Investment Rating - The report does not explicitly mention the investment rating for SAP SE [1][2][3] Core Views - SAP SE demonstrated strong performance in Q3 2024, with cloud orders growing by 25% to €15.38 billion, and cloud revenue increasing by 25% to €4.35 billion, driven by a 34% growth in cloud ERP suite revenue [2][8] - The company successfully expanded its customer base across various sectors, including retail, technology, and other industries, with notable agreements with Schwarz Group, Sainsbury's, and Mistral AI [2][17][18] - SAP's regional revenue breakdown shows EMEA as the largest market, followed by the Americas, with significant growth in cloud revenue across all regions [11][13] - The company raised its full-year 2024 guidance, expecting cloud and software revenue to grow by 10-11% to €29.5-29.8 billion, and non-IFRS operating profit to increase by 20-23% to €7.8-8.0 billion [14][15] Performance Summary Q3 2024 Financial Performance - Cloud orders grew by 25% to €15.38 billion, with a 29% increase at constant currency rates, partly due to the acquisition of WalkMe [2][8] - Cloud revenue increased by 25% to €4.35 billion, with cloud ERP suite revenue growing by 34% to €3.64 billion [2][8] - Software license revenue declined by 15% to €280 million, while cloud and software revenue grew by 11% to €7.43 billion [2][8] - Total revenue increased by 9% to €8.47 billion, with a 10% growth at constant currency rates [2][8] Customer Expansion - Retail sector: Agreements with Schwarz Group, Sainsbury's, and Mercado Libre, leveraging SAP's WISE system for process innovation and AI integration [2][17] - Technology sector: Partnerships with Mistral AI and NVIDIA, focusing on AI-driven ERP solutions and rapid implementation of RISE projects [2][18] - Other sectors: New clients include Dawn Foods, DXC Technology, and Sol de Janeiro, with RISE winning large customers like Mondelez and Roche [2][18] Regional Revenue Breakdown - EMEA remains the largest market, contributing significantly to cloud and software revenue, followed by the Americas [11][13] - Strong cloud revenue growth in APJ (Asia-Pacific and Japan) and EMEA, with notable performance in Brazil, Chile, Germany, and Japan [13][22] Full-Year 2024 Guidance - Cloud and software revenue expected to grow by 10-11% to €29.5-29.8 billion, up from €26.92 billion in 2023 [14][15] - Non-IFRS operating profit projected to increase by 20-23% to €7.8-8.0 billion, up from €6.51 billion in 2023 [14][15] - Cloud revenue expected to grow by 24-27% to €17.0-17.3 billion, up from €13.66 billion in 2023 [14][15] Innovation and AI Strategy - SAP's AI strategy is central to its cloud ERP suite, with 30% of cloud orders in Q3 including AI usage [16] - The company's Joule AI copilot has gained significant traction, with over 500 skills added and plans to cover 80% of frequent business transactions by year-end [19] - SAP's Knowledge Graph enhances GenAI capabilities, providing more relevant and context-aware solutions [19] Future Outlook - SAP aims for double-digit revenue and operating profit growth in the coming years, with a focus on optimizing operations and expanding its partner ecosystem [20][21] - The company expects Q4 to be its highest revenue quarter, with strong performance in cloud ERP and AI-driven solutions [23][24]
思爱普：FY24Q3点评及业绩说明会纪要：利润超出彭博一致预期，看好云业务发展