Adobe(US:ADBE) Huaan Securities·2024-06-18 05:31Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - In Q2 2024, the company reported total revenue of $5.309 billion, a year-on-year increase of 10.2%, with adjusted profit reaching $2.441 billion, up 12.0% year-on-year [1][2] - The Digital Media segment generated revenue of $3.908 billion in Q2, reflecting an 11.3% year-on-year growth, while the Document Cloud revenue grew by 18.7% to $0.782 billion [1] - The company has accelerated its AI monetization process, with the launch of Firefly 3 and the introduction of low-code and no-code access models [1][2] - The Document Cloud's ARR net growth was $1.65 billion, a significant increase of 42.2% year-on-year, driven by the launch of Acrobat AI Assistant [2] - The company expects Q3 revenue to be between $5.33 billion and $5.38 billion, with full-year guidance for 2024 set at $21.4 billion to $21.5 billion [1][2] Financial Performance Summary - For Q2 2024, the adjusted net profit attributable to the parent company was $2.023 billion, up 12.8% year-on-year [1] - The company projects revenue growth of 10.9% for 2024, with expected revenues of $21.517 billion in 2025 and $23.985 billion in 2026 [4][6] - The adjusted net profit for 2024 is estimated at $8.157 billion, with a year-on-year growth of 10.6% [6]