salesforce-赛富时：三季度业绩超预期，AgentForce推动订单增长

Investment Rating - The investment rating for Salesforce (CRM) is "Buy" (maintained) [2] Core Views - The report highlights that Salesforce's Q3 FY25 performance exceeded expectations, with total revenue reaching $9.44 billion, a year-on-year increase of 8.3%, surpassing consensus estimates by 1.0% [2] - Subscription revenue was$ 8.88 billion, growing 9.1% year-on-year, also exceeding consensus estimates by 0.7% [2] - Net profit for the quarter was $1.53 billion, reflecting a year-on-year growth of 24.8%, exceeding consensus estimates by 7.9% [2] - The report emphasizes the significant impact of AI functionalities, particularly the new product "Agent Force," which has driven a substantial increase in orders, with over 2,000 AI orders signed, including more than 200 for Agent Force [2] - The company maintains its full-year guidance, with a slight upward adjustment in operating margin expectations [2] Financial Performance Summary - For FY2025, the expected revenue is between$ 9.90 billion and $10.10 billion, representing a year-on-year growth of 7%-9% [2] - The full-year revenue forecast remains unchanged at$ 37.8 billion to $38.0 billion, indicating an 8%-9% year-on-year growth [2] - Non-GAAP operating margin for FY25 is projected at 32.9%, with a slight increase from previous estimates [2] - The report projects non-GAAP net profits for FY25, FY26, and FY27 to be$ 9.78 billion, $11.14 billion, and$ 12.51 billion respectively, with year-on-year growth rates of 20.9%, 13.9%, and 12.4% [2][4] Key Financial Metrics - Revenue for FY2024 is reported at $34.86 billion, with a year-on-year growth of 11.2% [4] - Non-GAAP net profit for FY2024 is projected at$ 8.09 billion, reflecting a significant year-on-year increase of 54.7% [4] - Gross margin is expected to be 75.5% for FY2024, with a gradual increase to 77.0% in subsequent years [4] - The report indicates a projected P/E ratio of 53.5 for FY2024, decreasing to 27.6 by FY2027 [4][9]