Precise(SZ:300442) GOLDEN SUN SECURITIES·2025-03-13 02:51Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Views - 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 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 rapid expansion of AIDC business is expected to surpass traditional IDC business in revenue contribution, driven by the increasing demand for AI technologies and the significant growth in order sizes for AIDC clusters [2][13] - The company has a high cabinet utilization rate and gross profit margin compared to industry averages, indicating strong operational efficiency and competitive advantage [2][14] Summary by Sections Company Overview - The company has established a comprehensive integrated computing center system across six major regions in China, with a total of 61 intelligent computing centers and approximately 320,000 cabinet resources planned. As of Q3 2024, the company has approximately 76,000 operational cabinets, with a utilization rate exceeding 90% [1][21] Financial Performance - In 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] - The projected net profits for 2024, 2025, and 2026 are 2.19 billion, 3.19 billion, and 4.00 billion respectively, with corresponding P/E ratios of 52.4, 36.0, and 28.7 [3][5] Market Dynamics - The report highlights two key marginal changes: the rise of AI and the rapid transition from traditional IDC to AIDC, which is expected to drive significant demand for data centers as foundational infrastructure for AI applications [13][16] - The company is well-positioned to benefit from the increasing demand for high-density computing solutions, particularly with its early investments in liquid cooling technologies [15][16]