Workflow
奥多比：线内1QFY25结果；AI独立产品年化收入到年底将翻倍-20250314
ADBEAdobe(ADBE) 招银国际·2025-03-14 02:23

Investment Rating - The report maintains a "Buy" rating for Adobe with a target price adjusted to 629.00,reflectingaslightdecreaseinearningsforecastsforFY25−27[1][12][28].CoreInsights−Adobe′stotalrevenueforQ1FY25reached629.00, reflecting a slight decrease in earnings forecasts for FY25-27 [1][12][28]. Core Insights - Adobe's total revenue for Q1 FY25 reached 5.71 billion, showing an 11% year-over-year growth, with non-GAAP net income increasing by 9% to 2.22billion,aligningwithexpectations[1].−ThecompanyanticipatesthatitsAI−drivenindependentproductswilldoubletheirannualrecurringrevenuebytheendofFY25,contributingapproximately12.22 billion, aligning with expectations [1]. - The company anticipates that its AI-driven independent products will double their annual recurring revenue by the end of FY25, contributing approximately 1% to total revenue [1]. - Digital media revenue grew by 11% year-over-year to 4.23 billion, driven by strong performance in Acrobat and Creative flagship products [2]. - Adobe's strategic focus on customer-centric innovation and cross-cloud services is expected to drive long-term growth [3]. Financial Summary - For FY25, Adobe's projected revenue is 23.43billion,withayear−over−yeargrowthrateof8.923.43 billion, with a year-over-year growth rate of 8.9% [4]. - Non-GAAP net profit for FY25 is estimated at 8.79 billion, with adjusted earnings per share expected to be 19.66[4].−Thecompanyhasaccelerateditsstockbuybackprogram,repurchasing7millionsharesvaluedat19.66 [4]. - The company has accelerated its stock buyback program, repurchasing 7 million shares valued at 3.25 billion in Q1 FY25 [3]. Valuation - Adobe's valuation is based on a 32x price-to-earnings ratio for FY25, resulting in an estimated equity valuation of 281billion[12][13].−Thetargetpricereflectsa43.4281 billion [12][13]. - The target price reflects a 43.4% upside from the current price of 438.60 [4][12].