Workday：尽管宏观存在不确定性，但业绩表现一致，利润率提升；除了严谨的投资态势外，新兴领域也有亮点

Investment Rating - The report assigns an "Overweight" rating to Workday with a price target of $295.00 for December 2025, revised from a previous target of$310.00 [2][14]. Core Insights - Workday is expected to maintain consistent performance despite macroeconomic uncertainties, with positive trends in customer acquisition and revenue growth [1][12]. - The company has reported a significant increase in its 12-month subscription backlog, which reached $7.63 billion, up 15.6$2.24 billion, reflecting a year-over-year growth of 12.6%, driven by subscription revenue growth of 13.4% [1][12]. - The report highlights the company's strong performance in various sectors, particularly in Technology & Media and Manufacturing, each surpassing $1 billion in annual recurring revenue [1][12]. - Workday's operating margin for the first quarter was reported at 30.2$7.63 billion, up 15.6% year-over-year, and total revenue of $2.24 billion, up 12.6$2.06 billion, reflecting a 13.4% increase year-over-year, with a notable adjustment for leap-year comparisons showing a 15% increase [1][12]. - The adjusted operating margin for the first quarter was 30.2%, expanding over 400 basis points year-over-year, with GAAP free cash flow of $421 million, representing an 18.8$8.8 billion, reflecting a 14% year-over-year growth [12]. - Workday's guidance for the second quarter includes a total revenue growth of 12.2% year-over-year, aligning closely with market expectations [12].