2025-06-10-Jefferies-达索系统（DSY）_达索系统邀请-与达索白金经销商的专家电话会议_7页_199kb

Dassault Systèmes Equity Research Summary

• Rating & Price Target: UNDERPERFORM, €28.00 (down 13% from €32.33).

• Meeting: Event invitation details an expert call on June 25, 2025, to discuss Gen7 product feedback and macro-momentum.

• Company Overview: Provides end-to-end 3D design, simulation, and manufacturing software solutions; founded in 1981 in France; market cap approximately €43B/$49.1B.

• Event Focus: Channel feedback on Gen7, reasons for slow Gen5 migration, pricing changes, customer discussion tone, volume vs. inflation, competition.

• Valuation/Risk: Price target based on FC yield vs peers. Key risks include faster-than-expected cloud growth, revenue beats, OP leverages, and product innovation speed.

• Page/Disclaimer Notes: Synthesized from repeated sections, indicating multiple covers and mandatory analyst certifications regarding recommendations, independence, conflicts of interest, and the nature of ratings (Buy/Hold/Underperform), including specific disclosures about non-US analysts and FRN Rule 2241 applicability.