AI原生客户加码云监控但OpenAI不确定性仍未消散大摩谨慎看涨Datadog(DDOG.US)

智通财经网2025-08-11

智通财经APP获悉，聚焦于云监控与数据分析解决方案的软件巨头Datadog(DDOG.US)在上周公布最新业绩，华尔街金融巨头摩根士丹利在该公司发布超预期的强劲业绩与未来展望后，重申对于该公司的“中性”评级，但是上调该公司盈利预期并且重申165美元目标股价，意味着该股未来12个月潜在上行空间超20%。Datadog最新公布的业绩数据显示，该公司第二季度总营收约8.27亿美元，同比增长28%，高于...

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Morgan Stanley is cautiously bullish on Datadog (DDOG.US)","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DDOG":1},"content_text":"智通财经APP获悉，聚焦于云监控与数据分析解决方案的软件巨头Datadog(DDOG.US)在上周公布最新业绩，华尔街金融巨头摩根士丹利在该公司发布超预期的强劲业绩与未来展望后，重申对于该公司的“中性”评级，但是上调该公司盈利预期并且重申165美元目标股价，意味着该股未来12个月潜在上行空间超20%。Datadog最新公布的业绩数据显示，该公司第二季度总营收约8.27亿美元，同比增长28%，高于华尔街普遍预期的7.9亿美元;Q2调整后摊薄每股收益0.46美元，同样高于华尔街预期。市场聚焦的业绩展望方面，Datadog管理层预计Q3总营收8.47亿美元-8.51亿美元，预计调整后每股收益0.44-0.46美元，按区间中值来看，高于8.19亿美元以及0.42美元的华尔街普遍预期。2025全年业绩展望方面，公司上调了约9200万美元业绩展望，当前预计总营收 33.1亿美元至33.2亿美元，调整后每股收益1.80美元至1.83美元——按区间中位数来看强于华尔街普遍预期的32.4亿美元与1.70美元。该公司同时上调了盈利预期：将2025财年营业利润指引从先前的6.25亿美元至6.45亿美元提高至6.84亿美元至6.94亿美元，对应的营业利润率由19.8%提升至约20.8%。Datadog是总部位于美国的一家聚焦云原生监控与可观测性 + 云平台安全体系的SaaS厂商，为大型软件工程开发、运维和安全解决方案团队提供一体化云监控平台，用来监控基础设施与云计算应用、收集与分析指标/日志/链路追踪，并做实时警报与安全分析。该公司的大客户主要来自对线上稳定性和安全监控要求高、云计算平台使用规模大的行业客户们——例如互联网/软件与IT服务、媒体与通信、零售电商、金融服务、制造与物流等行业。公开报道与客户案例能看到三星、NASDAQ、Comcast 等大型企业客户。Datadog 之所以被大摩等华尔街巨头视为 “全球AI 热潮大赢家之一”，主要逻辑在于该公司将“AI应用软件自身”以及“核心运维团队的工作流”都收入一个大规模云平台来进行实施监控、观测与自动化处置。比如Datadog针对 LLM/生成式AI应用的可观测性云产品已量产，支持追踪提示链路、错误归因、成本与质量监控;并持续迭代到 Agentic AI(即AI智能体)的监控/实验/控制台，直接对齐企业近两年的AI应用形态。大摩点评Datadog业绩报告：赢得更广泛的AI生态系统大摩在研报中表示，营收同比增速由第一季度的25%加快至28%，反映出来自AI原生大客户们的Datadog云订阅服务的使用规模超出预期的增长趋势。此外，新的业绩展望高端同比增长约24%(此前为20.5%)，以及上调盈利展望，大摩强调这种上调趋势显示出该公司对下半年业绩增长更有信心。大摩指出，Datadog“AI原生”客户群发展迅猛且日趋多元化——该客户群如今贡献了公司约15%的营收规模，且不仅依赖于最大客户OpenAI。在OpenAI之外的这批AI原生客户中，目前已有数百家长期使用Datadog的产品，其中十多家客户年支出超过100万美元。尽管关于OpenAI合同命运的疑云尚未消散—— OpenAI可能自研/优化云监控体系对Datadog的重大潜在影响，大摩仍然对AI原生客户群的强劲增长感到鼓舞，但是短期内仍然对于OpenAI自研带来的Datadog业绩负面影响持谨慎立场。不过，大摩分析团队指出与OpenAI相关的业务增长不确定性短期内可能继续压制股价表现，但未来随着非OpenAI业务增长开始拐点向上，大摩将转趋更加乐观的看涨立场。此外，亚马逊AWS与微软Azure等云巨头愈发聚焦它们自有的性能监控和可观测竞争产品，意味着该领域的竞争可能日益激烈，冲击Datadog的增长速度和市场份额;不断演变的IT基础架构环境也可能减缓现有客户的扩张步伐，影响新增业务拓展。据悉，AWS 与微软Azure都在强化自家的云监控/APM套件(比如 Amazon CloudWatch + Application Signals、Azure Monitor + Application Insights)，并明确主打“端到端、原生、与自有云平台深度集成”的定位;这无疑加剧了对Datadog的竞争压力，对其增速与份额构成压力。大摩认为Datadog拥有领先的产品定位和广阔的市场机会，中长期仍将保持业绩快速增长，但短期风险和机遇基本均衡。目前Datadog巩固了其作为现代云环境中领先可观测性云监控平台的地位，向云端迁移所带来的现代性能监控需求为公司打开了强劲的长期顺风，相关市场渗透率仍然较低，大摩估算潜在市场规模超过350亿美元。然而，大摩也意识到如果关于大客户OpenAI的合同出现重大变数，2025年下半年开始业绩增速大幅放缓的可能性，在AI推理端的算力需求彻底爆发成为重大催化剂之前，股价的上行下行潜力相对平衡，这也是大摩维持“中性”评级的主要原因。在最乐观预期下，大摩假设Datadog成为可观测云监控市场中的整合型领军厂商，推动更为持久的高增长。在这种牛市预期下，大摩预计该公司营收在2024-2027年间实现约26%的三年复合年增长率，到2027年营收达到约53亿美元，营业利润率提升至27%，预计自由现金流利润率可能提高至29%，对应2027年自由现金流总额约15.5亿美元(每股约$4.09)，因此在最乐观预期下，大摩予以该公司高达216美元“牛市目标价”。更多港股重磅资讯，下载智通财经app更多港股及海外理财资讯，请点击www.zhitongcaijing.com（搜索“智通财经”）；欲加入智通港股投资群，请加智通客服微信(ztcjkf)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2558651180","isCrawlerRequest":true}

AI原生客户加码云监控 但OpenAI不确定性仍未消散 大摩谨慎看涨Datadog(DDOG.US)

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AI原生客户加码云监控但OpenAI不确定性仍未消散大摩谨慎看涨Datadog(DDOG.US)