20240301-招银国际-4Q_results_in-line__eye_on_AI_development_7页_1mb

报告摘要

Key Financial Results (FY24-4Q24): Salesforce reported 4Q FY24 revenue of $9.29bn, up 10.8 YoY, in-line with consensus. Full-year FY24 revenue reached $34.9bn, growing 11.2 YoY. Non-GAAP operating income rose 19.3% YoY in 4Q24 to $2.92bn and is projected at $10.6bn for FY24 based on non-GAAP metrics.
Guidance and Outlook (FY25E): Management guides FY25 revenue growth of 8-9% YoY to $37.7-38.0bn, below consensus due to client buying patterns. Non-GAAP operating margin is expected to improve by ~0.2pp to 31.4%, driven by efficiency gains. However, a slight revenue forecast trim is noted due to conservative guidance.
Business Developments: Growth across business lines driven by AI integration; Data Cloud revenue surged YoY, with Einstein AI Editions showing strong traction and monetization. Integration and Analytics revenue grew 21% YoY in 4Q24. AI is seen as a key growth driver, but financial contributions are not yet factored into FY25 guidance.
Valuation and Recommendation: Target price raised to $350 (previous $329.3), based on 22x FY25E EV/EBITDA. Maintain BUY rating, expecting continued margin improvements and AI monetization. Comparison with sector shows Salesforce at a slight discount, but growth is maturing.
Risks: Potential downside from macro outlook and below-consensus guidance, along with competition and AI integration challenges. Analyst certification confirms views are independent, with no conflicts rated.