Precise(300442) 华创证券·2024-08-23 10:38Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [3][12]. Core Insights - The company achieved a revenue of 3.575 billion yuan in H1 2024, representing a year-on-year growth of 112.47%, with a net profit of 967 million yuan, up 37.64% year-on-year [1]. - The AIDC business significantly contributed to revenue growth, with a staggering 1147.85% increase in revenue, reaching 2.054 billion yuan [1]. - The IDC business maintained stability with a revenue of 1.521 billion yuan, showing a slight year-on-year change [1]. - The company has a robust resource reserve with 61 intelligent computing centers and approximately 320,000 cabinet resources, positioning it well for future growth [1]. Financial Summary - Total revenue for 2023 is projected at 4.351 billion yuan, with expected growth rates of 60.3% for 2023, 41.5% for 2024, and 39.1% for 2025 [2]. - The net profit for 2023 is estimated at 1.762 billion yuan, with growth rates of 47.0% for 2023, 24.4% for 2024, and 50.7% for 2025 [2]. - The company’s earnings per share (EPS) is projected to be 1.02 yuan for 2023, increasing to 1.27 yuan in 2024 and 1.92 yuan in 2025 [2]. Valuation and Price Target - The target price for the company is set at 31.84 yuan, based on a 25 times price-to-earnings (PE) ratio for 2024 [1][3]. - The current price is noted at 22.87 yuan, indicating potential upside based on the target price [3]. Market Position and Competitive Advantage - The company is recognized as a leading player in the domestic data center sector, benefiting from strategic location, high cabinet utilization rates, and a mature operational model [1]. - The surge in demand for intelligent computing centers driven by AI development is expected to further enhance the company's market position [1].