Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q1 FY26 earnings with revenue of $9.83 billion, a year-over-year increase of 7.6%, and subscription revenue of $9.30 billion, up 8.3% year-over-year [3][4] - The acquisition of Informatica for $8 billion is aimed at strengthening the company's data capabilities, with AgentForce completing 8,000 transactions in Q1, nearly half of which were paid collaborations [4][5] - The company's Remaining Performance Obligations (RPO) reached a record high of $60.9 billion, reflecting a year-over-year growth of 13% [5] - The company has raised its full-year revenue guidance for FY26 to $41-41.3 billion, driven by growth in data cloud and AgentForce [6][7] Financial Performance - For FY26, the company expects non-GAAP net profits of $10.96 billion, with year-over-year growth rates of 10.4%, 14.8%, and 15.6% for FY26, FY27, and FY28 respectively [7][9] - The company’s gross margin is projected to improve from 77.2% in FY25 to 79.5% in FY28 [9] - The company’s operating margin is expected to remain stable, with GAAP operating margin at 21.6% and non-GAAP operating margin at 34% for FY26 [6][9]

Core Viewpoint - Despite macroeconomic uncertainties causing market volatility, investors should focus on high-quality stocks that can deliver substantial long-term returns, as identified by top analysts based on solid fundamentals and growth potential [1] Group 1: Nvidia - Nvidia reported results for Q1 FY2026 that significantly exceeded market expectations, maintaining confidence in AI infrastructure demand despite chip export restrictions [2] - Analyst Harlan Sur from JPMorgan reiterated a "Buy" rating with a target price of $170, noting that while H20 chip export restrictions impacted some sales, overall revenue remained robust [2] - The anticipated 16% quarter-over-quarter growth in data center revenue for the July quarter is driven by increased customer investment in AI and accelerated computing projects [2] - Nvidia's strong demand for the Blackwell platform is expected to lead to supply shortages in upcoming quarters, supported by partnerships with large data centers in regions like the UAE, Saudi Arabia, and Taiwan [2] Group 2: Zscaler - Zscaler's Q3 performance surpassed expectations, driven by increased demand for its zero-trust exchange platform and AI security solutions [4] - Analyst Brian Essex raised the target price from $275 to $292 while maintaining a "Buy" rating, highlighting Zscaler's strong quarterly performance amid macro pressures faced by peers [4] - The company has raised its annual revenue, profit, and billing guidance, with annual recurring revenue (ARR) nearing $1 billion, driven by emerging products like "full-domain zero trust" and "intelligent operations" [4] - Zscaler's customer growth momentum remains strong, with a 23% year-over-year increase in customers with ARR exceeding $1 million [4] Group 3: Salesforce - Salesforce reported Q1 FY2026 revenue and earnings that exceeded expectations and raised its full-year guidance, while announcing an $8 billion acquisition of data management firm Informatica [5] - Analyst Derrick Wood from TD Cowen reiterated a "Buy" rating with a target price of $375, noting strong signals of demand from the expansion of the sales team [5] - The company is experiencing rapid growth in AI applications, with data cloud and AI-related ARR increasing over 120% year-over-year, and 30% of new orders coming from existing customers [5] - Salesforce is reinvesting cost savings from AI into growth areas, with a notable increase in the sales pipeline growing at a double-digit rate [6]

2025年3月3日 招商银行国际全球市场 | 股票研究 | 公司更新 2025财年第四季度（4QFY25）的结果与共识预期基本一致。 2025财年第 四季度，cRPO同比增长9%（按固定汇率计算同比增长11%），符合管理 层的指导。从部门来看，4QFY25销售/服务/平台及其他/市场营销和商务/集 成与云分析收入分别同比增长8%、8%、12%、7%、5%。多云势头持续， 4QFY25前100笔交易的平均每笔交易包含6种云服务。行业云也取得了稳 健的表现，年度经常性收入（ARR）同比增长20%，达到57亿美元。对于2 026财年第一季度，管理层预计总营收同比增长6%-7%至97.1-97.6亿美元 ，cRPO同比增长10%。 预计数据云与人工智能在财年26E中将持续强劲的动力。 数据云与人工智 能年度经常性收入在4QFY25达到9亿美元，同比增长120%。自2024年10月推 出以来，Agentforce已积累超过3000名付费客户。该人工智能解决方案还推动 了其核心产品和数据云产品的交叉销售。50%的《财富》100强公司既是Salesf orce的数据云与人工智能客户。4QFY25的前10笔大单中均包含数据云 ...

Core Viewpoint - The company is progressing in the right direction by developing its data cloud and artificial intelligence-related businesses [1][3][8] Financial Performance - Salesforce reported a 9% revenue growth and a 13% increase in adjusted operating profit for Q4 FY2025 [1] - The adjusted earnings per share (EPS) grew by 21% [1] - The company has maintained a stable revenue growth rate of around 9% over the past three quarters [1] Revenue Breakdown - The revenue growth rates for different segments in Q4 FY2025 are as follows: - Sales Cloud: 9% - Service Cloud: 9% - Platform and Other: 12% - Marketing and Commerce: 8% - Data: 6% [2] Future Guidance - For FY2026, Salesforce expects total revenue to be between $40.5 billion and $40.9 billion, reflecting a year-over-year growth of 7%-8% [4][5] - Operating cash flow is projected to grow by 10%-11% [4][5] Profitability and Margin Improvement - The management aims to increase the adjusted operating margin to 34% by FY2026, having improved it by 10% over the past two years [3][4] - The company anticipates a 100 basis point increase in profit margins for FY2026 [3] Strategic Focus - Salesforce achieved $900 million in annual recurring revenue from its data cloud and AI, marking a 120% year-over-year growth, although this currently represents only 2.5% of total revenue [3] - The company is prioritizing growth in data cloud and AI, with significant transactions in these areas [3][8] Market Conditions and Challenges - The company faces potential growth challenges due to a weak U.S. economy affecting its clients' sales expansion [8] - The current growth in current remaining performance obligations (cRPO) is primarily driven by strong early renewals, but a high base may pose challenges for FY2026 growth [8] Valuation - Analysts have upgraded Salesforce's rating to "Buy," with a fair value estimate of $320 per share [8]