Oracle(US:ORCL) GUOTAI HAITONG SECURITIES·2025-12-17 06:09Investment Rating - The report maintains an "Overweight" rating for Oracle (ORCL.N) [7][12] Core Insights - Oracle has significantly raised its FY2026 capital expenditure guidance by $15 billion to $50 billion, indicating potential bottlenecks in revenue realization due to data center construction progress [3][12] - The remaining performance obligations (RPO) for Oracle reached $523 billion, with a net increase of $68 billion quarter-over-quarter, including contracts from Meta and NVIDIA [12] - Oracle's revenue projections for FY2026 to FY2028 have been adjusted to $67 billion, $84 billion, and $128 billion respectively, with Non-GAAP net profits estimated at $21 billion, $24 billion, and $33 billion [12] Financial Summary - Revenue (in million USD): - FY2024: 52,961 - FY2025: 57,399 - FY2026E: 67,046 - FY2027E: 84,328 - FY2028E: 127,751 - Year-over-year growth rates: - FY2024: 6.0% - FY2025: 8.4% - FY2026E: 16.8% - FY2027E: 25.8% - FY2028E: 51.5% [5] - Non-GAAP net profit (in million USD): - FY2024: 15,709 - FY2025: 17,283 - FY2026E: 21,068 - FY2027E: 23,945 - FY2028E: 33,509 - Adjusted PE (diluted): - FY2026E: 25.7 [5][12] Market Data - Current price: $184.92 [7] - Market capitalization: $531,299 million [8] - 52-week stock price range: $122.82 - $328.33 [8]