Richinfo Technology (SZ:300634) Xin Lang Cai Jing·2025-09-29 00:34Core Insights - The company reported a revenue of 920 million yuan for H1 2025, a 17.7% increase year-on-year, with a net profit attributable to shareholders of 135 million yuan, up 14.7% [1] - The growth in the intelligent computing (智算) business is significant, and its revenue share is expected to continue increasing in the future [1][2] - The gross margin has decreased by 8.25 percentage points to 33.6%, primarily due to the lower margin of the intelligent computing business, but the impact is expected to weaken over time [2] Financial Performance - For Q2 alone, the company's revenue, net profit, and net profit excluding non-recurring items grew by 20.8%, 80.8%, and -31.9% respectively [1] - The revenue breakdown for H1 2025 shows collaborative office products at 250 million yuan (+2.0%), smart channel products at 353 million yuan (+14.8%), and intelligent computing and data intelligence products at 284 million yuan (+50.1%) [1] Business Segments - The collaborative office business is stable, with future growth dependent on the promotion of new technologies and products [1] - The smart channel product line has seen rapid growth, driven by new products such as 5G new calling and AI marketing assistants [1] - The intelligent computing and data intelligence product line has shown remarkable growth due to increased investment in technology services and computing power services [1][2] Cost and Margin Analysis - The gross margin decline is attributed to a 2.4 percentage point drop in the gross margin of technology services and a significant increase in the share of low-margin intelligent computing business [2] - The overall expense ratio decreased from 25.1% in H1 2024 to 22.2% in H1 2025, with sales and management expenses down by 24.0% and 0.5% respectively [2] AI Integration and Future Outlook - The company has developed a comprehensive AI service system, integrating AI infrastructure, model training, and application development [2] - The acceleration of AI penetration in the B-end market is expected to enhance the company's full-stack AI capabilities, driving further growth [2] Profit Forecast - Adjusted profit forecasts for the company indicate net profits of 252 million yuan, 282 million yuan, and 360 million yuan for 2025-2027 [3] - The reasonable valuation level is set at 56 times PE for 2025, corresponding to a target price of 31.36 yuan, maintaining a buy rating [3]