Richinfo Technology (SZ:300634) Minsheng Securities·2024-04-19 01:00Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Insights - The company achieved a revenue of 1.496 billion yuan in 2023, representing a year-on-year growth of 25.18%. The net profit attributable to shareholders was 325 million yuan, up 44.31% year-on-year [1]. - The company is focusing on integrating AI with its three main product lines to create new growth momentum. Key developments include a new generation smart mailbox, a one-stop integrated development platform RichAI, and an enterprise-level AI application platform AIBox [1]. - The company is positioned to capitalize on the domestic software market opportunities, particularly in the context of the "14th Five-Year Plan," which emphasizes the need for domestic alternatives in administrative and electronic government systems [1]. Financial Forecasts - Revenue is projected to grow to 1.874 billion yuan in 2024, with a growth rate of 25.2%. By 2026, revenue is expected to reach 2.799 billion yuan, with a growth rate of 21.2% [2]. - The net profit attributable to shareholders is forecasted to be 398 million yuan in 2024, growing to 581 million yuan by 2026, with corresponding growth rates of 22.6% and 20.1% respectively [2]. - The earnings per share (EPS) is expected to increase from 0.73 yuan in 2023 to 1.30 yuan in 2026, with a price-to-earnings (PE) ratio decreasing from 24 to 13 over the same period [2][6]. Product Development and Market Position - The company is enhancing its core competitiveness by focusing on the office scene and seizing opportunities in the domestic software market. The RichMail email system has completed full-stack domestic certification [1]. - Collaborations with major clients such as China Bank and China Life Insurance are underway to support domestic transformation projects [1]. - The company is also expanding its presence in the transportation and finance sectors through partnerships with entities like China International Freight Airlines and Yingda Life Insurance [1].