人工智能行业点评报告：Salesforce三季度业绩超预期，AIAgent赛道有望加速商业化

Investment Rating - The industry rating is "Positive" (maintained) [6][30] Core Insights - Salesforce's Q3 FY2025 performance exceeded expectations, with significant profit improvement driven by AI capabilities. The newly launched AgentForce is expected to achieve large-scale commercialization in the coming quarters [2][3] - The company reported Q3 FY2025 revenue of $9.444 billion (YoY +8.31%, market expectation $9.35 billion) and net profit of $1.527 billion (YoY +24.8%, market expectation $1.406 billion). The gross margin was 77.71% (YoY +2.42 percentage points) and net margin was 16.17% (YoY +2.13 percentage points) [3] - Salesforce's operating cash flow for the quarter reached $1.983 billion (YoY +29.4%), with a return on equity (ROE) of 2.63% (YoY +0.52 percentage points) [3] Summary by Sections Salesforce Performance - In Q4 FY2025, Salesforce expects revenue between $9.9 billion and $10.1 billion (YoY +7-9%) and a full-year revenue forecast of $37.8 billion to $38 billion (YoY +8-9%) [3] - The company introduced AgentForce, an AI application aimed at transforming enterprise automation, which is expected to facilitate thousands of transactions in the upcoming quarters [4] Domestic AI Agent Ecosystem - The domestic AI ecosystem is rapidly developing, with various companies like iFlytek, CaiXun, Dingjie Zhizhi, and Fanwei Network launching AI Agent products. This is anticipated to accelerate the application in office, finance, customer service, and intelligent marketing scenarios [5] Recommended Stocks - Suggested stocks to watch include: iFlytek, JiaoDian Technology, Dingjie Zhizhi, CaiXun, MaiFuShi, TuoErSi, and Fanwei Network for AI Agent applications; Kingsoft Office, Wanxing Technology, Kunlun Wanwei, Hongsoft Technology, RunDa Medical, Meitu, and SenseTime for AI vertical applications [6]