[Table_StockNameRptType] Salesforce（CRM） 公司点评 FY25Q4 利润端稳定增长，RPO 创新高 | 投资评级：增持（维持） | [Table_Rank] | 报告日期： | | --- | --- | --- | | 2025-03-05 | | | | [Table_BaseData] | 收盘价（美元） | 287.34 | | 近 12 个月最高/最低（美元）369.0/212.0 | | | --- | --- | | 总股本（百万股） | 957 | | 流通股本（百万股） | 932 | | 流通股比例（%） | 97.4 | | 总市值（亿美元） | 2750 | | 流通市值（亿美元） | 2679 | [公司价格与 Table_Chart]纳斯达克走势比较 [Table_Author] 分析师：金荣 2 月 24 日，公司与 Alphabet 签署了云计算合作协议。Salesforce 的客户可以选择在谷歌云上运行其客户管理软件、Agentforce 自主 AI 助手和数据云产品。Salesforce 之前主要依赖亚马逊的云服务，但在未 来七年内，通 ...

[Table_StockNameRptType] Salesforce（CRM） 公司点评 FY25Q4 利润端稳定增长，RPO 创新高 | 投资评级：增持（维持） | [Table_Rank] | 报告日期： | | --- | --- | --- | | 2025-03-05 | | | | [Table_BaseData] | 收盘价（美元） | 287.34 | | 近 12 个月最高/最低（美元）369.0/212.0 | | | --- | --- | | 总股本（百万股） | 957 | | 流通股本（百万股） | 932 | | 流通股比例（%） | 97.4 | | 总市值（亿美元） | 2750 | | 流通市值（亿美元） | 2679 | 1.AI 工具多场景覆盖，经营利润持续 释放 2024-05-13 2.生态为主 AI 为辅，创意工具厚积薄 发 2024-03-03 [公司价格与 Table_Chart]纳斯达克走势比较 [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com [Table_CompanyRepo ...

Group 1 - Salesforce's stock has declined over 20% from its December high, driven by bearish sentiment following disappointing Q4 FY2025 earnings results [1] - The company not only missed its Q4 revenue consensus but also provided a negative outlook, contributing to the decline in stock price [1]

Core Viewpoint - The performance of Salesforce.com's international operations is critical for understanding its financial resilience and growth potential, especially given its extensive global presence [1][2]. Group 1: International Revenue Performance - Salesforce.com reported total revenue of $9.99 billion for the quarter, reflecting a 7.6% increase [4]. - Asia Pacific contributed $999 million, or 10.00% of total revenue, exceeding analyst expectations by +3.04% [5]. - Europe generated $2.33 billion, accounting for 23.36% of total revenue, surpassing projections by +38.29% [6]. Group 2: Future Revenue Predictions - Analysts anticipate total revenue of $9.74 billion for the current fiscal quarter, a 6.6% increase year-over-year, with expected contributions of 10.3% from Asia Pacific and 22.1% from Europe [7]. - For the full year, total revenue is projected to reach $40.82 billion, up 7.7% from the previous year, with Asia Pacific and Europe expected to contribute 10.2% and 21.9% respectively [8]. Group 3: Market Dependency and Trends - Salesforce.com's reliance on international markets presents both opportunities and challenges, making the monitoring of overseas revenue trends essential for predicting future performance [9]. - Analysts are closely tracking these trends in the context of increasing global interdependencies and geopolitical tensions [10].

Core Insights - Investors often avoid stocks around earnings announcements due to high volatility, but post-earnings, opportunities arise as volatility decreases [1][2] Group 1: eBay Inc. (NASDAQ: EBAY) - eBay's stock experienced a decline of up to 9.5% following its latest quarterly earnings, leading to concerns about performance expectations [3][5] - Analysts from Benchmark reiterated a Buy rating and raised their valuation target for eBay from $65 to $75 per share, indicating a potential upside of 20% [4][5] - Institutional investors, such as Ameriprise Financial, increased their holdings in eBay by 12.4%, bringing their total position to $1.8 billion, reflecting bullish sentiment [6] Group 2: Snowflake Inc. (NYSE: SNOW) - Snowflake's 12-month stock price forecast is set at $202.92, suggesting a 14.8% upside, supported by a moderate Buy rating from analysts [7][8] - The increasing reliance on cloud-based services as the global economy digitizes justifies the premium valuation of Snowflake's stock [9] - UBS Asset Management Americas raised their holdings in Snowflake by 16.4%, increasing their net position to $347.9 million, indicating positive investor sentiment [10] Group 3: Salesforce Inc. (NYSE: CRM) - Salesforce's stock forecast indicates a potential upside of 22.74%, with a target price of $365.32, supported by a moderate Buy rating from analysts [11] - Analysts from Canaccord Genuity Group have set a new valuation target of $400 per share for Salesforce, suggesting a 36% upside from current trading levels [12] - A 2.5% decline in Salesforce's short interest over the past month indicates a shift in sentiment towards bullishness, aligning with positive fundamental and technical factors [13]

2025年3月3日 招商银行国际全球市场 | 股票研究 | 公司更新 2025财年第四季度（4QFY25）的结果与共识预期基本一致。 2025财年第 四季度，cRPO同比增长9%（按固定汇率计算同比增长11%），符合管理 层的指导。从部门来看，4QFY25销售/服务/平台及其他/市场营销和商务/集 成与云分析收入分别同比增长8%、8%、12%、7%、5%。多云势头持续， 4QFY25前100笔交易的平均每笔交易包含6种云服务。行业云也取得了稳 健的表现，年度经常性收入（ARR）同比增长20%，达到57亿美元。对于2 026财年第一季度，管理层预计总营收同比增长6%-7%至97.1-97.6亿美元 ，cRPO同比增长10%。 预计数据云与人工智能在财年26E中将持续强劲的动力。 数据云与人工智 能年度经常性收入在4QFY25达到9亿美元，同比增长120%。自2024年10月推 出以来，Agentforce已积累超过3000名付费客户。该人工智能解决方案还推动 了其核心产品和数据云产品的交叉销售。50%的《财富》100强公司既是Salesf orce的数据云与人工智能客户。4QFY25的前10笔大单中均包含数据云 ...

3 Mar 2025 CMB International Global Markets | Equity Research | Company Update Salesforce (CRM US) Conservative guidance weighs on sentiment; strong Data Cloud & AI momentum Salesforce reported 4QFY25 results: total revenue grew by 9% YoY in constant currency to US$10.0bn, in line with Bloomberg consensus estimate; non-GAAP net income was up by 20% YoY to US$2.7bn, 6% ahead of consensus estimate thanks to enhanced operating efficiency. For FY26E, management guided total revenue of US$40.5-40.9bn (+7-8% YoY ...

Core Viewpoint - Salesforce reported solid results for its fiscal 2025 fourth quarter and is focusing on agentic AI as a key growth driver, despite a challenging start to 2025 for its stock [1][2] Group 1: Financial Performance - Salesforce's revenue increased by 8% year over year to $10 billion, aligning with its guidance range [6] - Adjusted earnings per share (EPS) rose by 21% to $2.78, with free cash flow generated during the quarter amounting to $3.8 billion [7] - Current remaining performance obligations (cRPOs) grew by 10% year over year to $30.2 billion, indicating a positive revenue outlook [7] Group 2: Agentic AI and Product Development - The company introduced Agentforce, an agentic AI solution, which has gained traction with 5,000 deals closed, including 3,000 paid deals [2][3] - Agentforce offers various out-of-the-box AI agents for tasks in customer service, HR, and technical support, and allows customers to create custom agents using low-code and no-code tools [3][4] - The product is consumption-based, costing $2 per interaction, aimed at enhancing productivity and efficiency [4] Group 3: Partnerships and Ecosystem - Salesforce's partnership network has been instrumental, with half of Agentforce sales and 70% of activations coming from this ecosystem [5] - The company has 127,000 system-integrated employees trained on Agentforce and over 1,000 technology partners involved in building and selling agents [5] Group 4: Future Guidance - For fiscal 2026, Salesforce forecasts revenue growth of 7% to 8%, projecting total revenue between $40.5 billion and $40.9 billion [8] - The company anticipates subscription and support revenue to grow by about 8.5% and expects fiscal Q1 revenue growth of 6% to 7% year over year [8][9] Group 5: Valuation and Market Position - Salesforce trades at a forward price-to-sales multiple of under 7 and a forward price-to-earnings (P/E) ratio under 27, with a price/earnings-to-growth (PEG) ratio of 0.5, indicating potential undervaluation [10] - The valuation is considered attractive if Agentforce can accelerate revenue growth, with conservative guidance suggesting a good chance of exceeding expectations throughout the year [11]

Core Insights - Salesforce, Inc. (NYSE: CRM) is recognized as a strong company with wide moats, solid fundamentals, and reliable growth characteristics that support its status as a compounder [1] Group 1 - The company is characterized by its wide economic moats, indicating a strong competitive advantage [1] - Solid fundamentals are highlighted, suggesting a stable financial position and operational efficiency [1] - The company demonstrates very reliable growth, which is essential for long-term investment potential [1]

Core Insights - The article discusses Salesforce's (NYSE: CRM) Q3 performance and evaluates the potential of its AI offering, Agentforce, for long-term growth [1]. Group 1 - Salesforce's recent performance was analyzed, focusing on its Q3 results [1]. - The potential of Agentforce, Salesforce's latest AI offering, is explored in terms of its long-term growth prospects [1].