Precise(300442) 天风证券·2024-11-01 03:41Investment Rating - The report maintains a "Buy" rating for the company, with expected returns exceeding 20% over the next six months [7]. Core Insights - The company reported a significant increase in revenue and profit, with Q3 2024 revenue reaching 6.41 billion yuan, a year-on-year growth of 139.11%, and a net profit of 1.514 billion yuan, up 35.13% year-on-year [1]. - The company's AIDC (AI Data Center) business is expanding rapidly, contributing to a quarterly revenue of 2.835 billion yuan in Q3, representing a year-on-year growth of 184.03% and a quarter-on-quarter increase of 21.52% [2]. - The company is positioned as a leader in AI computing infrastructure, with a strong order book from top AI clients, indicating robust future growth potential [4]. Financial Performance Summary - The company achieved a gross margin of 25.89% in Q3, which has slightly decreased due to changes in revenue structure from the rapid growth of AIDC [3]. - The projected net profits for the company from 2024 to 2026 are estimated at 2.218 billion yuan, 3.282 billion yuan, and 4.205 billion yuan respectively, with corresponding P/E ratios of 25, 17, and 13 [5][6]. - The company’s total revenue is expected to grow significantly, with projections of 8.42 billion yuan in 2024, 9.36 billion yuan in 2025, and 11.14 billion yuan in 2026, reflecting growth rates of 93.54%, 11.14%, and 19.01% respectively [6][11].