Summary of the Conference Call Transcript Industry Overview - The U.S. software sector is currently facing two core issues: the potential recovery of IT spending by European and American enterprises and the progress of AI commercialization expected in 2025. These factors will jointly determine the sector's fundamentals and mid-term stock price trends [1][3][19]. Key Points on Company Performance - In Q4 2024, major U.S. software companies showed stable performance, but guidance remained conservative. Application software revenue exceeded expectations, while guidance for the full year was slightly below market expectations. Basic software also outperformed expectations, but guidance was mixed. Cybersecurity maintained high resilience, with innovative firms performing well [1][4]. - Specific performance metrics include: - Application Software: 14 major firms (e.g., Salesforce, ServiceNow) had an average revenue beat of 1.8% and a net profit beat of 14.3%. However, guidance for 2025 was conservative, with full-year revenue guidance averaging 0.1% below market expectations [4]. - Basic Software: 14 major firms (e.g., Snowflake, Oracle) also exceeded expectations, with ten firms beating by 1.1%. Non-GAAP operating profit margins exceeded the average by 34%. However, guidance for 2025 was conservative [4]. - Cybersecurity: 10 major firms (e.g., Zscaler, Palo Alto) showed an average revenue beat of 3% and non-GAAP operating profit margins of 30.2%. Innovative firms like Rubrik and Samsara performed exceptionally well [4]. AI Commercialization Insights - Several application and basic software companies are expected to enter the early stages of AI monetization in 2025. Companies are beginning to clarify their AI application monetization timelines, which will be a significant driver of future financial performance [1][5]. - Specific expectations for AI-related revenue include: - Salesforce anticipates minimal AI-related revenue contribution in 2025 but expects significant growth by 2026. SAP expects over 50% of cloud orders in Q4 2024 to include AI features, with further increases in 2025 [6][7]. - Technical software firms like MongoDB and others have shown clear revenue growth from AI-related products, indicating they may benefit more from market demand in 2025 [8]. Market Demand and Trends - The overall demand in the software sector is improving, with 59% of the 38 major software companies exceeding market expectations for 2025 guidance. IT spending is showing signs of recovery, particularly among medium to large enterprises, while SMB spending is gradually recovering [9][10]. - The software sector is expected to benefit from the recovery of cloud spending and increased demand for data management and workload management driven by AI developments in the first half of 2025 [13]. Future Investment Outlook - The basic software sector is projected to benefit from the recovery of cloud spending and AI developments, with a strong correlation to cloud-related vendors [13]. - In the second half of 2025, many application software firms are expected to enter the AI revenue realization cycle, with companies like ServiceNow and Monday anticipated to achieve stable performance [14]. - The ERP sector is also expected to accelerate, benefiting companies like SAP as they phase out local version support [15]. Cybersecurity Sector Insights - The cybersecurity sector is maintaining strong demand and high growth potential, with network security spending being a critical area that enterprises are reluctant to cut. New generation information technologies and firewall cycles are expected to resonate positively [2][16][17]. Conclusion - The recent market pullback has affected the U.S. software sector, but demand is stabilizing or slowly recovering. The AI commercialization benefits are expected to materialize in the second half of 2025. The overall IT spending environment remains positive, with specific sectors like financial software, application software, and cybersecurity entering an upward trajectory [18][19].

文 ｜ 陈俊云 近期市场对美国经济"滞胀"叙事的交易导致美股软件板块跟随市场出现大幅回调，但3 8家主流美 股软件公司2 0 2 4Q4财报显示，经历了过去三年的需求泡沫出清之后，欧美企业客户软件需求整体 趋于稳定，或呈现缓慢复苏迹象，部分软件企业2 0 2 5Q1和2 0 2 5全年偏保守的业绩指引亦和板块既 往的习惯相符，但近期特朗普政府系列政策对宏观的影响和预期扰动令市场明显担忧，需要谨慎关 注。投资节奏上，短期市场恢复趋势性的上行仍需要宏观不确定性的消除，AI在企业市场的商业 化部署，叠加企业云计算需求的持续向上料将使得基础软件板块在2 0 2 5H1显著受益，同时伴随宏 观预期的企稳，以及AI商业化收益的逐步体现，我们认为应用软件业绩有望在2 0 2 5H2显著改善。 ▍ 报告缘起： 参考软件板块2 0 2 4年四季报整体的业绩&指引，以及各公司对于下游需求环境的表述，我们判断 欧美企业IT支出短期仍将呈现稳步复苏态势。但近期特朗普政府在关税政策、政府部门裁员&预 算削减等层面的系列举措正在对美国宏观经济增长、通胀预期等构成持续的噪音和扰动，同时部 分软件企业较为保守的业绩指引等亦在一定程度上加剧了 ...

Investment Rating - The report maintains a "Hold" rating for Kingdee International (268 HK) with a target price of HK$14.94, indicating a potential downside of 1% from the current price of HK$15.14 [1][8]. Core Views - The report highlights that Kingdee's stock price has increased by 94% year-to-date, outperforming the Hang Seng Index, which rose by 23%. However, the company's fundamental recovery is lagging behind this valuation increase [6]. - For the second half of 2024, Kingdee's revenue grew by 9% year-on-year to RMB 3.39 billion, which was below market expectations. The annual recurring revenue (ARR) increased by 20% to RMB 3.43 billion, also falling short of expectations [6][10]. - The report notes that Kingdee's cloud service revenue grew by 10% year-on-year to RMB 2.72 billion, again below market consensus [6][10]. - The management expects ARR to grow by approximately 20% in 2025, with revenue growth anticipated to accelerate to 14% year-on-year [6][10]. Summary by Sections Investment Rating and Price Target - The target price has been raised from HK$6.38 to HK$14.94, reflecting a significant increase of 134% [2][12]. - The current valuation is aligned with global peers, with a projected P/S ratio of 7.0, up from 2.8 [8][12]. Financial Performance - For 2025, the expected revenue is RMB 7.15 billion, with a year-on-year growth of 14% [9][10]. - The report projects a net profit of RMB 176 million for 2025, with an EPS of RMB 0.05 [9][10]. - The operating profit is expected to reach RMB 75 million in 2025, indicating a return to profitability [9][10]. Adjustments and Forecasts - Due to underperformance in the second half of 2024, revenue forecasts for 2025 and 2026 have been adjusted downwards by 3% and 5%, respectively [7][10]. - The ARR forecast for 2025 has been revised to a growth of 22%, down from previous estimates [7][10]. Market Comparison - Kingdee's market capitalization is approximately US$6.99 billion, with a three-month average daily trading volume of US$89 million [1][12]. - The report compares Kingdee's performance with global peers like SAP and Workday, noting that Kingdee's revenue growth and AI monetization capabilities are still developing [8][12].

Investment Rating - The report maintains a "Hold" rating for Kingdee International (268 HK) with a target price of HK$14.94, indicating a potential downside of 1% from the current price of HK$15.14 [1][8]. Core Insights - The report highlights that Kingdee's stock has appreciated by 94% year-to-date, outperforming the Hang Seng Index, which rose by 23%. However, the company's fundamental recovery is lagging behind this valuation increase [6]. - For the second half of 2024, Kingdee's revenue grew by 9% year-on-year to RMB 3.39 billion, which was below market expectations. The annual recurring revenue (ARR) increased by 20% to RMB 3.43 billion, also falling short of projections [6][10]. - The report notes that Kingdee's cloud service revenue grew by 10% to RMB 2.72 billion, again underperforming against market expectations [6][10]. - The management anticipates a revenue growth acceleration in 2025, projecting a 14% increase compared to the 9% growth in the second half of 2024, supported by a low base and macroeconomic recovery [6][10]. Summary by Sections Investment Rating and Price Target - The target price has been raised from HK$6.38 to HK$14.94, reflecting a significant increase of 134% [2][12]. - The report adjusts the target price-to-sales (P/S) ratio to 7.0, aligning it with global peers in the ERP sector [12][13]. Financial Performance - Kingdee's revenue for 2025 is projected at RMB 7.15 billion, with a year-on-year growth of 14% [9][10]. - The report anticipates that Kingdee will achieve a breakeven point in operating profit and net profit in 2025, despite downward adjustments in earnings forecasts due to underperformance in 2H24 [6][10]. Earnings Forecast Adjustments - The earnings per share (EPS) estimates for 2025 and 2026 have been revised downwards to RMB 0.05 and RMB 0.11, respectively, reflecting a decrease of 61% and 36% from previous estimates [2][10]. - The ARR for 2025 is expected to grow by 22%, while the growth rate is projected to slow to 20% in 2026 [7][10]. Market Comparisons - Kingdee's market capitalization stands at approximately US$6.99 billion, with a three-month average daily trading volume of US$89 million [1][12]. - The report compares Kingdee's performance with global peers, noting that its current valuation is in line with similar companies that have larger customer bases and stronger profitability [8][12].

Market Overview - The Customer Relationship Management (CRM) market was valued at USD 80.01 billion in 2023 and is projected to reach USD 248.48 billion by 2032, growing at a CAGR of 13.45% from 2024 to 2032 [1][3]. Key Growth Drivers - Growth in the CRM market is driven by compliance needs and privacy laws shaping data protection and operational efficiency [3]. - Increasing demand for customized customer experiences, enhanced business efficiency, and higher customer involvement are key factors [4]. - Next-generation technologies such as AI, ML, and big data analytics are facilitating predictive analytics and targeted marketing, leading to further CRM penetration [4]. Market Segmentation By Component - Software holds a commanding 74.8% share of the CRM market in 2023, integral to modern customer management [5]. - The service segment is expected to experience the fastest growth due to increasing demand for implementation, customization, and consulting services [6]. By Deployment - Cloud-based CRM solutions captured 58.7% of the market share in 2023, favored for their flexibility, scalability, and cost-efficiency [7][8]. - On-premise CRM is projected to grow rapidly from 2024 to 2032, driven by businesses seeking greater control over their data [9]. By Solution - Customer service accounted for 24.2% of the CRM market share in 2023, critical for enhancing customer satisfaction and loyalty [10]. - CRM analytics is forecasted to grow at the fastest rate from 2024 to 2032, driven by the increasing importance of data-driven decision-making [11]. By End Use - The retail sector dominated the CRM market with a 24.7% share in 2023, focusing on boosting customer engagement and improving sales processes [12]. - The IT & Telecom sector is expected to experience the fastest CAGR from 2024 to 2032, fueled by increasing demand for automation and customer management solutions [13]. Regional Analysis - North America led the CRM market in 2023 with a 44.7% share, attributed to high adoption of advanced technologies and early embrace of cloud solutions [17]. - Asia Pacific is projected to grow at the fastest rate from 2024 to 2032, driven by rapid digitalization and increasing CRM investments [18].

Accenture, Ansys, Cadence, Databricks, Dematic, Hexagon, Omron, SAP, Schneider Electric With ETAP, Siemens Connect Omniverse to Leading Software ToolsFour New Blueprints Enable Robot-Ready Factories and Large-Scale Synthetic Data GenerationFoxconn, General Motors, Hyundai Motor Group, KION Group, Mercedes-Benz, Pegatron and Schaeffler Adopt Omniverse for Industrial AI Transformation SAN JOSE, Calif., March 18, 2025 (GLOBE NEWSWIRE) -- GTC -- NVIDIA today unveiled that leading industrial software and service ...

Core Insights - NVIDIA has launched the Llama Nemotron family of models, which are designed to provide advanced AI reasoning capabilities for developers and enterprises [1][4] - The new models enhance multistep math, coding, reasoning, and complex decision-making through extensive post-training, improving accuracy by up to 20% and optimizing inference speed by 5x compared to other leading models [2][3] Model Features - The Llama Nemotron model family is available in three sizes: Nano, Super, and Ultra, each tailored for different deployment needs, with the Nano model optimized for PCs and edge devices, the Super model for single GPU throughput, and the Ultra model for multi-GPU servers [5] - The models are built on high-quality curated synthetic data and additional datasets co-created by NVIDIA, ensuring flexibility for enterprises to develop custom reasoning models [6] Industry Collaboration - Major industry players such as Microsoft, SAP, and Accenture are collaborating with NVIDIA to integrate Llama Nemotron models into their platforms, enhancing AI capabilities across various applications [4][7][8][10] - Microsoft is incorporating these models into Azure AI Foundry, while SAP is using them to improve its Business AI solutions and AI copilot, Joule [7][8] Deployment and Accessibility - The Llama Nemotron models and NIM microservices are available as hosted APIs, with free access for NVIDIA Developer Program members for development, testing, and research [12] - Enterprises can run these models in production using NVIDIA AI Enterprise on accelerated data center and cloud infrastructure, with additional tools and software to facilitate advanced reasoning in collaborative AI systems [16]

Group 1: Visa's Collaboration and Solution - Visa has partnered with four major Australian banks (ANZ, HAB, HSBC, Westpac) to launch Visa B2B Integrated Payments (VBIP) in Australia [1] - The VBIP solution, integrated into the SAP Business Technology Platform, automates B2B payments, reducing the need for reconciliation and enhancing productivity for administration and finance teams [2] - Visa plans to expand its partnerships with additional local banks in the future [2] Group 2: Benefits and Market Trends - The VBIP aims to alleviate pain points for business owners, making B2B payments as seamless as consumer transactions [3] - Automating payment processes can help growing companies manage supplier payments and cash flow more effectively, reducing the risk of late fees [4] - The rise of embedded finance solutions is transforming the B2B payment landscape, with digital marketplaces facilitating easier transactions between suppliers and buyers [5][6] Group 3: Challenges in B2B Payments - Historically, B2B payments have lagged behind consumer payments due to outdated systems, while consumer transactions benefit from digital wallets and real-time payments [7] - Legacy banking infrastructures, regulatory complexities, and entrenched business processes contribute to the inertia in B2B payment innovations [8]

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The software ecosystem faces significant challenges regarding autonomy, security, and trustworthiness, primarily due to reliance on foreign software and the risks associated with supply chain vulnerabilities [8][9][18]. - The introduction of Machine Language Models (MLM) is proposed as a solution to enhance software analysis, security, and performance optimization, thereby addressing the existing gaps in understanding binary programs [35][60][82]. Summary by Sections Background - The software is identified as the cornerstone of cyberspace, with a growing need for self-controllable and secure software solutions [6][7]. - The current software ecosystem is dominated by foreign entities, leading to risks of supply chain disruptions and intellectual property concerns [8]. Key Issues - The report highlights two main challenges: the difficulty in achieving software autonomy and the increasing security risks associated with software vulnerabilities [9][22]. - The analysis of closed-source software is particularly challenging, complicating the identification of security issues [18][22]. Intelligent Solutions - The report discusses the potential of large language models to provide intelligent solutions for software analysis, emphasizing the need for advanced tools to understand binary code [35][60]. - Key technological breakthroughs include the integration of domain knowledge into model design and the use of contrastive learning for semantic understanding [51][54]. Typical Applications - The MLM can be applied in various scenarios, including software reverse engineering, ecosystem migration, and supply chain analysis, enabling fine-grained and high-speed binary code comparison [66][87]. - The model aims to facilitate software consistency checks, vulnerability discovery, and copyright protection analysis [67][87]. Conclusion - The report concludes that the MLM represents a significant advancement in software analysis capabilities, surpassing traditional methods and providing a comprehensive solution for modern software challenges [60][82].

Investment Rating - The report suggests a positive outlook for the financial, technology, and electricity sectors, indicating potential investment opportunities in these areas [15][17]. Core Insights - The global economic landscape shows that high-income countries contribute significantly to GDP growth, with China accounting for approximately 30% of global GDP increment over the past decade [3][5]. - The report highlights a shift from a U.S.-centric market to a more diversified investment approach, focusing on non-U.S. developed markets and selective emerging markets [8][10]. - The technology sector is expected to benefit from advancements in AI and software, with a particular emphasis on companies that can leverage AI for cost reduction and efficiency [15][17]. - Emerging markets like Vietnam, Indonesia, and Saudi Arabia are identified as key areas for potential growth, with Vietnam projected to maintain a GDP growth rate above 10% by 2026 [12][14]. Summary by Sections Global Economic Overview - The distribution of global population and GDP shows that OECD countries account for 17% of the world's population but 61% of global GDP, while China’s GDP per capita is comparable to the world average [1][2]. - The growth rates of various income groups indicate that high-income countries have a compound growth rate of 3% over the past decade, while China has achieved 6% [3][4]. Sector Analysis - The financial sector is expected to perform well in 2024, driven by regulatory easing and a favorable interest rate environment [15]. - The technology sector is highlighted for its potential in AI applications, with a focus on software solutions that enhance operational efficiency [15][17]. - The electricity sector is projected to see increased demand with limited supply growth, making it a critical area for investment [17]. Emerging Markets Focus - Vietnam is noted for its rapid GDP growth and potential transition from foreign investment-driven growth to domestic demand [12][14]. - Indonesia is characterized as a large internal market with low dependency on U.S. exports, expected to maintain a GDP growth rate of over 5% [13]. - Saudi Arabia is recognized for its significant economic size in the Middle East and ongoing infrastructure development, supporting a growth rate of 4% to 5% [14].