20260529-招银国际-1QFY27_review_solid_Agentforce_growth_accelerating_capital_return_5页_802kb

Salesforce (CRM US) 1QFY27 Review Summary

Core Content and Key Highlights

Salesforce reported its first-quarter fiscal year 2027 (1QFY27) results, showing solid business performance and continued growth in AI-driven products. The company's total revenue grew by 13% YoY to US$11.1 billion, aligning with the Bloomberg consensus estimate. Non-GAAP operating income increased by 22% YoY to US$3.87 billion, surpassing the consensus estimate by 5% due to enhanced operating efficiency from AI integration.

The company's Agentforce and Data 360 products demonstrated strong momentum, with ARR (Annual Recurring Revenue) increasing by over 200% YoY to US$3.4 billion. Specifically, Agentforce ARR grew by 205% YoY to US$1.2 billion, indicating robust adoption and performance.

Salesforce also launched Headless 360 in April 2026, allowing agents and users to access its offerings on any user interface, enhancing flexibility and integration capabilities.

Business Performance and Forecasts

• Revenue Guidance for 2QFY27E: Salesforce expects total revenue to grow by 10-11% YoY to US$11.27-11.35 billion.
• Organic Revenue Growth: The company is optimistic about the reacceleration of organic revenue growth in the second half of FY27 (2HFY27E), supported by continued momentum in Agentforce and Data 360.
• AOV Growth: Average Order Value (AOV) growth is expected to be strong in 2HFY27E, with the 1HFY27 net new AOV growth outpacing overall AOV growth.

AI-Driven Performance

• AI Impact on Efficiency: The integration of AI significantly improved internal efficiency, contributing to non-GAAP operating margin expansion.
• Agentforce Performance: Agentforce has handled 4 million customer inquiries since its deployment on help.salesforce.com 15 months ago, with 220,000 sales leads processed autonomously in 1QFY27, generating US$42 million in pipeline.
• Slack Integration: Slack has become the go-to platform for enterprises to integrate agentic AI capabilities, with MCP (Monthly Contracted Users) surpassing 1 million active users within six weeks of launch.

Capital Return Strategy

Salesforce entered a US$25 billion share repurchase program, reducing the total share count by 11% in 1QFY27. This move supports the company's capital return strategy and has led to an increase in non-GAAP EPS forecasts for FY27-29E by 7-14%.

Valuation and Investment Outlook

• Target Price: The target price is set at US$288.00, down from the previous US$320.00, based on a 13x FY27E EV/EBITDA multiple, which is in line with the sector average.

• Valuation Table:

  Metric	FY27E (US$ bn)	FY28E (US$ bn)	FY29E (US$ bn)
  Revenue	46.2	51.5	57.1
  Non-GAAP OP	15.9	18.5	21.4
  Non-GAAP NP	11.8	13.8	16.1
  Non-GAAP EPS (US$)	14.1	16.5	19.2
  Gross margin	77.7%	78.2%	78.6%
  Non-GAAP OPM	34.3%	35.9%	37.5%
  Non-GAAP NPM	25.6%	26.9%	28.2%

• Valuation Comparison:

  Company	EV/Sales	EV/EBITDA	Rev CAGR FWD 3FY
  HubSpot	2.4	9.6	16%
  Five9	1.4	6.1	10%
  ServiceNow	6.3	17.0	20%
  Atlassian	3.2	10.6	18%
  SAP	9.6	14.1	11%
  Oracle	9.6	17.8	31%
  Twilio	4.5	21.4	11%

Analyst Ratings and Recommendations

• Rating: BUY (Maintain)
• Target Price: US$288.00
• Current Price: US$176.17
• Up/Downside: 63.5%

Financial Overview

• Revenue Growth: Expected to grow at 11.3% in FY27E, with a 11.5% growth in FY28E and 10.9% in FY29E.
• Net Profit Growth: Adjusted net profit is expected to grow by 54.8% in FY27E, with 22.8% in FY28E and 20.5% in FY29E.
• EPS Growth: Non-GAAP EPS is projected to rise from US$13.2 in FY27E to US$17.7 in FY28E and US$16.9 in FY29E.
• P/E Ratio: Expected to decline from 25.5 in FY26A to 14.9 in FY29E, reflecting a lower valuation multiple.

Shareholding and Market Data

• Market Cap: US$147.1 billion

• Share Performance:

  Period	Absolute	Relative
  1-month	-2.8%	-10.9%
  3-months	-9.6%	-23.8%
  6-months	-23.6%	-33.7%

• Shareholding Structure:

  Holder	% of Shares
  The Vanguard Group	10.2%
  BlackRock	8.9%

Conclusion

Salesforce is demonstrating strong AI-driven growth and maintaining a solid business trajectory, supported by its share repurchase program and operational efficiency improvements. While the company's valuation has decreased due to a sector-wide decline in SaaS valuations, the BUY rating is maintained due to its attractive valuation and continued momentum in AI products. The company's revenue and profitability growth are expected to remain robust, with non-GAAP EPS forecasts increased by 7-14% for FY27-29E.