Precise(SZ:300442) GOLDEN SUN SECURITIES·2025-05-06 07:57Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported a total revenue of 4.4 billion yuan for 2024, a slight increase of 0.3% year-on-year, and a net profit attributable to shareholders of 1.79 billion yuan, up 1.6% year-on-year [1]. - The adjustment in revenue recognition method and ongoing data center renovations have temporarily pressured the company's performance, but the long-term growth logic remains intact [2][3]. - The company is focusing on core business areas, particularly the AIDC (Artificial Intelligence Data Center) segment, which is expected to drive future growth [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 4.4 billion yuan, with a net profit of 1.79 billion yuan, reflecting a year-on-year growth of 1.6% [1]. - The AIDC business revenue for the year was 1.45 billion yuan, showing a growth of 21% year-on-year, while IDC business revenue decreased by 8% to 2.9 billion yuan [2]. Business Strategy - The company is undergoing significant renovations of old data centers, which is expected to enhance capacity and efficiency, with billing power exceeding 90% of pre-renovation levels by March 2025 [3]. - The focus is shifting towards the construction of new-generation intelligent computing centers, with major projects set to be delivered in 2025 [3]. Market Position and Future Outlook - The company has a strong competitive edge due to its substantial energy resource reserves, which increased by 130% year-on-year by the end of 2024 [4]. - Revenue projections for 2025-2027 are estimated at 6.3 billion, 7.9 billion, and 9.6 billion yuan, respectively, with net profits expected to reach 2.68 billion, 3.30 billion, and 3.99 billion yuan [4].