Richinfo Technology (SZ:300634) Tianfeng Securities·2024-04-30 01:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [17][31]. Core Insights - The company reported Q1 2024 revenue of 424 million yuan, a year-on-year increase of 10.64%, and a net profit attributable to the parent company of 83.75 million yuan, up 38.10% year-on-year [1]. - The gross margin for Q1 2024 was 40.95%, an increase of 1.89 percentage points year-on-year, while the net profit margin rose to 19.02%, up 3.10 percentage points year-on-year [2]. - The company has signed a partnership with Huawei to promote the HarmonyOS ecosystem, indicating a strategic move towards enhancing its digital transformation capabilities [3][15]. - The company is focusing on the digital economy and actively embracing AIGC technology, with expectations for rapid growth in order volume driven by trends in the Xinchuang industry and state-owned cloud development [4][5]. Financial Summary - The company forecasts net profits for 2024, 2025, and 2026 to be 340 million yuan, 432 million yuan, and 541 million yuan respectively, with corresponding P/E ratios of 25, 20, and 16 [4][6]. - The revenue projections for 2024, 2025, and 2026 are 1.90 billion yuan, 2.39 billion yuan, and 2.98 billion yuan, reflecting growth rates of 26.81%, 26.09%, and 24.57% respectively [6][28]. - R&D expenses for Q1 2024 were 81.15 million yuan, accounting for 19.12% of revenue, which is an increase of 3.68 percentage points year-on-year [5].