派拓网络：Solid results with enhanced outlook-20250217

Investment Rating - The report maintains a "BUY" rating for Palo Alto Networks (PANW) with a target price of US$230.30, indicating a potential upside of 15.1% from the current price of US$200.03 [1][3]. Core Insights - Palo Alto Networks reported solid results for 2QFY25, with total revenue increasing by 14.3% year-over-year to US$2.26 billion, surpassing Bloomberg consensus by 1% [1]. - Non-GAAP net income for the same period reached US$566 million, reflecting a 12% year-over-year growth and exceeding consensus by 4%, driven by optimized sales and marketing spending [1]. - The company is positioned as a key beneficiary in the Gen-AI era, with expected growth in demand for security solutions due to increased AI-related deployments [1]. - The FY25-27 revenue and non-GAAP net profit forecasts have been adjusted upwards by 0-2% and 1-3% respectively, reflecting better-than-expected growth [1]. Financial Performance - For FY25, total revenue is projected to be between US$9.14 billion and US$9.19 billion, with non-GAAP operating profit margin (OPM) expected to be between 28.0% and 28.5% [8]. - The adjusted net profit for FY25 is forecasted to be between US$2.286 billion and US$2.286 billion, with a diluted non-GAAP EPS of US$3.18 to US$3.24 [8][10]. - Subscription and support revenue grew by 16% year-over-year to US$1.8 billion, accounting for 81% of total revenue [8]. Key Operating Metrics - The number of active SASE customers increased by 20% year-over-year to over 5,600, with the number of SASE deals exceeding US$1 million rising 2.5 times year-over-year [8]. - Total bookings across Cortex & Prisma Cloud grew approximately 50% year-over-year, with cumulative XSIAM bookings surpassing US$1 billion [8]. - The company achieved 1,150 total Platformizations among its top 5,000 customers, with significant growth in large deal wins [8]. Share Performance - The market capitalization of Palo Alto Networks is approximately US$141.23 billion, with an average turnover of US$935.6 million over the past three months [3]. - The stock has shown a 1-month performance of 17.3% and a 6-month performance of 17.7% [5]. Financial Summary - Revenue projections for FY25, FY26, and FY27 are US$9.188 billion, US$10.705 billion, and US$12.409 billion respectively, with year-over-year growth rates of 14.5%, 16.5%, and 15.9% [2][14]. - The adjusted net profit for FY25 is expected to be US$2.286 billion, with a growth rate of 17.4% year-over-year [2][14].