核心观点长期目标下修充分计价风险,后续等待催化落地加速增长长期目标下修基本反映宏观&竞争风险,而Workday 在渠道侧调整逐步在CY25 体现为运营效率提升。短期催化包括HCM 模块在服务行业(如金融、医疗)的持续渗透及FINS 交叉销售进展。长期关注AI 商业化机会(如ASOR、Evisort),招聘、合同管理等流程标准化程度在企业管理系统中相对较高,ROI 相对可清晰计算,预计落地确定性较高...
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