Precise(SZ:300442) KAIYUAN SECURITIES·2025-04-30 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company is expected to benefit from the AIGC wave, with a strong position in the IDC and AIDC sectors, maintaining a "Buy" rating [4] - The company reported a revenue of 4.365 billion yuan in 2024, a slight increase of 0.32% year-on-year, and a net profit of 1.790 billion yuan, up 1.62% year-on-year [4] - In Q1 2025, the company achieved a revenue of 1.198 billion yuan, representing a year-on-year growth of 21.40% [4] - The company plans to deliver five new data centers in 2025, totaling approximately 420MW, with significant growth in AIDC business [5][6] Financial Summary - Revenue projections for 2025-2027 are 6.196 billion yuan, 7.720 billion yuan, and 9.118 billion yuan, respectively, with year-on-year growth rates of 41.9%, 24.6%, and 18.1% [4][8] - The projected net profit for 2025-2027 is 2.620 billion yuan, 3.272 billion yuan, and 3.764 billion yuan, with growth rates of 46.3%, 24.9%, and 15.1% respectively [4][8] - The company's gross margin is expected to be around 48.1% in 2025, with a net margin of 42.3% [8] - The company has a total market capitalization of 79.705 billion yuan and a circulating market capitalization of 25.662 billion yuan [1]