AI业务加速放量但收入拐点仍待确认华尔街对赛富时(CRM.US)持谨慎乐观态度

智通财经02-26

赛富时(CRM.US)最新财报继续保持两位数增长，其旗舰人工智能产品Agentforce的商业化进展成为市场关注焦点。不过，多家华尔街投行在肯定AI业务动能的同时，对公司整体收入增速能否明显回升仍持观望态度。财报显示，赛富时第四季度业绩稳健增长，Agentforce产品加速放量。智通财经APP获悉，摩根士丹利分析师在报告中指出，Agentforce年化经常性收入(ARR)已达到8亿美元，同比增长...

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Wall Street is cautiously optimistic about Salesforce (CRM.US)","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CRM":1.98,"CRMG":0.6},"content_text":"赛富时(CRM.US)最新财报继续保持两位数增长，其旗舰人工智能产品Agentforce的商业化进展成为市场关注焦点。不过，多家华尔街投行在肯定AI业务动能的同时，对公司整体收入增速能否明显回升仍持观望态度。财报显示，赛富时第四季度业绩稳健增长，Agentforce产品加速放量。智通财经APP获悉，摩根士丹利分析师在报告中指出，Agentforce年化经常性收入(ARR)已达到8亿美元，同比增长169%；Data 360 ARR规模升至10亿美元；Agentforce季度成交数量超过2.9万笔，环比增长50%。其中，超过60%的Agentforce和Data 360订单来自现有客户的扩容，显示客户使用深度持续提升。不过，摩根士丹利认为，单靠Agentforce的产品周期尚不足以显著提升市场对赛富时的估值，投资者仍希望看到整体收入增速出现加快。从关键的剩余履约义务(cRPO)指标来看，若剔除约3个百分点的汇率利好以及并购Informatica带来的约4个百分点贡献，公司有机、按固定汇率计算的cRPO增速约为9%，仅符合公司此前指引，低于部分投资者预期的超预期表现。摩根士丹利维持对该股“增持”评级，目标价287美元。摩根大通同样维持“增持”评级，但将目标价从365美元下调至320美元。该行指出，随着赛富时业务模式向以消耗为基础的Flex Credits转型，传统cRPO与收入之间的对应关系可能被削弱，第四季度约50%的Agentforce订单已采用这一模式。此外，公司宣布高达500亿美元的股票回购计划，并重申2027财年下半年实现收入增速回升的目标，仍为中长期增长提供支撑。相比之下，部分机构态度更为谨慎。富国银行维持“中性”评级，并将目标价下调至210美元，认为Agentforce的亮点被整体超预期不足所抵消，需等待更明确的增长回暖信号。花旗研究则重申“中性”评级，认为公司在有机层面表现不及预期，营销与电商业务承压，AI相关增长暂不足以推动整体加速。Wedbush继续看好赛富时的长期前景，维持“跑赢大盘”评级，但将目标价从375美元下调至325美元。该行认为，Agentforce管线持续增强，赛富时仍有望逐步迈向2030年630亿美元的收入目标，同时强调当前因AI冲击担忧引发的企业软件板块回调被市场放大。值得注意的是，赛富时同时宣布启动新的500亿美元股票回购计划，取代此前尚未使用的所有授权。截至发稿，赛富时股价涨超3%，报198.03美元。","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,"symbols":[],"gpt_button":0,"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/2614295380","isCrawlerRequest":true}

AI业务加速放量但收入拐点仍待确认 华尔街对赛富时(CRM.US)持谨慎乐观态度

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AI业务加速放量但收入拐点仍待确认华尔街对赛富时(CRM.US)持谨慎乐观态度