Precise(SZ:300442) Zhongyuan Securities·2026-02-04 09:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company's 2025 performance is generally in line with expectations, with a forecasted net profit of 5-5.3 billion yuan, representing a year-on-year growth of 179.28%-196.03% [6][7] - The company is expected to accelerate revenue growth in 2026, driven by the delivery of new data centers and a strong demand for computing power due to the explosion of AI applications [7][8] - The company has successfully delivered 220MW of computing power centers in 2025, with a total expected delivery of 440MW for the year, marking a historical high [7] - The company is positioned to benefit from the rapid development of AI chip localization in 2026, which is anticipated to enhance overall computing power construction [7] - The establishment of a data center in Hainan is expected to provide long-term benefits due to favorable policies following the island's customs closure [7] Summary by Sections Financial Performance - The company forecasts a net profit of 5-5.3 billion yuan for 2025, with a significant increase in revenue expected in 2026 [6][7] - The projected earnings per share (EPS) for 2025-2027 are 3.17 yuan, 1.85 yuan, and 2.63 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 25.91, 44.33, and 31.30 [8] Business Development - The company has made significant progress in the construction of data centers, with a focus on liquid cooling technology and high-performance computing clusters [7] - The company is actively seeking quality acquisition targets to strengthen its position in the industry and enhance its leadership in intelligent computing [8] Market Position - The company has established a strong presence in the AI computing market, with deep coverage among leading internet and AI companies, ensuring stable and certain business growth [7][8]