salesforce(CRM) 第一上海证券·2024-12-16 07:41Investment Rating - The report maintains a "Buy" rating for Salesforce (CRM) with a target price of 9.44 billion for FY25Q3, reflecting an 8% year-over-year growth, driven primarily by subscription and support services [1][5][17]. - The company has adjusted its GAAP operating margin guidance to 19.8% and non-GAAP operating margin to 32.9% for FY25, indicating strong profitability [5][12]. - The introduction of AI products, particularly Agentforce, is expected to enhance revenue growth and operational efficiency, positioning Salesforce competitively in the market [12][18][19]. Summary by Sections Financial Performance - FY25Q3 revenue reached 1.53 billion, reflecting a 25% increase year-over-year [1][5][17]. - The company’s cash flow from operations was 8.88 billion, growing 9% year-over-year, while professional services revenue was 6.22 billion, Europe 996 million [5][12]. AI Strategy and Product Development - Salesforce's AI strategy, particularly through Agentforce, is expected to drive significant revenue growth, with a target of 1 billion AI interactions by 2025 [12][18]. - The integration of AI capabilities is enhancing customer engagement and operational efficiency, with reported improvements in sales efficiency and customer satisfaction [18][19]. Market Position and Future Outlook - The report highlights Salesforce's competitive edge in the AI CRM market, with a focus on continuous innovation and strategic partnerships [12][18]. - The company aims to leverage its AI capabilities to further penetrate the market and enhance its product offerings, ensuring sustained growth [12][19].