ZOOM:AI商业化&TRUMP减税为潜在催化 业务有望重回增长

中信建投证券
21 Jan

核心观点AI 商业化&Trump 减税为潜在催化,业务有望重回增长按照彭博一致预期,Zoom 目前交易于FY25 Non-GAAP EPS 的14.8x,相比于可比公司估值折价~25.2%。目前公司在手净现金占市值比例~40%,具备充分灵活性用于回购&对外并购,股东回报层面具备改善空间。业务层面,随着续约周期度过,席位流失压力减轻,新产品周期有望驱动业务重新回归增长。AI 商业化可能打开新叙事&...

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