Precise(300442) Minsheng Securities·2024-10-30 04:00Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company achieved a revenue of 6.4 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 139.1%, and a net profit of 1.5 billion yuan, up 35.1% year-on-year [1] - In the third quarter of 2024 alone, the company reported a revenue of 2.8 billion yuan, a year-on-year increase of 184.0%, and a net profit of 550 million yuan, growing 30.9% year-on-year [1] - The rapid development of domestic large models and the initial emergence of AI reasoning capabilities are highlighted, with the AutoGLM model being integrated into popular applications [1] - The company is seizing new opportunities in the AIDC sector, with a staggering 1148% year-on-year growth in AIDC business orders, amounting to 2.05 billion yuan in the first half of 2024 [1] - The company is recognized as a leader in liquid cooling technology, contributing to the green development of computing centers and achieving significant green electricity trading [1] Financial Forecasts - The company is expected 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, with corresponding net profits of 2.47 billion yuan, 3.33 billion yuan, and 4.61 billion yuan [1][5] - The earnings per share (EPS) are projected to be 1.44 yuan, 1.94 yuan, and 2.68 yuan for the same years, with price-to-earnings (P/E) ratios of 23, 17, and 12 respectively [1][5] - The company’s gross margin is expected to improve to 52.1% in 2024, with a net profit margin of approximately 40.3% [5][6]