2025-06-09-Bernstein-达索系统（DSY）_达索系统_人工智能和3DEXPERIENCE的应用是CMD的主要主题_15页_638kb

Dassault Systèmes (DSY) hosted its CMD on 9 June 2025, focusing on AI and 3DExperience adoption. The company revised its five-year EPS target from 2028 to 2029, set at €2.2 per share, excluding M&A contributions, which is more ambitious than the previous target but mirrors the 2023 trajectory. AI-based products are expected to drive revenue and EBIT growth accelerations in later years, with a core revenue CAGR of 7-10% over 2024-29. Key areas like automotive solutions performed well, while AI monetization and channel partnerships were emphasized. Despite conservative pre-CMD estimates, the outlook is positive for AI-driven growth, though execution risks and economic uncertainty around 2025 guidance loom large. The price target remains €48 with an 'Outperform' rating, valuing the company's long-term potential attractively.