Precise(SZ:300442) Tianfeng Securities·2025-04-25 09:25Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8][20]. Core Insights - The company reported a revenue of 4.365 billion yuan for 2024, a slight increase of 0.32% year-on-year, and a net profit of 1.790 billion yuan, up 1.62% year-on-year [1]. - The AIDC business has adjusted its revenue recognition method from "gross method" to "net method," which has impacted revenue reporting for the first three quarters [2]. - In Q4 2024, revenue is expected to decline to 908 million yuan, a decrease of 45.64% year-on-year, primarily due to reduced profitability in high-performance computing module sales [3]. - The IDC business is undergoing upgrades to low-power data centers, which has temporarily pressured revenue, with expected income of 2.914 billion yuan in 2024, down 7.56% year-on-year [4]. - The company has successfully implemented a "drainage strategy" to attract top AI clients, resulting in a robust order backlog, with all computing centers in key regions secured for production orders [5]. - The company has increased its energy resource reserves by approximately 130% compared to the end of 2023, ensuring stable operations for its computing infrastructure [6]. - The company is actively pursuing a horizontal merger and acquisition strategy to enhance market share and industry concentration, with 4.8 billion yuan in cash on hand [7]. Financial Summary - The company forecasts a net profit of 2.698 billion yuan for 2025, with adjustments made to previous profit estimates due to the impact of high-performance computing module sales [8]. - Revenue is projected to grow significantly in the coming years, with estimates of 6.183 billion yuan in 2025 and 9.914 billion yuan in 2027, reflecting growth rates of 41.66% and 24.86% respectively [13].