Cloudflare Inc-A：基于Anycast路由的CDN提供商，与苹果共探端侧AI保护

Investment Rating - The report gives Cloudflare an "Outperform" rating, indicating a positive outlook for the stock [3][6] Core Views - Cloudflare is a leader in the content delivery network (CDN) market with strong revenue growth, achieving $1.297 billion in revenue in 2023, a 32.97% YoY increase [1][7] - The company has a competitive edge in the cybersecurity market, with its integrated platform offering comprehensive solutions, competing against major players like IBM, Microsoft, Broadcom, and Cisco [1][7] - Cloudflare's product portfolio is well-suited for the AI era, with offerings like Workers AI and Firewall for AI, positioning it as a key player in AI application development and security [1][7] - The company's subscription-based business model, with 190,000 paying customers and an ARPU of$ 6,833, is driven by developer services, which are expected to grow at a CAGR of 15.9% from 2024 to 2027 [1][7] Financial Performance - Cloudflare's revenue is projected to grow to $1.662 billion in 2024,$ 2.101 billion in 2025, and $2.649 billion in 2026, with YoY growth rates of 28.1%, 26.4%, and 26.1% respectively [4][10] - Non-GAAP net income is expected to be$ 265 million in 2024, $305 million in 2025, and$ 386 million in 2026, with net margins of 16%, 15%, and 15% respectively [4][10] Product and Market Analysis - Cloudflare's global network uses Anycast routing, which provides built-in security and efficient data transmission, making it a key differentiator in the CDN market [1][7] - The company has a strong presence in the SMB market, with a focus on cost-effective solutions, and has surpassed Akamai in customer numbers, indicating effective market entry strategies [102][103] - Cloudflare's edge computing platform, Workers, offers zero cold start time, giving it a performance advantage over competitors like Akamai and Fastly [108][109] AI and Future Growth - Cloudflare is well-positioned for AI-driven growth, with products like Workers AI and Firewall for AI, which cater to the increasing demand for AI application development and security [1][7] - The company's AI Gateway provides a unified interface for managing and scaling generative AI workloads, supporting multiple AI providers and offering features like caching and rate limiting [120][121]