转自：智通财经 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 【中信证券维持赛富时买入评级 目标价350美元】智通财经12月9日电，中信证券维持赛富时 （CRM.N）买入评级，目标价350美元，FY2026Q3收入102.6亿美元（+9% YoY），Non-GAAP净利润 36.4亿美元（+16% YoY）超预期。数据云与AI产品经常性年化收入达14亿美元，同比增长114%， Agentforce订单进展强劲，推动平台价值提升。公司盈利预测上调，受益于AI驱动增长与生态协同效 应，目标价维持350美元。 ...

Investment Rating - The report maintains a "Buy" rating for Microsoft (MSFT US), Google (GOOG US), Amazon (AMZN US), and Palo Alto Networks (PANW US) [22][23]. Core Insights - The competition in the large model industry is expected to intensify, with AI applications continuing to monetize effectively. The report highlights the potential for revenue growth driven by enhanced capabilities in AI models, particularly in image editing and video generation [1][25]. - Cloud service providers are experiencing accelerated revenue growth, with capital expenditures increasing significantly, indicating strong demand and a healthy outlook for profitability [3][9]. - AI monetization is driving growth in core business areas while exploring new revenue opportunities, with a focus on cost reduction and efficiency improvements [3][22]. Summary by Sections Industry Outlook - The large model industry is witnessing intensified competition, with continuous improvements in model capabilities and decreasing costs for model invocation. Key trends include a focus on agentic capabilities, faster iteration of open-source models, and the feasibility of large-scale deployment of end-to-end voice interaction models [3][25]. Cloud Business Performance - Revenue growth for U.S. internet companies' cloud businesses has accelerated, with a year-on-year increase in capital expenditures reaching $93.1 billion (+71% YoY). Operating profit for cloud businesses grew by 24.1% YoY in Q3 2025 [3][9]. AI Monetization - AI is driving growth beyond traditional cloud and advertising sectors, creating new revenue opportunities and enhancing operational efficiency. The report notes that enterprise AI applications are commercializing more slowly than AI cloud and advertising but still show promise for profit margin improvements [3][22]. Investment Opportunities - The report suggests focusing on two main scenarios for AI monetization: applications where large models excel, such as programming and creative generation, and high-value AI applications in traditional verticals like enterprise intelligence and education [3][22]. Financial Projections - The report projects that global AI spending will grow by 37% year-on-year to reach $2.0 trillion by 2026, with significant growth expected in AI application software and AI infrastructure software [8][22].

Core Insights - The Q3 earnings season has shown strong results, with a projected 13.4% increase in earnings per share for S&P 500 companies, marking the fourth consecutive quarter of double-digit growth [2][3] - Oracle is anticipated to report significant earnings, following its impressive second quarter results that highlighted a substantial cloud backlog [4][17] - Mentions of "AI" during earnings calls have reached a record high, indicating its growing importance in corporate strategies and market performance [13][14] Group 1: Earnings Reports - Campbell's Company reported a 3% decline in net sales year over year to $2.67 billion, with earnings per share dropping to $0.65, below Wall Street estimates [6][7] - Toll Brothers' earnings per share for the fiscal fourth quarter were $4.58, missing estimates of $4.89, while revenue was $3.41 billion, slightly above expectations [10][11] - Victoria's Secret raised its 2025 guidance for net sales to $6.45 billion to $6.48 billion, up from previous estimates, and reported a net loss of $0.46 per share, better than expected [18][19][20] Group 2: Market Trends - The retail sector is experiencing shifts, with specialty retailers like GameStop and AutoZone expected to report results that will provide insights into consumer spending patterns [4] - Companies mentioning "AI" have seen a higher average stock price increase compared to those that did not, indicating a market trend favoring AI-related investments [14][15][16] - The competitive landscape for grocery retailers like Kroger is intensifying, with challenges from Amazon and Walmart affecting market sentiment [28][29] Group 3: Company Strategies - CrowdStrike raised its full-year revenue guidance, attributing growth to increased demand for its AI-driven cybersecurity solutions [55][56] - Snowflake's partnership with Anthropic aims to enhance its AI capabilities, although its revenue guidance fell short of expectations, leading to a stock decline [36][39][40] - Marvell announced the acquisition of Celestial AI for $3.25 billion, aiming to strengthen its position in AI datacenter infrastructure [61][63]

Question-and-Answer SessionSusan Emerson All right. Well, good morning. I'm Susan Emerson. I'm based here in New York, and I've been with Salesforce for 15 years. And for the last 3 years, I've been on the gen AI and agentic sprint as part of the AI product team that's now known as Agentforce. And it's such a fast-moving and new space that one of the things that we do very consciously at Salesforce is make sure we've got, I don't know, trail guides to use like Salesforce terminology to help all our employee ...

Salesforce Conference Call Summary Company Overview - **Company**: Salesforce (NYSE: CRM) - **Date**: December 08, 2025 - **Speaker**: Susan Emerson, part of the AI product team known as Agentforce Key Points Industry and Product Developments - **AI Product Focus**: Salesforce has been heavily investing in AI, particularly through the Agentforce initiative, which includes advancements in voice technology and hybrid reasoning capabilities [2][4][6] - **Voice Integration**: The company has launched voice capabilities for customer-facing AI, emphasizing its importance as a communication channel [4][5] - **Hybrid Reasoning**: Introduced a reasoning engine that combines probabilistic and deterministic approaches, allowing organizations to create more effective AI agents without needing advanced technical skills [6][9] Customer Success and Use Cases - **Customer Adoption**: Salesforce reported a significant increase in Agentforce deals, with 18,500 deals noted and a 50% quarter-over-quarter increase in production usage [14][15] - **Industry Examples**: - A large insurer uses Salesforce for underwriting and customer interactions, leveraging AI to reduce friction in processes [16] - A recruitment company has improved candidate pipelines and acceptance rates through AI, demonstrating the effectiveness of digital labor [21] - A healthcare company has reduced call center staff through AI, allowing for higher wages and more complex tasks for remaining employees [23] Budgeting and Investment Trends - **Budget Evolution**: Organizations are transitioning from experimentation to transformation, with AI budgets increasingly being discussed at the CEO level [19] - **Digital Labor Concept**: The idea of digital labor is becoming clearer for organizations, with many seeing tangible benefits in efficiency and cost savings [20][24] Competitive Landscape - **Market Positioning**: Salesforce emphasizes its unique advantages, including comprehensive customer data integration and a flexible architecture that supports various AI models [30][31] - **Openness and Flexibility**: The company promotes an open architecture that allows for integration with various data sources and AI models, positioning itself as a future-proof solution [31][32] Data Cloud and Infrastructure - **Data Cloud Importance**: Salesforce's Data Cloud is positioned as an activation substrate, allowing organizations to leverage existing data lakes without needing to migrate data [34][36] - **Informatica Acquisition**: The acquisition of Informatica enhances Salesforce's capabilities in data management, lineage, and cataloging, further supporting AI initiatives [37] Future Growth Opportunities - **Growth Targets**: Salesforce aims for a $60 billion target, with significant opportunities identified in AI-driven transformations across various processes [41][42] - **Multi-Cloud Strategy**: The company sees potential in expanding its multi-cloud offerings, leveraging its diverse cloud solutions to drive innovation [43] Pricing Strategy - **Flexible Pricing Models**: Salesforce has developed various pricing strategies, including per-user models and pay-as-you-go options, to accommodate different customer needs [27][28][29] Additional Insights - **AI's Transformative Impact**: AI is seen as integral to Salesforce's future, with the potential to automate processes and create new use cases based on user interactions [42][43] - **Investment in Human Capital**: The company is increasing its capacity in AI and data sales, as well as investing in training programs for employees to enhance adoption and implementation [39][40]

Core Insights - Salesforce reported strong fiscal 2026 third-quarter results, driven by its AI platform Agentforce, which significantly contributed to revenue growth [2][10] - Despite the positive results, Salesforce's stock has decreased by 25% this year due to investor concerns regarding the impact of AI on SaaS companies [2][12] Financial Performance - Salesforce's revenue increased by 9% year over year to $10.26 billion, slightly missing the consensus estimate of $10.27 billion [6] - Subscription and support revenue rose by 10% to $9.73 billion [6] - Adjusted earnings per share (EPS) surged 35% to $3.25, exceeding the consensus estimate of $2.86 [10] Growth Drivers - Agentforce's annual recurring revenue (ARR) grew 330% to $540 million, with 9,500 paid deals, a 50% increase from the previous quarter [4][5] - Data 360 also contributed to growth, with its records processed more than doubling in the quarter, leading to a combined ARR of $1.4 billion for Agentforce and Data 360, a 114% year-over-year increase [5] Future Guidance - Salesforce raised its full-year revenue guidance to $41.45 to $41.55 billion, with projected revenue growth of 9% to 10% [10] - For fiscal Q4, the company expects revenue to increase by 11% to 12%, projecting adjusted EPS between $3.02 and $3.04 [10] Valuation Metrics - Salesforce is currently trading at a forward price-to-sales multiple of 5.3 and a forward price-to-earnings (P/E) ratio of 19.5, with a price/earnings-to-growth (PEG) ratio below 0.55, indicating potential undervaluation [11]

Core Insights - Salesforce.com reported total revenue of $10.26 billion for the quarter ending October 2025, reflecting an 8.6% increase year-over-year [4] - The analysis of international revenue is essential for understanding the company's financial resilience and growth potential [1][2] International Revenue Performance - Asia Pacific generated $1.09 billion in revenue, accounting for 10.6% of total revenue, surpassing the consensus estimate of $1.02 billion by 6.16% [5] - Europe contributed $2.47 billion, representing 24.1% of total revenue, exceeding expectations by 20.21% as analysts had forecasted $2.05 billion [6] Future Projections - Analysts project Salesforce.com to report $11.19 billion in total revenue for the current fiscal quarter, indicating a 12% increase year-over-year, with Asia Pacific and Europe expected to contribute $1.08 billion (9.7%) and $2.18 billion (19.4%) respectively [7] - For the full year, total revenue is anticipated to reach $41.41 billion, reflecting a 9.3% increase from the previous year, with Asia Pacific and Europe expected to contribute $4.2 billion (10.1%) and $9 billion (21.7%) respectively [8] Market Context - The company's reliance on international markets presents both opportunities and risks, making it crucial to monitor international revenue trends for forecasting prospects [9] - In the context of increasing international interdependencies and geopolitical conflicts, analysts closely observe these trends to adjust earnings forecasts [10]

Market Overview - U.S. equity markets opened positively on December 8, 2025, with all three major indexes showing gains, driven by optimism regarding a potential interest rate cut by the Federal Reserve [1] - The S&P 500 opened 0.11% higher at 6,878.27 points, reflecting a year-to-date increase of 12.83% [2] - The Nasdaq Composite rose 0.29% to 23,646.30 points, with a year-over-year growth of 18.72% [3] - The Dow Jones Industrial Average added 0.22% at 47,954.99 points, marking a 6.48% annual increase [4] Upcoming Economic Indicators - Key economic data releases are scheduled for the week, including the NFIB Business Optimism Index, ADP Employment Change, and JOLTs Job Openings [6] - Reports on MBA Mortgage Applications, Employment Cost Index, and Wholesale Inventories will also be released, providing insights into labor market dynamics and inflation pressures [6] Corporate Earnings and Developments - Major companies reporting earnings this week include AutoZone, Oracle, Adobe, Broadcom, Costco, and Lululemon, which could influence their respective sectors [7] - Netflix announced a $72 billion cash-and-stock deal to acquire Warner Bros. Discovery, leading to a drop in Netflix shares by approximately 2.9% while Warner Bros. Discovery shares surged over 5% [8] - Salesforce's stock jumped by 5.3% following strong earnings results, with other tech companies like Alphabet, Meta Platforms, and Broadcom also experiencing gains [9] Notable Stock Movements - Apple shares slipped by 0.7%, while Nvidia eased by 0.5%, contrasting with gains in other sectors such as ULTA Beauty, which rose by 12.65% [10] - Political developments include President Trump's announcement of a "One Rule" executive order for AI regulation, which may impact companies in the AI sector [11] - IQE extended its supply agreement with Lumentum Holdings, and Prudential is considering an IPO for its Indian joint venture, indicating strategic moves in the market [11]

Core Insights - Salesforce CEO Marc Benioff indicated a potential company rebranding to "Agentforce" due to customer preference for "AI agents" over "cloud" terminology [1][2] Group 1: Company Rebranding - The company is renaming its products and services to align with the new focus on artificial intelligence, with "Sales" becoming "Agentforce Sales," "Service" changing to "Agentforce Service," and "Platform" rebranded as "Agentforce 365 Platform" [2] - This strategic shift mirrors past industry practices where companies rebranded to reflect new technologies or strategies, similar to Facebook's transition to Meta and Google's rebranding to Alphabet [2]

Salesforce, Inc. (NYSE:CRM) is one of the stocks Jim Cramer discussed, along with the tech battleground. Cramer noted that he loved the company’s recent quarter, as he remarked: “Second is Salesforce… And boy, I love this quarter. When his (CEO Marc Benioff) company reported last night, it was lights out, people, lights out. He laid out a… program for Agentforce that suggested Salesforce might have the agentic AI space to itself. This could be one of the largest markets in history. This is the holy grail, ...