Precise(SZ:300442) Zhongyuan Securities·2026-02-04 10:24Investment 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 the increasing demand for computing power due to the rapid growth 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 launch of the REIT for the company's data center has provided significant investment income, contributing to non-recurring gains [7] - The company is well-positioned to benefit from the accelerated domestic AI chip localization process and the explosive growth in global AI application demand [7][8] Summary by Sections Financial Performance - The company forecasts a net profit of 5-5.3 billion yuan for 2025, with a significant year-on-year increase [6] - The expected earnings per share (EPS) for 2025-2027 are projected to be 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 entered a high-speed construction cycle, with a total of 30.66 billion yuan in construction and fixed asset growth reported [7] - The company is actively seeking quality acquisition targets to strengthen its leading position in the intelligent computing sector [8] Market Position - The company is recognized as the first in the industry to deliver a fully liquid-cooled intelligent computing center, showcasing its competitive advantage in design, deployment, and operation [7] - The strategic development of the company's data center in Hainan is expected to yield long-term benefits due to favorable policies [7]