Precise(SZ:300442) KAIYUAN SECURITIES·2025-10-31 02:21Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 39.77 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 15.05%. The net profit attributable to shareholders reached 47.04 billion yuan, a significant increase of 210.74%, primarily due to equity disposal gains from the transfer of a wholly-owned subsidiary to the Southern Runze Technology Data Center REIT [4][5] - The company is positioned as a leader in liquid cooling AIDC and is expected to benefit from the ongoing demand for high-power cabinets and large-scale clusters driven by AIGC development. The successful listing of the REIT project has led to an upward revision of profit forecasts for 2025 and maintained forecasts for 2026 and 2027 [4][5] - The company has established a significant presence in six major regions across China, with a total of 61 intelligent computing centers and 320,000 cabinets, showcasing substantial scale advantages [6] Financial Summary and Valuation Metrics - For 2025, the expected revenue is 61.96 billion yuan, with a year-on-year growth of 41.9%. The net profit attributable to shareholders is projected to be 5.38 billion yuan, reflecting a year-on-year increase of 200.5% [8] - The company's P/E ratios for 2025, 2026, and 2027 are estimated at 15.1, 26.5, and 21.6 times, respectively, indicating a favorable valuation compared to historical performance [8]