Richinfo Technology (300634) 民生证券·2024-10-28 07:00Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a revenue of 1.21 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 10.72%, while the net profit attributable to shareholders decreased by 36.36% to 195 million yuan [2]. - In Q3 2024, the company reported a revenue of 429 million yuan, a year-on-year increase of 19.26%, indicating a healthy growth trend [2]. - The company is a key partner of Huawei in developing applications for the Harmony OS, with a focus on enhancing user services through a mobile app launched in the Huawei App Store [2]. - The company is actively expanding its AI applications, including the launch of various AI-driven products such as Rich AIBox and AI-based communication solutions [2]. Financial Performance - The projected net profits for 2024, 2025, and 2026 are estimated to be 347 million yuan, 405 million yuan, and 488 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 27X, 23X, and 19X [2][5]. - The company’s total revenue is expected to grow from 1.87 billion yuan in 2024 to 2.79 billion yuan in 2026, with growth rates of 25.2%, 23.3%, and 21.2% respectively [5]. - The gross margin is projected to improve from 38.66% in 2023 to 40.74% in 2026, indicating enhanced profitability [5]. AI and Technology Development - The company is leveraging AI to upgrade traditional business models, with products like AI email expected to accelerate its AI strategy [2]. - The Rich AIBox serves as a powerful engine for AI application development, facilitating various industry-specific solutions [2]. - The company has launched a series of AI applications aimed at enhancing communication experiences, showcasing its commitment to integrating AI into its offerings [2].