Precise(SZ:300442) Minsheng Securities·2024-04-19 03:30Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - In 2023, the company achieved revenue of 4.4 billion yuan, a year-on-year increase of 60.3%, and a net profit attributable to shareholders of 1.76 billion yuan, up 47.0% year-on-year [2]. - The company has experienced steady growth in the computing power center sector, benefiting from a significant development opportunity in the industry [2]. - The company has expanded its resource base and solidified its development foundation by increasing energy consumption and supporting infrastructure [2]. - The company has established a leading position in the IDC sector and is recognized as a leader in liquid cooling technology [2]. - The company is expected to achieve revenues of 6.14 billion yuan, 8.08 billion yuan, and 10.93 billion yuan from 2024 to 2026, with corresponding net profits of 2.47 billion yuan, 3.33 billion yuan, and 4.61 billion yuan [2]. Financial Summary - In 2023, the company reported total revenue of 4.35 billion yuan and a net profit of 1.76 billion yuan, with a growth rate of 60.3% and 47.0% respectively [3]. - The projected revenue for 2024, 2025, and 2026 is 6.14 billion yuan, 8.08 billion yuan, and 10.93 billion yuan, with growth rates of 41.0%, 31.7%, and 35.3% respectively [3]. - The earnings per share (EPS) are expected to be 1.44 yuan, 1.94 yuan, and 2.68 yuan for the years 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 20, 15, and 11 [3].