Precise(SZ:300442) Guoxin Securities·2025-04-30 11:05Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][32] Core Views - The company is actively reserving scarce energy resources and steadily advancing the construction and delivery of intelligent computing centers [1][3] - The company is experiencing a transitional period from IDC to AIDC, which is putting short-term pressure on performance [1][18] - The AIDC business is rapidly developing, with significant growth in revenue and gross margin due to attracting high-quality AI clients [2][18] Financial Performance - In 2024, the company achieved total revenue of 4.365 billion yuan, a year-on-year increase of 0.32%, and a net profit of 1.79 billion yuan, up 1.62% year-on-year [10][5] - The company's AIDC business generated revenue of 1.45 billion yuan in 2024, a year-on-year growth of 21%, with a gross margin of 51.7% [2][18] - The IDC business faced challenges, with revenue of 2.914 billion yuan in 2024, a decline of 7.6% year-on-year, and a gross margin of 47.53% [18][31] Business Development - The company has built seven intelligent computing infrastructure clusters across six major regions, with plans for approximately 61 intelligent computing centers and 320,000 cabinets [3][30] - The company is expanding its energy resource reserves, with a 130% increase in energy indicators compared to the end of 2023 [3][30] - The company has applied for the first public REITs in the industry to diversify financing and strengthen its market position [3][30] Profit Forecast - The profit forecast for the company has been adjusted downwards, with expected net profits of 2.693 billion yuan, 3.292 billion yuan, and 4.030 billion yuan for 2025, 2026, and 2027 respectively [4][32] - The current stock price corresponds to a PE ratio of 30, 24, and 19 for 2025, 2026, and 2027 respectively [4][32]