高盛：甲骨文F25可能具有显著的IaaS,收入同比双位数;资本支出要求可能会影响利润率。

Investment Rating - The report maintains a Neutral rating for Oracle Corp. (ORCL) with a 12-month price target raised to $137, indicating a potential upside of 10.6% from current levels [1][14]. Core Insights - Oracle is expected to achieve notable growth in its Infrastructure as a Service (IaaS) segment, with management projecting over 50% growth for FY25, following a 51% increase in FY24 [1][7]. - The company anticipates double-digit revenue growth in FY25, breaking the trend of low-to-mid single-digit growth seen in previous years [1][7]. - Oracle's total Remaining Performance Obligations (RPO) reached $98 billion, reflecting strong demand across its offerings [1][7]. - The report highlights Oracle's competitive positioning in the IaaS market, despite being a distant fourth compared to major players like AWS, Azure, and GCP [7][8]. Financial Projections - Revenue projections for Oracle are set at $52.96 billion for FY24, increasing to $64.91 billion in FY25, and reaching $72.31 billion by FY26 [6][8]. - EBITDA is expected to grow from $29.19 billion in FY24 to $39.23 billion by FY27, indicating a robust growth trajectory [6][8]. - The report outlines a projected EPS growth from $5.56 in FY24 to $8.37 by FY27, reflecting strong earnings potential [6][8]. Market Position and Strategy - Oracle is recognized for its extensive technology stack and large Total Addressable Market (TAM), which positions it well for future growth [7][8]. - The company is focusing on converting its database support customers to its Autonomous Database offerings, which could significantly enhance revenue [7][8]. - Oracle's strategy includes leveraging its dual offerings for small and medium businesses (SMBs) and enterprise customers through NetSuite and Fusion ERP [7][8]. Valuation Metrics - The report notes Oracle's current valuation at 36x EV/FCF for FY26, suggesting a balanced risk/reward profile [7][8]. - Key financial ratios indicate a P/E of 20.6 for FY24, decreasing to 14.8 by FY27, which may attract investors looking for growth at a reasonable price [3][6]. Competitive Landscape - Oracle faces challenges in maintaining its market share in the database sector due to competition from hyperscalers and pure-play companies [7][8]. - Despite these challenges, Oracle is expected to sustain its leadership in the ERP market, supported by its comprehensive product offerings [7][8].