Precise(300442) 兴业证券·2024-08-29 02:14Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Views - The company's AIDC business has experienced rapid growth, with revenue increasing by 112.47% YoY to RMB 3.575 billion in H1 2024 [6] - The company has a significant lead in the IDC business, with a total of 76,000 cabinets in operation and an occupancy rate exceeding 90% in mature data centers [6] - The AIDC business has become a new growth driver, with revenue from this segment surging by 1148% YoY to RMB 2.054 billion in H1 2024 [6] Financial Performance - In H1 2024, the company achieved a net profit attributable to shareholders of RMB 967 million, a 37.64% YoY increase [6] - The company plans to distribute a cash dividend of RMB 0.3995 per share (tax inclusive) for every 10 shares [6] - The company's revenue is expected to grow from RMB 4.351 billion in 2023 to RMB 10.881 billion in 2026, with a CAGR of 35.8% [7] Business Segments - IDC business revenue grew by 0.19% YoY to RMB 1.521 billion in H1 2024, with a gross margin of 51.36%, down 5.48 percentage points YoY [6] - AIDC business revenue surged by 1148% YoY to RMB 2.054 billion in H1 2024, with a gross margin of 22.14% [6] Market Position - The company has completed the planning of 7 AIDC intelligent computing infrastructure clusters across 6 core regions, with a total reserve of approximately 320,000 cabinets [6] - The company has attracted leading AI clients to deploy their core training modules in its intelligent computing centers, leading to exponential growth in AIDC business orders [6] Valuation - The company's PE ratio is expected to be 17.7x, 11.9x, and 9.7x for 2024, 2025, and 2026, respectively, based on the closing price on August 26, 2024 [7] - The company's EPS is forecasted to grow from RMB 1.02 in 2023 to RMB 2.33 in 2026 [7]