Precise(SZ:300442) Changjiang Securities·2024-04-23 05:32Investment Rating - The report maintains a "Buy" rating for the company [7][9]. Core Views - The company achieved a revenue of 4.351 billion yuan in 2023, representing a year-on-year increase of 60.3%. The net profit attributable to shareholders reached 1.762 billion yuan, up 47.0% year-on-year [5]. - The company has successfully expanded its AIDC (Artificial Intelligence Data Center) business, establishing a second growth curve and enhancing its revenue contributions from multiple data center parks [6]. - The company is well-positioned to benefit from the increasing demand for high-power cabinets and AIDC services, with expectations for significant growth in net profit over the next few years [7]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 4.351 billion yuan, with a gross profit of 2.113 billion yuan, resulting in a gross margin of 49% [11]. - The net profit attributable to shareholders was 1.762 billion yuan, with an EPS of 1.03 yuan [11]. Business Expansion - The company has entered a new phase of revenue contribution from multiple parks, delivering five new data centers and increasing the total number of cabinets to approximately 76,000, a growth of 65.22% from the previous year [6]. - The company has also expanded its AIDC business, achieving 1.199 billion yuan in revenue from this segment, which includes liquid cooling and intelligent computing services [6]. Future Outlook - The company is expected to see net profits of 2.184 billion yuan in 2024, 3.305 billion yuan in 2025, and 3.961 billion yuan in 2026, with growth rates of 24%, 51%, and 20% respectively [7]. - The report highlights the structural supply-demand imbalance for high-power cabinets, driven by the increasing shipment of AI servers, which is expected to enhance the company's market position [7].