现在服务公司：Inline 4Q24 results; upbeat on AI development

Investment Rating - The report maintains a "BUY" rating for ServiceNow, indicating a potential return of over 15% over the next 12 months [18]. Core Insights - ServiceNow reported 4Q24 results with total revenue increasing by 21% YoY to US$2.96 billion, and non-GAAP operating profit growing by 22% YoY to US$872 million, both in line with consensus estimates [1]. - For FY25, management guides subscription revenue to increase by 19.5-20% YoY on a constant currency basis, slightly below the consensus estimate of 20.5% YoY [1]. - The target price has been raised to US$1,220 based on a 55x FY25E EV/EBITDA, up from a previous target of US$1,075 at 48x FY25 EV/EBITDA [1][11]. Financial Performance - FY24 total revenue was up by 22% YoY to US$10.98 billion, with non-GAAP operating profit margin (OPM) increasing by 1.9 percentage points YoY to 29.6% [1]. - The adjusted net profit for FY24 was US$2.90 billion, reflecting a YoY growth of 31% [2]. - The forecast for FY25E total revenue is US$13.04 billion, with a projected YoY growth of 21.1% [2]. Market Position and Growth Drivers - ServiceNow is expected to benefit from growing enterprise demand for digitalization and agentic AI, with significant growth in large deals [1]. - The number of customers generating over US$1 million and US$20 million in annual contract value grew by 12% and 35% YoY, respectively, in 4Q24 [8]. - Management reported a 150% QoQ growth in Now Assist deals, indicating strong momentum in AI adoption [8]. Valuation Metrics - The current market capitalization of ServiceNow is approximately US$211.82 billion [3]. - The stock is currently trading at a price of US$1,018.38, with an upside potential of 19.8% to the target price of US$1,220 [3]. - The P/E ratio for FY25E is projected at 120.8x, which is a premium compared to the sector average [2][11].