Cloudflare Inc-A：布局分布式算力网络，应对AI推理需求

Investment Rating - The report does not explicitly mention an investment rating for Cloudflare (NET US) [1] Core Viewpoints - Cloudflare is strategically positioning itself in the distributed computing network to meet the growing demand for AI inference [1] - The company is investing heavily in high-performance GPUs to enhance its Workers AI platform, which offers better performance and ROI compared to hyperscale public clouds [3] - Cloudflare has signed a $7 million annual contract with a fast-growing AI company to shift AI inference workloads to its platform [3] Financial Performance - Q3 2024 revenue reached$430 million, a 28% YoY increase, with direct customers contributing 79% ($341 million) and channel partners contributing 21$89 million) [1] - Non-GAAP gross margin was 78 8%, slightly above the long-term target range of 75%-77% and higher than the previous year's 78 7% [1] - Non-GAAP operating margin was 14 8%, with operating income of $63 5 million [1] - Free cash flow for the quarter was$45 3 million, exceeding market expectations [1] - The company added 219 new large customers with annualized payments exceeding $100,000, bringing the total to 3,265, a 28$451-$452 million, a 25$57-$58 million [5] - Full-year 2024 revenue is projected to be between$1 661-$1 662 billion, a 28$220-$221 million [5] Market Data - Cloudflare's stock price is$90 91, with a market cap of $31 2 billion [2] - The company has 343 million shares outstanding [2] - The 52-week high/low is$116 00/$62 39 [2] - Net asset value per share is$2 84 [2]