Precise(300442) 民生证券·2024-04-28 11:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its future performance [2][3]. Core Views - The company reported a revenue of 1.24 billion yuan in Q1 2024, representing a year-on-year growth of 53.7%, and a net profit attributable to shareholders of 470 million yuan, up 43.8% year-on-year [2]. - The growth is attributed to the steady advancement of IDC business and successful expansion of AIDC-related operations, leading to an increase in revenue scale [2]. - The company is actively expanding its AIDC layout, which is expected to contribute significantly to revenue throughout the year [2]. - The gross margin for Q1 2024 was 47.3%, a decrease of 1.2 percentage points quarter-on-quarter, primarily due to the lower gross margin of the newly expanded AIDC business [2]. - The company has made significant investments in liquid cooling technology and AI-driven management systems, positioning itself as a leader in the intelligent computing industry [2]. - The company is also enhancing its focus on cybersecurity and data confidentiality through collaborations with telecom operators and government agencies [2]. Financial Forecasts - The company is projected to achieve revenues of 6.14 billion yuan, 8.08 billion yuan, and 10.93 billion yuan for the years 2024, 2025, and 2026, respectively [2][3]. - The net profit attributable to shareholders is expected to reach 2.47 billion yuan, 3.33 billion yuan, and 4.61 billion yuan for the same years [2][3]. - Corresponding EPS for these years is forecasted to be 1.44 yuan, 1.94 yuan, and 2.68 yuan, with P/E ratios of 21x, 16x, and 12x based on the closing price on April 26, 2024 [2][3].