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Salesforce(CRM):AI持续发力,收购Informatica夯实数据基础
Huaan Securities· 2025-07-10 05:41
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]
穿越宏观迷雾!华尔街分析师力荐这三只“硬核”优质股
Zhi Tong Cai Jing· 2025-06-09 00:50
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]
Salesforce 第四季度:数据云和人工智能不断发展,升级至“买入”
美股研究社· 2025-02-28 10:47
" 该公司正朝着发展数据云和人工智能相关业务的正确方向发展。 " 作者 | Lighting Rock Research 编译 | 华尔街大事件 Salesforce ( NYSE: CRM ) 于 2 月 26 日收盘后发布了2025 财年第四季度业绩,报告称收入 增长 9%,调整后营业利润增长 13%。 如下表所示,Salesforce 的收入增长在过去三个季度一 直稳定在 9% 左右。管理层一直专注于利润率提高和成本管理,导致本季度调整后营业利润增 长 13%,调整后每股收益增长 21%。 | | Q1 2023 | Q2 2023 Q3 2023 | | Q4 2023 Q1 2024 | | Q2 2024 Q3 2024 | | Q4 2024 | Q1 2025 | Q2 2025 Q3 2025 | | Q4 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Sales Growth (cc) | 26% | 26% | 19% | 17% | 13% | 11% | ...