Precise(300442) 华创证券·2024-11-01 07:18Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 40.31 CNY, compared to the current price of 32.62 CNY [1]. Core Insights - The company continues to experience significant revenue growth, with a reported revenue of 6.41 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 139.11%. The net profit attributable to shareholders reached 1.514 billion CNY, up 35.13% year-on-year [1]. - The company is expanding its client base, particularly in the IDC business, and is issuing debt financing tools to optimize its financial structure. This is expected to support sustainable growth [1]. - The demand for AIDC services is strong, particularly in the Yangtze River Delta region, with several new data centers under construction and expected to be operational soon [1]. Financial Performance Summary - Total revenue for 2023 is projected at 4.351 billion CNY, with a year-on-year growth rate of 60.3%. For 2024, revenue is expected to reach 8.563 billion CNY, reflecting a growth rate of 96.8% [2]. - The net profit attributable to shareholders is forecasted to be 1.762 billion CNY for 2023, with a growth rate of 47.0%. For 2024, it is expected to be 2.191 billion CNY, with a growth rate of 24.4% [2]. - The company’s earnings per share (EPS) is projected to increase from 1.02 CNY in 2023 to 1.27 CNY in 2024 [2]. Market Position and Future Outlook - The company is positioned as a leading player in the park-level data center sector, benefiting from strategic location, high utilization rates, and a mature operational model [1]. - The anticipated delivery of new generation intelligent computing centers is expected to accelerate revenue growth, with significant demand in emerging applications such as autonomous driving and smart healthcare [1]. - The company plans to register and issue up to 4 billion CNY in short-term financing instruments to further enhance its capital structure and support business expansion [1].