Precise(300442) 兴业证券·2025-01-24 13:41Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Insights - The company is a leading third-party data center service provider in China, focusing on the construction and operation of data centers, with a strong emphasis on AI-driven demand and infrastructure [7][32] - The company has established seven AIDC intelligent computing infrastructure clusters across six major regions in China, with over 76,000 cabinets in operation and a mature data center utilization rate exceeding 90% [4][7] - The AI sector is significantly driving the demand for data center construction, with rental prices expected to rebound as high-quality facilities become scarce [4][25] Financial Performance - The company has shown impressive revenue growth, with total revenue projected to reach 43.51 billion yuan in 2023, growing by 60.3% year-on-year, and expected to continue growing to 112.91 billion yuan by 2026 [4] - Net profit attributable to shareholders is forecasted to increase from 17.62 billion yuan in 2023 to 40.45 billion yuan in 2026, reflecting a compound annual growth rate of 26.2% [4] - The company's gross margin is projected to stabilize around 50% for its IDC business, with a notable increase in profitability driven by AI-related services [4][17] Industry Dynamics - The data center industry is experiencing a rapid expansion, with the total supply of data centers in China expected to double in the next five years, driven by AI and cloud computing demands [36][39] - Major internet companies are significantly increasing their capital expenditures to enhance AI infrastructure, with ByteDance emerging as a key client for the company [47][49] - The competitive landscape is shifting, with third-party operators like the company gaining market share from traditional telecom operators, whose market share has declined from 60.2% to 56.9% [30][31]