Precise(SZ:300442) GOLDEN SUN SECURITIES·2025-03-13 03:13Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Insights - The company is a leading player in the park-level data center sector, focusing on the investment, construction, ownership, and operation of high-performance integrated computing power centers. Its main businesses include IDC and AIDC, with a strong emphasis on collaboration with telecom operators and major internet and cloud service providers [1][19] - The AIDC business is rapidly expanding, with revenue growth surpassing traditional IDC services. The company has seen a significant increase in orders due to the rise of AI technologies and the demand for high-performance computing [2][13] - The company has strategically positioned itself in six core regions across the country, establishing a comprehensive integrated computing power center system. As of Q3 2024, the company has a cabinet utilization rate exceeding 90%, indicating strong operational efficiency [1][21] Summary by Sections Company Overview - The company has been a pioneer in the park-level data center model, focusing on high-efficiency and high-performance computing power centers. It has successfully expanded its AIDC business, which is becoming a significant growth driver [19][20] Market Dynamics - The demand for AIDC is expected to surge due to the explosive growth of AI applications, with traditional IDC transitioning to AIDC to meet the needs of AI and big data [13][14] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 6.4 billion, representing a year-on-year growth of 139%. The gross profit margin for the same period was 31%, significantly higher than the industry average [2][5] Future Projections - The company is projected to achieve net profits of 2.19 billion, 3.19 billion, and 4.00 billion for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 52.4, 36.0, and 28.7 [3][16]