Precise(300442) KAIYUAN SECURITIES·2024-10-31 06:40Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved continuous revenue growth, with a revenue of 6.41 billion yuan in the first three quarters, representing a year-on-year increase of 139.11%. The net profit attributable to the parent company reached 1.514 billion yuan, up 33.65% year-on-year [1][2] - The company is expected to benefit from the development of AIGC, with profit forecasts for 2024-2026 being 2.206 billion, 3.072 billion, and 3.936 billion yuan respectively. The current stock price corresponds to PE ratios of 25.4, 18.3, and 14.3 times for the respective years [1][2] Business Expansion - The company has accelerated its AIDC business expansion, with significant investments in research and development, reaching 105 million yuan in the first three quarters, a year-on-year increase of 69.81% [3] - The company has established seven AIDC infrastructure clusters across six major regions in China, with a total of 61 planned data centers and approximately 320,000 cabinets, achieving a cabinet utilization rate of over 90% [4] Financial Performance - The company reported a revenue of 2.835 billion yuan in Q3, with a year-on-year growth of 184.03%. The net profit attributable to the parent company for the same period was 544 million yuan, up 29.94% year-on-year [2][4] - The financial forecasts indicate a steady growth trajectory, with expected revenues of 6.303 billion yuan in 2024, 8.338 billion yuan in 2025, and 10.594 billion yuan in 2026, alongside net profits of 2.206 billion, 3.072 billion, and 3.936 billion yuan respectively [4][7]