甲骨文-人工智能 + 云势头持续；目标价再次上调

Summary of Oracle Corporation (ORCL.K) Financial Analyst Day Industry and Company Overview - Company: Oracle Corporation - Industry: Cloud Computing and AI Infrastructure Key Points and Arguments Financial Performance and Projections - Oracle's management announced strong new bookings and raised long-term revenue targets, indicating positive top-line revisions [1][2] - The company reported over 700 AI infrastructure customers, showcasing broad-based demand across segments [1] - Oracle's AI business is expected to achieve gross margins of 30-40%, exceeding previous expectations [1] - FY30 EPS guidance was raised to $21, surpassing both Citi's estimate of $19.39 and the street estimate of approximately $18.35 [1] - Total revenue target set at $225 billion by FY30, representing a CAGR of approximately 30%, more than double the FY29 target from the previous year [5] Cloud Infrastructure and AI Growth - Co-CEO Clay Magouyrk highlighted a significant uptick in demand for Oracle Cloud Infrastructure (OCI), with an impressive $65 billion in Remaining Performance Obligations (RPO) added since September 1, tracking to over $2 billion per day [2] - The AI database segment is projected to grow significantly to over $20 billion by FY30, driven by database migration trends [2] - The OCI trajectory was updated to a CAGR of approximately 75% by FY30, an increase of about 5 percentage points from the previous earnings call [3] Application Software and AI Integration - Co-CEO Mike Sicilia emphasized the expanding breadth of Oracle's application software portfolio, particularly in financial services and healthcare, aided by AI [2] - Usage statistics revealed that 2,400 customers are currently leveraging AI in industry applications, with 600 AI agents deployed [2] Market Position and Valuation - Oracle is viewed as a differentiated player in the software and AI infrastructure market, with one of the strongest projected revenue and EPS CAGRs (~30%) among large-cap software companies and the broader S&P 500 [1] - The 1-year target price for Oracle is set at $415, based on a ~37x PE multiple to FY28 Non-GAAP EPS of $11.51 [10] Risks and Considerations - Key downside risks include higher-than-expected capital expenditures, which could impact margins [11] - A potential weakening in AI infrastructure demand or increased competition from other cloud providers could adversely affect Oracle's revenue and earnings [12] Additional Insights - The presentation highlighted Oracle's strategic vision for AI across its entire product portfolio, indicating a strong commitment to integrating AI solutions [1] - Despite a pullback in shares after-hours, the overall sentiment remains bullish on Oracle's growth trajectory and market positioning [1]