Precise(SZ:300442) Minsheng Securities·2024-08-23 07:30Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company achieved a revenue of 3.58 billion yuan in the first half of 2024, representing a year-on-year growth of 112.5%, with a net profit attributable to shareholders of 970 million yuan, up 37.6% year-on-year [2]. - The company's AIDC business has become a key growth driver, with orders in this segment increasing by 1148% year-on-year, contributing 2.05 billion yuan to revenue [2]. - The IDC market in China is projected to grow significantly, with a market size of 507.8 billion yuan in 2023, reflecting a year-on-year increase of 25.6% [2]. - The company is focusing on enhancing its IDC capabilities by upgrading low-power cabinets and transforming high-power systems to meet market demand [2]. - The company has successfully attracted major AI clients, establishing a solid foundation for long-term leadership in the industry [2]. Financial Forecasts - The company is expected to achieve revenues of 6.14 billion yuan, 8.08 billion yuan, and 10.93 billion yuan for the years 2024, 2025, and 2026, respectively [2][3]. - Projected net profits for the same years are 2.47 billion yuan, 3.33 billion yuan, and 4.61 billion yuan, with corresponding EPS of 1.44 yuan, 1.94 yuan, and 2.68 yuan [2][3]. - The P/E ratios based on the closing price on August 22 are projected to be 16x, 12x, and 9x for the years 2024, 2025, and 2026, respectively [2][3].