金吾财讯 | 招银国际发研报指，Salesforce(CRM)公布了符合预期的3QFY25业绩：总收入同比增长8%至94.4亿美元，非GAAP净利润同比增长12%至23.2亿美元，均符合一致预期。3QFY25 cRPO同比增长10%，好于此前预期（同比增长9%），主要得益于部分客户提前续订、良好的新签订单表现以及Agentforce的强劲势头。展望4QFY25E，公司预计总收入同比增长7-9%至99-101亿美元，符合一致预期的100.5亿美元。公司略微上调FY25非GAAP营业利润率预期至32.9%（前值：32.8%）。基于Agentforce和Einstein，Salesforce目前已是全球最大的企业AI解决方案提供商之一，Einstein平台一周处理约2万亿AI相关请求。该行预计Salesforce将持续从AI应用发展中受益，该行将目标价上调至410美元，基于24倍FY25 EV/EBITDA（前值：336.5美元，基于20倍FY25 EV/EBITDA）。维持“买入”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.