Richinfo Technology (SZ:300634) Tianfeng Securities·2025-05-07 11:43Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][17]. Core Views - The company has shown steady revenue growth, achieving a revenue of 1.652 billion yuan in 2024, a year-on-year increase of 10.41%, while the net profit attributable to the parent company decreased by 29.11% to 230 million yuan [1]. - The company is deeply engaged in the AI sector, with significant investments in AI-related projects and a strong focus on enhancing its core competitiveness through increased R&D spending, which rose by 16.92% in 2024 [5]. - The company is well-positioned to benefit from the trends in digital economy and AI technology, with expectations for rapid growth in order volume due to its strong R&D capabilities and alignment with national strategies [5]. Financial Performance Summary - In 2024, the company reported a revenue of 1.652 billion yuan, with a growth rate of 10.41% compared to the previous year [10]. - The net profit attributable to the parent company for 2024 was 230 million yuan, reflecting a decline of 29.11% year-on-year [10]. - The company expects net profits for 2025, 2026, and 2027 to be 290 million yuan, 350 million yuan, and 440 million yuan respectively, with corresponding P/E ratios of 40, 33, and 26 [5][10]. Business Segment Performance - The collaborative office product line generated revenue of 495 million yuan in 2024, a year-on-year increase of 7.03%, integrating AI technology to enhance efficiency for clients [2]. - The smart channel product line achieved revenue of 696 million yuan in 2024, growing by 12.89% year-on-year, leveraging AI to improve marketing and operational efficiency [3]. - The intelligent computing and data intelligence product line reported revenue of 391 million yuan in 2024, with a growth of 16.91%, focusing on AI-native cloud computing solutions [4]. Order and R&D Investment - The company secured new AI-related contracts totaling 207 million yuan in 2024, with 25 key projects aimed at major clients like China Mobile and China Unicom [5]. - R&D investment is expected to continue to rise, supporting the company's strategy to maintain technological leadership in the AI sector [5].