utilization rate of over 90% [3]. - The company is actively constructing new generation intelligent computing centers, which are expected to be operational in 2025, further solidifying its market position in the "AI+" era [3]. Group 5: Resource and Infrastructure - The company has established a comprehensive layout of approximately 61 intelligent computing centers and 320,000 cabinets across major cities, ensuring a robust infrastructure for future growth [4]. - Energy consumption indicators have increased by approximately 130% compared to the end of 2023, supporting the company's operational stability [4]. Group 6: Investment Outlook - The company is positioned as a leading operator of large-scale data centers in China, with a diversified business model across multiple regions [5]. - Revenue projections for 2025, 2026, and 2027 are estimated at 6.167 billion yuan, 7.651 billion yuan, and 8.686 billion yuan, respectively, with net profits of 2.694 billion yuan, 3.398 billion yuan, and 3.826 billion yuan [6].