ServiceNow-现在服务公司：深度绑定英伟达，多行业AI Agent持续导入

Investment Rating - The report assigns an "Outperform" rating to ServiceNow (NOW.N) for the first time [19] Core Views - ServiceNow is a global leader in workflow automation, actively exploring AI integration to unlock growth opportunities [15] - The company has a strong partnership with NVIDIA, co-developing native AI agents on the Now Platform [75] - ServiceNow's latest platform update, Xanadu, significantly expands AI capabilities and integrates with Microsoft Copilot [26] - The company has raised its full-year 2024 guidance, expecting subscription revenue of $10.655-10.66 billion, up 23% YoY [54] Financial Performance - Q3 2024 revenue reached$ 2.797 billion, up 22% YoY, with subscription revenue of $2.715 billion, exceeding guidance by 2 percentage points [29] - Non-GAAP operating margin exceeded 31%, surpassing guidance by 1.5 percentage points [29] - FY2024 Q3 gross margin was 79.12%, up 0.29 percentage points YoY, with net margin at 15.45%, up 4.87 percentage points YoY [34] - Remaining Performance Obligations (RPO) reached$ 19.5 billion in Q3 2024, up 36% YoY, while Current RPO (CRPO) was $9.36 billion, up 26% YoY [27] AI Integration and Platform Development - ServiceNow launched Now Assist, a generative AI solution that enhances productivity across IT, customer service, HR, and development workflows [25] - The Xanadu platform update introduced over 350 new AI features, including automated data visualization and email response generation [26] - Now Assist for Creator converts natural language into high-quality code suggestions, enabling faster application development [25] - The company has integrated Microsoft Copilot into its platform, allowing users to automate internal processes seamlessly [26] Market Opportunity and Growth - The global technical services market is expected to grow from$ 24.9 billion in 2023 to $123.5 billion by 2030, representing a CAGR of 17.4% [86] - ServiceNow's subscription revenue is projected to grow at a CAGR of 22% from 2024 to 2026, reaching$ 16.134 billion by 2026 [64] - The company's AI solutions are rapidly expanding across industries, with significant growth in technology, media, telecom, retail, and hospitality sectors [27] Valuation - The report uses a PS-based valuation method, assigning ServiceNow a 2025 PS multiple of 19-20x, implying a market cap range of $256.18-269.66 billion [66][67] - Comparable companies include CrowdStrike, Salesforce, The Trade Desk, and Cloudflare, with an average 2025 PS of 20x [66]