20240830-招银国际-cRPO_growth_reaccelerates__eyes_on_new_AI_product_launch_6页_1mb

Salesforce Inc. (CRM US) FY25 2Q financial results showed total revenue growth of 8% year-over-year (YoY) to $9.33bn, aligning with market expectations, while non-GAAP operating income surged 16% YoY to $3.14bn, exceeding forecasts by 6% primarily from disciplined expense management. Constant currency cloud revenue professional services and other (cRPO) growth accelerated to 11% YoY, driven by multi-cloud deals and early renewals, easing investor concerns about buying environment moderation. Management maintained FY2025 revenue guidance ($37.7-38.0bn, +8-9% YoY) but raised non-GAAP operating margin guidance to 32.5%.

The report highlights key drivers:
(1) Strong multi-cloud adoption (80% of Q2 new business) and 1,500+ AI deal signings boosted cRPO growth. Data Cloud saw rapid expansion with 130% YoY customer growth and $1mn+ annual spenders doubling.
(2) Anticipated Agentforce AI platform launch in October will enable enterprises to build custom AI agents cost-effectively across sales/service/marketing functions.
(3) Margin improvements were significant with non-GAAP operating margin reaching 33.7% due to effective S&M expense discipline (down to 34.6% revenue ratio).

Valuation was revised upwards to $336.5 per share (up 30.9% from current price), reflecting 20x CY25 EV/EBITDA multiple. The target valuation is discounted from sector average due to Salesforce entering a more mature growth phase. The CFO provided detailed quarterly performance metrics showing steady revenue momentum, particularly in service and integration/analytics cloud segments, with 8% YoY growth in Q2 FY25.

Recommendation: Maintain BUY rating citing strong multi-cloud strategy, AI momentum, and revised margin expansion. The SaaS industry analysis shows Salesforce remains well-positioned as an SaaS player during this transformation period, supported by cross-functional platform capabilities.