Snowflake Inc-A：业绩超预期，AI新品采用向好

Investment Rating - The report maintains an "Overweight" rating for the company [4]. Core Insights - The company's overall performance exceeded expectations with strong order growth, reporting total revenue of $942.1 million for FY2025Q3, a year-over-year increase of 28%, surpassing Bloomberg consensus by 4.8% [3]. - The remaining performance obligations (RPO) reached$ 5.7 billion, reflecting a year-over-year growth of 55% [3]. - Non-GAAP product gross profit was $686.9 million, with a gross margin of 76%, down 2 percentage points year-over-year [3]. - The company has a robust customer base, with 542 customers generating over$ 1 million in product revenue over the past 12 months, an increase of 25% year-over-year [3]. - The company signed contracts worth over $350 million in total contract value, with management expecting this momentum to continue into Q4 [3]. - The adoption of AI products is favorable, with over 1,000 AI and ML use cases deployed, and more than 3,200 accounts utilizing Snowflake's AI and ML capabilities [3]. Financial Summary - For FY2025, the company raised its revenue and profit guidance, projecting product revenue for FY2025Q4 to be between$ 906 million and $911 million, a year-over-year increase of 23% [3]. - The full-year product revenue forecast was adjusted from$ 3.356 billion to $3.430 billion, reflecting a year-over-year growth of 29% [3]. - Non-GAAP operating profit margin is expected to be 5%, up from a previous estimate of 3% [3]. - Key financial metrics for FY2024A to FY2027E include: - Revenue growth rates of 35.9% for FY2024A, 27.6% for FY2025E, 22.7% for FY2026E, and 22.8% for FY2027E [5]. - Adjusted net profit for FY2025E is projected at$ 249 million, a decrease of 29.5% year-over-year [5]. - Adjusted net profit margin is expected to be 7.0% for FY2025E [5].