Precise(SZ:300442)2025-04-27 10:56Industry Overview - The "Artificial Intelligence +" strategy was introduced as a national development strategy in 2024, with continued emphasis in 2025 to integrate digital technology with manufacturing and support the widespread application of large models [3][4] - The rapid development of domestic AI applications has led to significant increases in capital expenditures related to computing power by leading internet companies [3][4] - The strict control of the "dual carbon" policy has resulted in a scarcity of energy indicators and electricity resources in high-quality locations, particularly in major cities [4] Company Resource and Infrastructure - The company has significantly increased its energy resource reserves by the end of 2024 compared to the end of 2023, with five out of seven parks having secured necessary energy resources [4][22] - A new 220kV substation in the Beijing-Tianjin-Hebei region has been operational since January 2024, doubling the power supply capacity to 960MW, enhancing the ability to support large-scale deployments [4][23] - The company has established seven AI computing infrastructure clusters across six major regions, planning a total of 61 computing centers and approximately 320,000 cabinets [21][22] Strategic Development Plans - The company aims to implement four major strategies over the next 3 to 5 years, focusing on orderly delivery of computing centers, promoting low-carbon development, enhancing operational capabilities, and leveraging opportunities in the AI wave [6][9] - The company plans to execute a horizontal expansion strategy starting in 2025 to increase market share and position within the industry [5][9] Financial Performance and Projections - The company achieved a performance completion rate of 93.56% for 2024, with challenges primarily due to intense competition and the transition from traditional IDC to AIDC [24][26] - The company anticipates significant growth in billing capacity by the end of 2025, with a stable gross margin expected to be achieved [16][28] Market Demand and Customer Base - The demand for AIDC is expected to surge, driven by the rapid growth of AI applications, with a notable shift from training to inference [10][11] - The company has successfully attracted numerous high-quality AI clients through its "drainage strategy," enhancing customer diversity and trust [12][16] Mergers and Acquisitions Strategy - The company is preparing to initiate horizontal expansion through acquisitions, focusing on data centers and related industries, particularly in economically developed regions [20][22] - The acquisition strategy will prioritize companies with scarce core resources, strong technical capabilities, and advantageous geographic locations [20][22] Energy Supply and Sustainability - The company is actively expanding its energy supply capabilities, with plans for additional substations to ensure stable power supply across all parks [23][22] - The focus on green practices and low-carbon development is integral to the company's operational strategy, with innovations in cooling technologies being prioritized [6][9] Investor Relations and Shareholder Engagement - The company has initiated a share buyback program with a budget of 500 million to 1 billion RMB to enhance investor confidence and stabilize company value [30][31] - A stock incentive plan has been established with performance targets set for 2025 to 2027, aiming for a net profit growth rate of 50%, 75%, and 100% respectively [32]