Precise(SZ:300442) Zhongyuan Securities·2026-02-25 09:02Investment Rating - The investment rating for the company is "Buy" with an expectation of a relative increase of over 15% compared to the CSI 300 index within the next six months [36]. Core Insights - The company plans to integrate assets from its Langfang A-7 and A-8 data centers into the previously issued Southern Runze Technology Data Center REIT, which will serve as a continuous financing channel [7]. - The establishment of the REIT in August 2025 brought the company an investment income of 3.756 billion yuan, contributing to 630 million yuan in fixed assets and 540 million yuan in annual revenue, along with a net profit of 257 million yuan [7]. - The company is set to achieve full ownership of its subsidiary, Guangdong Runhui, by issuing convertible bonds to acquire 42.56% of minority shares, enhancing its operational capacity in the Greater Bay Area [7]. - The company has established itself as the first data center manufacturer to deliver a fully liquid-cooled intelligent computing center, which aligns with current trends in intelligent computing center deployment [8]. Financial Performance Summary - For the fiscal years 2023 to 2027, the projected revenue growth rates are 60.27%, 0.32%, 33.93%, 39.78%, and 32.89% respectively, with net profit growth rates of 47.03%, 1.62%, 189.58%, -41.56%, and 41.64% [9]. - The earnings per share (EPS) are forecasted to be 1.08 yuan, 1.10 yuan, 3.17 yuan, 1.85 yuan, and 2.63 yuan for the years 2023 to 2027, with corresponding price-to-earnings (P/E) ratios of 80.52, 79.24, 27.36, 46.82, and 33.06 [9]. Strategic Outlook - The company is actively seeking quality acquisition targets to further solidify its leading position in the industry and in the intelligent computing sector [9]. - The acceleration of computing power construction is expected to lead to significant revenue growth, supported by ample funding and smooth financing channels [9].