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RICHINFO TECHNOLOGY CO. LTD.(300634):LEADER OF DOMESTIC EMAIL SERVICES SEES NEW OPPORTUNITIES IN AI AND IT INNOVATION

东吴证券国际经纪有限公司 2023-11-27

As a leader in domestic email services, Richinfo continues to expand its business

boundaries. The company is primarily engaged in basic internet services. In 2005, it officially launched mobile email services, and in 2009, the mobile email products were fully upgraded to become "139 Mailbox" under China Mobile. With the development of the internet industry, the company gradually shifted its focus to being an "industrial internet technology and service provider," concentrating on helping enterprises create new products and channels for consumers. The company currently has three major product lines: collaborative office, smart channels, and cloud & big data.

Evident strength of email products demonstrates in normalization of IT innovation.

With the deepening of IT innovation and the maturity of software, email, as one of the essential collaborative office tools for enterprises, is poised to achieve domestic substitution. Richinfo's independently developed Richmail is a flagship product in the domestic email market, maintaining a leading position in IT innovation adaptability and data security. The Richinfo email system has been selected for the central procurement email project and has gained favor among many government and enterprise customers.

At the pivotal moment of LLMs, the AI email assistant may embark on a new growth

curve. In 2023, large language models are experiencing accelerated development. LLM technology brings significant innovations in various industries and opportunities for industrial transformation. It is also likely to evolve into a personal AI assistant for everyone, profoundly changing human production and lifestyle. Email is one of the optimal scenarios where AI can be implemented, and the company has early investments in AI technology. In May 2023, Richinfo released a demo product for the next-generation intelligent mailbox with three core capabilities: proactive service similar to a secretary, information integration and processing based on LLMs, and cross-domain information retrieval and storage. Currently, the efficiency improvement of daily email office work with AI email assistant products can reach over 20%.

Benefiting deeply from state-owned operator cloud services, the company's cloud

business exhibits robust growth. Data security of SOE, crucial pillar of the national economy, is fundamental and vital to people's livelihoods. Cloud transformation of SOE has become the next step in their digital reform, giving rise to the concept of "state-owned operator cloud." According to financial reports from the three major telecom operators, cloud computing has become the main driver of growth, with cloud business growth rates exceeding 100% in 2022. In the field of operator services, the company has delved deeply into China Mobile cloud services and successfully expanded horizontally to include China Unicom and China Telecom. With continuous breakthroughs in operator services, the company's market share may further increase.

Earnings Forecast & Rating: We expect the revenue and net profit of the company in 2023-2025 to be Rmb1.506/1.894/2.368bn and Rmb353/408/518mn, implying P/E at 31x/27x/21x. We initiate coverage with "Buy" rating.

Risks: Lower-than-expected policy progress, AI email implementation, and information technology investment by operators; intensified competition.

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