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《大行報告》中金升Salesforce(CRM.US)目標價至309美元 評級「跑贏行業」
阿思達克 03-05 10:03
中金髮表報告指,Salesforce(CRM.US)去年第四季經營利潤及淨利潤達16.2億美元及14.5億美元,非通用會計準則下經營利潤及淨利潤則錄29.2億美元及22.5億美元,上季業績表現略爲超出該行及市場預期,在業務焦點重新調整下,盈利能力提升勢頭得以持續。 中金指出,業績表明Salesforce戰略轉型奏效,經營利潤率、淨利潤率、每股盈利、營業現金流及自由現金流都有大幅改善,支持公司向股東派發首次股息,並將股票回購計劃額度增加100億美元。 該行相信,人工智能(AI)技術發展將推動數據分析業務增長,從而提高生產率,促進更高價值客戶關係。雖然業務短期內或增長乏力,但中金指出,Salesforce已將其智能營銷AI產品Einstein深度嵌入到旗下所有雲端產品的框架中,促使愈來愈多的公司客戶將Salesforce視爲首選。 考慮到Salesforce的2025財年利潤率目標、營運效率提高及美國通脹水平下降,中金將2025財年收入預測基本維持在384億美元不變,並將非通用會計準則下淨利潤預測上調23%至103億美元。該行對其2026財年收入及非通用會計準則下淨利潤預測爲425億及114億美元。該行維持予其「跑贏行業」評級,並將目標價上調21%至309美元。
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