Precise(SZ:300442) Tianfeng Securities·2024-04-21 02:00Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 4.35 billion yuan in 2023, representing a year-on-year growth of 60.3%, and a net profit attributable to shareholders of 1.762 billion yuan, up 47.03% year-on-year [1] - The AIDC business generated approximately 1.2 billion yuan in revenue, establishing the company as a leading player in the AIDC sector [2] - The company is expected to see net profits of 2.2 billion yuan, 3.3 billion yuan, and 4.2 billion yuan for the years 2024 to 2026, corresponding to valuation multiples of 22x, 15x, and 12x respectively [2] Financial Performance - In Q4 2023, the company reported a net profit of 642 million yuan, a 70% increase year-on-year, driven by contributions from the AIDC business and stable growth in the IDC sector [2] - The company’s gross margin for 2023 was 48.57%, a decrease of 4.54 percentage points compared to the previous year, primarily due to the initial ramp-up of new cabinet deliveries [3] - The company’s total revenue is projected to reach 5.82 billion yuan in 2024, with a growth rate of 33.78% [8] Dividend Policy - The company distributed a total dividend of 670 million yuan in the first half of 2023 and proposed a cash dividend plan not exceeding 700 million yuan for the mid-year of 2024, indicating a commitment to stable shareholder returns [2][4] Market Position and Future Outlook - The company is strategically expanding its AIDC business, which is expected to become a significant growth driver alongside its existing IDC operations [2] - The domestic AI sector is progressing, with increasing applications expected to drive sustained demand for AIDC services [3] - The company is also investing in liquid cooling technology and expanding its infrastructure to support future growth [3]