> **来源：[研报客](https://pc.yanbaoke.cn)** # 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.