PALANTIR TECHNOLOGIES：大额订单及客单价增长趋势为后续业绩奠定强有力支撑

中金公司02-04

业绩回顾25 财年四季度业绩高于我们和市场预期公司公布2025 年四季度业绩：收入14.07 亿美元，同增70%，创下上市以来最高增速，超出市场预期6.6%，超出中金预期9.6%；GAAP 净利润6.12 亿美元，对应GAAP 每股盈利0.24 美元。由于政府端公司持续获得大额订单，商业端AIP 产品持续拉动销售，本季度公司业绩好于我们和市场的预期。发展趋势公司核心增长业绩指标保持强劲增长态势，...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2608347423?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-04 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2608347423","market":"us","top_or_hot":-1,"title":"PALANTIR TECHNOLOGIES：大额订单及客单价增长趋势为后续业绩奠定强有力支撑","media":"中金公司","content":"<div>\n<p>业绩回顾25 财年四季度业绩高于我们和市场预期公司公布2025 年四季度业绩：收入14.07 亿美元，同增70%，创下上市以来最高增速，超出市场预期6.6%，超出中金预期9.6%；GAAP 净利润6.12 亿美元，对应GAAP 每股盈利0.24 美元。由于政府端公司持续获得大额订单，商业端AIP 产品持续拉动销售，本季度公司业绩好于我们和市场的预期。发展趋势公司核心增长业绩指标保持强劲增长态势，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260204135555a6d16f05&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PALANTIR TECHNOLOGIES：大额订单及客单价增长趋势为后续业绩奠定强有力支撑</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPALANTIR TECHNOLOGIES：大额订单及客单价增长趋势为后续业绩奠定强有力支撑\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-04 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260204135555a6d16f05&s=b><strong>中金公司</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>业绩回顾25 财年四季度业绩高于我们和市场预期公司公布2025 年四季度业绩：收入14.07 亿美元，同增70%，创下上市以来最高增速，超出市场预期6.6%，超出中金预期9.6%；GAAP 净利润6.12 亿美元，对应GAAP 每股盈利0.24 美元。由于政府端公司持续获得大额订单，商业端AIP 产品持续拉动销售，本季度公司业绩好于我们和市场的预期。发展趋势公司核心增长业绩指标保持强劲增长态势，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260204135555a6d16f05&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PLTU","symbol_name":"2倍做多PLTR ETF-Direxion","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260204135555a6d16f05&s=b","article_id":"2608347423","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260204135555a6d16f05&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2608347423","pubTimestamp":1770134400,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"由于政府端公司持续获得大额订单，商业端AIP 产品持续拉动销售，本季度公司业绩好于我们和市场的预期。发展趋势公司核心增长业绩指标保持强劲增长态势，大额订单为后续业绩奠定强有力支撑。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"PLTU":"2倍做多PLTR ETF-Direxion","PLTW":"PLTR周配息ETF-Roundhill","IE00B19Z9Z06.USD":"Legg Mason ClearBridge - US Aggressive Growth A Acc USD","PTIR":"2倍做多PLTR ETF-GraniteShares","PLTY":"PLTR期权收益策略ETF-YieldMax","PLTZ":"2倍做空PLTR ETF-Defiance","PLOO":"2倍上限加速PLTR ETF-Leverage Shares","BK4543":"AI","IE00B894F039.SGD":"Legg Mason ClearBridge - US Aggressive Growth A Acc SGD-H","IE00B19Z9P08.USD":"LEGG MASON CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (USD) INC","PLT":"Defiance Leveraged Long Plus Income PLTR ETF","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4585":"ETF&股票定投概念","PLTA":"ProShares Ultra PLTR ETF","PLYY":"GraniteShares YieldBOOST PLTR ETF","PLTD":"1倍做空PLTR ETF-Direxion","BK4023":"应用软件","PLTR":"Palantir Technologies Inc.","PLTG":"2倍做多PLTR ETF-Leverage Shares","IE00BZ9MQY76.HKD":"FTGF CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (HKD) ACC","BK4613":"AI应用软件","BK4547":"WSB热门概念","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","BK4588":"碎股"},"translate_title":"PALANTIR TECHNOLOGIES: The growth trend of large orders and customer unit price lays strong support for subsequent performance","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PLTR":1.96,"PLTW":0.6,"PLTG":0.6,"PLOO":0.6,"PLTA":0.6,"PLTD":0.6,"PLTZ":0.6,"PLT":0.6,"PLTY":0.6,"PTIR":0.6,"PLTU":0.6,"PLYY":0.6},"content_text":"业绩回顾25 财年四季度业绩高于我们和市场预期公司公布2025 年四季度业绩：收入14.07 亿美元，同增70%，创下上市以来最高增速，超出市场预期6.6%，超出中金预期9.6%；GAAP 净利润6.12 亿美元，对应GAAP 每股盈利0.24 美元。由于政府端公司持续获得大额订单，商业端AIP 产品持续拉动销售，本季度公司业绩好于我们和市场的预期。发展趋势公司核心增长业绩指标保持强劲增长态势，大额订单为后续业绩奠定强有力支撑。我们维持公司AI 商业逻辑闭环仍在趋势性加速进程中的判断不变，我们认为本次业绩具有以下核心亮点：1）收入角度看，本季度商业及政府部分收入同比增速均环比加速；2）虽然本季度订单数量有所下滑，但是大额订单占比提升（千万美元以上订单占比由上个季度的26%提升至本季度34%），且单客户付费保持较高速增长趋势（本季度同比+27% vs.上个季度+14%），我们认为这代表公司的产品力持续得到市场认可，议价能力及AI 对原有产品版图的附加值均在进一步提升；3）经营杠杆进一步释放，盈利能力创新高。我们认为公司核心指标持续向好，但综合考虑公司估值情况，我们仍维持中性评级。盈利预测与估值考虑到公司业务增长逻辑清晰，我们上调2026 年收入16.6%至71.9 亿美元，引入2027 年收入94.4 亿美元。考虑到公司降本增效带来利润空间持续释放，我们上调2026 年non-GAAP 净利润58.7%至33.5 亿美元，引入2027 年non-GAAP 净利润40.3 亿美元。综合考虑当下市场情绪较为疲软及公司估值倍数长期偏离行业中枢，我们维持150 美元目标价不变。我们维持中性评级，当前价格对应39 倍2026E 的EV/Sales，目标价对应48 倍2026E 的EV/Sales，具有2%的上行空间。风险下行风险：国际政治不稳定，AI 发展缓慢，数据安全隐患；上行风险：全球市场扩展，技术持续创新，数据分析需求增加。","kind":"news","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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":"4.42.0","shortVersion":"4.42.0","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/2608347423","isCrawlerRequest":true}