Precise(SZ:300442) Tianfeng Securities·2025-09-23 12:43Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [6][18]. Core Views - The company achieved a revenue of 2.496 billion yuan in the first half of 2025, representing a year-on-year growth of 15.31%, while the net profit attributable to the parent company was 882 million yuan, down 8.73% year-on-year [1]. - The company is expected to accelerate its performance in the second half of the year due to a strong delivery schedule and existing customer orders, with significant contributions anticipated from new data centers in Pinghu, Foshan, and Huizhou [2]. - The company has successfully delivered approximately 220MW of computing centers in key regions, achieving a historical high in delivery scale, and has made significant advancements in the size of individual data centers [3]. - The company is a leader in liquid cooling, IDC, and AIDC, having established a comprehensive framework for integrated computing centers across the country, with a significant number of intelligent computing centers and cabinet resources [4]. - The company has ample cash resources, totaling 5.49 billion yuan as of the first half of 2025, which will support horizontal mergers and acquisitions to enhance market share and industry concentration [5]. Financial Summary - The company adjusted its profit forecast for 2025 and 2026, estimating net profits of 2.4 billion yuan and 3.2 billion yuan respectively, with corresponding PE ratios of 36 and 27 times [6]. - The company reported a gross margin under pressure, but the overall development of data centers and intelligent computing centers is progressing rapidly, with expectations for positive impacts on profits from accelerated deliveries in the second half of the year [6]. - The company’s total assets are projected to grow from 23.31 billion yuan in 2023 to 37.28 billion yuan by 2027, indicating a strong growth trajectory [13].