赛富时：自研+并购扩张AI版图，Agentforce打开增长空间

Investment Rating - The report assigns an "Outperform" rating to Salesforce (CRM.N) for the first time [2][3]. Core Insights - Salesforce achieved a 20% operating profit margin for the first time in Q3 FY2025 and raised its full-year guidance [2][3]. - The focus of global stock market investments has shifted from hardware to software, leading to a revaluation of AI software companies [2]. - The company launched the AI agent software service named Agentforce, which has seen significant growth in AI orders and contracts [3][14]. - Salesforce's remaining performance obligations (RPO) reached $53.1 billion, a 10$9.44 billion, an 8% year-over-year increase, with a GAAP operating profit margin of 20%, up 2.8 percentage points year-over-year [3][14]. - The company’s net profit for the quarter was $1.53 billion, reflecting a 24.8$1 million year-over-year, with over 2,000 AI contracts signed [3][18]. - The company plans to release Agentforce 2.0, which is expected to further accelerate the adoption of its AI products [3][20]. Mergers and Acquisitions - Salesforce has a history of strategic acquisitions to enhance its business capabilities, including recent acquisitions of Own Company and Zoomin to strengthen its AI capabilities [3][28]. - The company has been actively expanding its business matrix through acquisitions since 2006, which has significantly contributed to its revenue growth [3][28]. Revenue Guidance - Salesforce raised its full-year revenue guidance for FY2025 to $37.8-38 billion, reflecting an 8-9$37.83 billion, $41.05 billion, and$44.68 billion, respectively [3][41]. - The forecasted net profits for the same years are $5.49 billion,$6.52 billion, and $7.81 billion, indicating a strong growth trajectory [3][46].