Elastic(ESTC) 天风证券·2024-03-12 16:00Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [11]. Core Insights - The company reported total revenue of 320 million. The net loss was 43 million, with a Non-GAAP operating margin of 13% [1]. - Subscription revenue reached 299 million. Elastic Cloud revenue was 328-330 million, representing an 18% year-over-year increase, aligning with Bloomberg consensus [3]. - The launch of ESQL has generated significant interest, with approximately 1,000 customers trialing the product since its introduction in November 2023, indicating a focus on enhancing product usability and market share [2]. Summary by Sections Financial Performance - FY24Q3 total revenue was 43 million, with an operating margin of 13% [1]. - Subscription revenue was 143 million, a 29% increase [1]. Product Innovation - The latest version, Elastic 8.12, includes enhancements for vector search and improved enterprise scalability, allowing customers to store four times the vectors in RAM and reducing query latency by 40% [4]. - New features in Elastic Observability and Elastic Security have been introduced, enhancing monitoring and alerting capabilities [4]. Future Outlook - The company expects total revenue for FY24 to be between 1.26 billion, reflecting an 18% year-over-year growth, consistent with market expectations [3]. - The focus on GenAI and platform integration is anticipated to drive business growth, with increasing customer interest in these areas [3].