Richinfo Technology (300634) 天风证券·2024-12-13 10:10Investment Rating - The report maintains a "Buy" rating for the company with a 6-month outlook [7] Core Views - The company's three major product lines are showing positive trends, and the release of equity incentives demonstrates confidence in future development [7] - The company is transitioning from IT innovation to AI applications, with the Rich AI Super Factory opening up significant growth potential [7] - The company has launched the AI music application "Cailing Tugele," which has considerable future application scenarios [9] Product Lines Summary Collaborative Office Product Line - The company's email product is the preferred choice for China's top 500 companies, and it is advancing towards "digital employees" by integrating AI and metaverse technologies [7] - The RichMail system has independent intellectual property rights and has completed compatibility certifications with various domestic hardware and software [22] - The company has launched China's first intelligent email product, integrating generative AI technology with traditional email systems [22] Smart Channel Product Line - This product line focuses on enterprise data operations and management, providing platforms for customer acquisition and engagement [26] - The company has developed a comprehensive HarmonyOS app development framework, ensuring robust mobile technology architecture [27] Cloud and Big Data Product Line - The company is a core supplier for Mobile Cloud and is extending its traditional cloud advantages towards intelligent computing centers [7] - The cloud and big data business continues to grow steadily, with the company assisting clients in providing professional cloud consulting services and solutions [29] AI and Metaverse Ecosystem - The company has developed the Rich AI Super Factory, which is a comprehensive ecosystem built around AI and the metaverse [8] - The Rich AI Super Factory consists of three layers: Rich AICloud (infrastructure), Rich AIBox (custom AI application development), and AI application layer (B2B and B2C AI applications) [8][45] AI Music Application - The company has launched the AI music application "Cailing Tugele," which integrates AI algorithms, music production, and data analysis to provide users with a unique music creation experience [9] - The application has already reached hundreds of thousands of users without full-scale promotion, indicating strong user acceptance [9] Financial Projections - The company is expected to achieve net profits of 260 million, 330 million, and 400 million yuan for 2024-2026, with corresponding P/E ratios of 42X, 34X, and 28X [10] - Revenue is projected to grow from 1,654.28 million yuan in 2024 to 2,166.12 million yuan in 2026, with a CAGR of 14.07% [14] Industry Analysis - The AIGC application market in China is expected to reach 20 billion yuan in 2024 and grow to a trillion-yuan market by 2030, with a five-year CAGR of over 30% [38] - AI music generation is a rapidly developing field, with products like Suno and Udio leading the way in enabling mass music creation [43]