Richinfo Technology (300634) 平安证券·2025-03-10 16:02Investment 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 business boundaries and enhance value [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 enterprise digital transformation [15][18]. - The company is well-positioned to benefit from the growth in the domestic cloud and AI sectors, supported by its strong partnerships with major clients like China Mobile and Huawei [7][18]. Summary by Sections 1. Leading Domestic Email Provider with Full-Stack AI Layout - The company started with mobile email services and has evolved into an industrial internet technology and service provider, focusing on enterprise digital transformation [14]. - It has developed three core product lines: collaborative office, smart channels, and cloud and big data, enhancing its service offerings [15]. - The company has a strong focus on R&D, with significant investments leading to a robust technical foundation and innovation capabilities [24][26]. 2. Collaborative Office Product Advantages and Digital Employees - The RichMail email system is fully compatible with domestic innovation requirements, addressing the growing demand for domestic replacements in email systems [41][47]. - The company is enhancing its product capabilities with AI integration, which is expected to drive growth in its collaborative office solutions [51]. 3. Smart Channels and User Operation Capabilities - The company has developed smart channel products that leverage its partnership with China Mobile, resulting in a user base in the millions [7][18]. - It is actively participating in the 5G messaging platform sector, which is expected to open new growth opportunities [7][18]. 4. Cloud Services and Infrastructure Development - The company is a key supplier in the national cloud services sector, collaborating closely with major telecom operators to expand its cloud offerings [8][18]. - It is also developing intelligent computing infrastructure to support its cloud and big data services, enhancing its competitive edge [8][18]. 5. Earnings Forecast and Investment Recommendations - The company is projected to achieve revenues of 16.97 billion, 20.33 billion, and 24.61 billion yuan from 2024 to 2026, with respective growth rates of 13.4%, 19.8%, and 21.1% [8]. - The net profit forecast for the same period is 2.94 billion, 3.56 billion, and 4.39 billion yuan, with growth rates of -9.4%, 21.2%, and 23.2% [8].