Adobe-奥多比：Inline 1QFY25 results; AI standalone products ARR to double by end-FY25-20250314

Investment Rating - The report maintains a "BUY" rating for Adobe, indicating a potential return of over 15% over the next 12 months [18]. Core Insights - Adobe's 1QFY25 results showed total revenue of US $5.71 billion, up 11% YoY in constant currency, and non-GAAP net income of US$ 2.22 billion, up 9% YoY, both in line with consensus estimates [1]. - The company expects its AI standalone products' annual recurring revenue (ARR) to double by the end of FY25, contributing approximately 1% to total revenue [1]. - Adobe's Digital Media revenue increased by 11% YoY to US $4.23 billion in 1QFY25, driven by strong growth in Acrobat and Creative offerings [6]. - The company has slightly lowered its FY25-27 earnings forecast by 0-1% and adjusted its target price to US$ 629.00 based on a 32x FY25E non-GAAP PE [1][9]. Financial Performance - For FY25E, Adobe's revenue is projected to be US $23.43 billion, with a YoY growth of 8.9% [2]. - Adjusted net profit for FY25E is estimated at US$ 8.79 billion, with an adjusted EPS of US $19.66 [2]. - The company reported a non-GAAP operating profit margin of 46.1% for FY25E, slightly down from previous estimates [7]. Revenue Breakdown - Adobe's Digital Experience revenue grew by 9% YoY to US$ 1.41 billion in 1QFY25, primarily due to strong demand for the Adobe Experience platform [6]. - The company has begun to provide a breakdown of revenue streams by customer groups to enhance its customer-focused strategy [6]. Shareholder Actions - Adobe accelerated its share repurchase program, buying back 7.0 million shares for US$3.25 billion in 1QFY25, which is about 2% of its market cap [6]. - The company plans to continue share repurchases if it believes the stock is undervalued [6].