奥多比：FY25Q1业绩超预期，关注生成式AI商业化进度-20250320

Investment Rating - Investment Rating: Buy (Maintained) [2] Core Insights - FY25Q1 performance exceeded expectations, with total revenue reaching $5.714 billion, a year-on-year increase of 10.3$2.715 billion, up 10.1% year-on-year, and adjusted net profit attributable to shareholders was $2.224 billion, an increase of 8.7$4.23 billion in Q1, growing 10.8% year-on-year, while the digital experience segment generated $1.41 billion, up 9.4$5.77 to $5.82 billion, with digital media revenue expected to be around$4.27 to $4.30 billion. The full-year revenue guidance for FY25 is$23.3 to $23.55 billion, slightly below market expectations [6] - Projected revenues for FY25-27 are$23.46 billion, $25.73 billion, and$28.18 billion, respectively, with year-on-year growth rates of 9.1%, 9.7%, and 9.5% [7] - Adjusted net profits for FY25-27 are expected to be $8.853 billion,$9.765 billion, and $10.692 billion, with growth rates of 6.9%, 10.3%, and 9.5% respectively [7] Market Position and Future Outlook - The company is focusing on expanding its AI capabilities and commercializing its AI content, indicating potential growth opportunities in the future [7] - The overall market perception of the company's leading position in AI remains uncertain, with the initial advantages not meeting expectations [6][7]