Precise(SZ:300442) Caixin Securities·2024-04-25 10:00Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Insights - The company reported a significant year-on-year revenue growth of 60.27%, reaching 4.351 billion yuan in 2023, with a net profit of 1.762 billion yuan, up 47.03% [4][6] - The company has successfully delivered five new data centers in 2023, contributing approximately 30,000 cabinets, with a total of 76,000 cabinets delivered by the end of 2023, marking a 65.22% increase from the previous year [5][6] - The company is expanding its AIDC business, aiming to create a complete intelligent computing ecosystem, which includes various revenue streams such as liquid-cooled computing centers and computing module sales [5][6] - The company has a stable dividend policy, with a total cash dividend of approximately 890 million yuan for 2023, representing about 50% of the net profit [5][6] Financial Summary - The company's main revenue is projected to grow from 4.351 billion yuan in 2023 to 5.964 billion yuan in 2024, and further to 10.011 billion yuan by 2026 [4][7] - The net profit is expected to increase from 1.762 billion yuan in 2023 to 2.374 billion yuan in 2024, reaching 4.103 billion yuan by 2026 [4][7] - The earnings per share (EPS) is forecasted to rise from 1.02 yuan in 2023 to 1.38 yuan in 2024, and to 2.38 yuan by 2026 [4][7] - The price-to-earnings (P/E) ratio is projected to decrease from 29.33 in 2023 to 21.77 in 2024, and further down to 12.59 by 2026 [4][7]