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派拓网络：与客户产生良好共鸣的平台化战略
PANWPalo Alto(PANW) 招银国际·2024-11-22 00:23

Investment Rating - The report maintains a "Buy" rating for Palo Alto Networks (PANW) with a target price raised by 17% to 464.40,basedonaconsistentprice−to−salesratioof16.0x[3][14].CoreInsights−PaloAltoNetworksreporteda13.9464.40, based on a consistent price-to-sales ratio of 16.0x [3][14]. Core Insights - Palo Alto Networks reported a 13.9% year-over-year revenue growth for Q1 FY2025, reaching 2.1 billion, slightly exceeding Bloomberg consensus estimates by 1% [3]. - Non-GAAP net income for the same period was 544.9million,reflectinga17544.9 million, reflecting a 17% increase year-over-year and surpassing consensus expectations by 6% [3]. - The company's platform strategy is showing initial success, which is expected to drive long-term market share growth [3]. Summary by Sections Revenue Overview - Subscription and support revenue grew by 16% to 1.8 billion, accounting for 83% of total revenue, driven by increased adoption of Next-Generation Security (NGS) products [4]. - NGS Annual Recurring Revenue (ARR) reached 4.52billion,a404.52 billion, a 40% year-over-year increase [4]. Financial Performance - Non-GAAP operating profit was 616.2 million, with a margin of 28.8%, exceeding market expectations by 1.2 percentage points [4]. - The report anticipates Q2 FY2025 total revenue to reach 2.23billion,reflectinga132.23 billion, reflecting a 13% year-over-year growth [4]. Product Growth - Active SASE customer count increased by 20% year-over-year, with over 40% of new SASE customers being first-time adopters of PANW products [5]. - Cortex ARR reached 1 billion, with significant growth driven by XSIAM, where 40 customers have ARR exceeding 1million,markinga1801 million, marking a 180% year-over-year increase [5]. Guidance Update - Management raised FY2025 guidance due to optimistic Q1 performance: NGS ARR is now projected between 5.52 billion and 5.57billion,totalrevenuebetween5.57 billion, total revenue between 9.12 billion and 9.17billion,anddilutednon−GAAPEPSbetween9.17 billion, and diluted non-GAAP EPS between 6.26 and 6.39[6].ValuationMetrics−Thetargetenterprisevalue/salesforFY2025issetat6.39 [6]. Valuation Metrics - The target enterprise value/sales for FY2025 is set at 158.2 billion, with a target price of 464.40basedonprojectedrevenue[14].−Thereportindicatesaconsistentgrowthtrajectoryinrevenueandprofitabilitymetrics,withadjustednetincomeexpectedtoreach464.40 based on projected revenue [14]. - The report indicates a consistent growth trajectory in revenue and profitability metrics, with adjusted net income expected to reach 2.26 billion in FY2025 [16].