Richinfo Technology (300634) 平安证券·2025-03-10 05:10Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [8]. Core Views - The company is a leading domestic email provider, leveraging AI to expand its value boundaries and enhance its product offerings [7][14]. - The company has established a comprehensive product line focusing on collaborative office solutions, smart channels, and cloud and big data services, which are crucial for digital transformation in various industries [15][18]. - The company is well-positioned to benefit from the growth of the domestic cloud market and the increasing demand for AI applications, particularly in the context of national policies promoting domestic innovation [41][45]. Summary by Sections Section 1: Company Overview - The company started with mobile email services and has evolved into a technology and service provider for industrial internet, focusing on AI and digital transformation [14]. - It has developed three core product lines: collaborative office, smart channels, and cloud and big data, which cater to the information needs of enterprise users [15][18]. - The company has a strong partnership with China Mobile, enhancing its market position and customer base [18]. Section 2: Collaborative Office Solutions - The RichMail email system is fully compatible with domestic innovation requirements, addressing the growing demand for domestic email solutions [41][47]. - The company is actively developing digital employee solutions that integrate AI capabilities to improve operational efficiency for clients [46][51]. Section 3: Smart Channel Development - The company has established a significant user base through its smart channel products, collaborating with China Mobile to enhance user engagement [7][18]. - It is also involved in the development of 5G messaging platforms, positioning itself as a key player in the evolving digital communication landscape [7][18]. Section 4: Cloud and Big Data Services - The company is a core supplier in the national cloud market, working closely with telecom operators to expand its cloud services [8][18]. - It has developed RichAICloud, which provides solutions for large-scale computing management, further extending its service capabilities [29][31]. Section 5: Financial Projections - The company is projected to achieve revenues of 16.97 billion, 20.33 billion, and 24.61 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 13.4%, 19.8%, and 21.1% [4][8]. - Net profits are expected to be 2.94 billion, 3.56 billion, and 4.39 billion yuan for the same years, with growth rates of -9.4%, 21.2%, and 23.2% [4][8].