金吾财讯 | 招银国际发研报指，Adobe(ADBE)公布4QFY24业绩：总收入同比增长11%至56.1亿美元，符合一致预期（55.4亿美元）；非GAAP净利润同比增长9%至21.3亿美元，符合一致预期的20.8亿美元。4QFY24数字媒体净增ARR同比增长2%至5.78亿美元（3QFY24同比增长9%），引起投资者对增长放缓和AI应用商业化进展慢于预期的担忧。公司计划在FY25推出价格更高的AI产品以加速AI应用商业化。
展望FY25，管理层预计总收入同比增长8-10%至233.0-235.5亿美元，其中数字媒体年末ARR同比增长11%，对应全年净增ARR约19亿美元（同比下降5%）。
该行将FY25-26非GAAP净利润预测略微下调2%，并将目标价下调至634.5美元，基于32x FY25非GAAP下PE（前值：645美元，基于32x FY25 PE）。维持“买入”评级。
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