欧特克：业绩稳健强劲战略重组收官

中金公司03-05

4QFY26 业绩超出我们预期欧特克公布4QFY26（2025 年11 月-2026 年1 月）业绩：收入19.6 亿美元，同比增长19%，超出我们预期，主要受益于工程建设产品等品类的增长。其中，订阅服务收入同比增长19.5%至18.2 亿美元。非通用准则经营利润7.5 亿美元，对应非通用准则经营利润率38%，超出我们预期，主要得益于公司的费用控制。Autodesk 给出1QFY27 业绩指引：...

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给出1QFY27 业绩指引：收入预计为18.85-19.0 亿美元，区间中值对应同比增速15.9%；非通用准则每股净利润预计为2.82-2.86 美元。同时，公司给出FY27 全年业绩指引：预计收入为81.0-81.7 亿美元，区间中值对应同比增速12.9%；非通用准则每股净利润预计为12.29-12.56 美元。发展趋势核心业务稳健，AECO 与制造业务领跑。4QFY26，设计类软件和生产类软件收入同比增长19%/24%至16.1 亿/2.2 亿美元。分行业场景，工程建设产品（AECO）收入同比增长22%至9.8 亿美元，主要得益于建筑和新兴市场的强劲表现，以及数据中心、基础设施投资的持续增长；产品设计与制造（MFG）业务收入同比增长20%至3.8 亿美元，延续强劲势头。通用产品AutoCAD（LT）软件业务收入同比增长17%至4.8 亿美元。战略重组收官，全力聚焦云与AI。公司在业绩会宣布，2025 年2 月启动的重组计划已在四季度完成，涉及7%的人员精简，四季度确认重组费用约1 亿美元。管理层业绩会表示，此举标志着销售与营销优化的完成，旨在将资源重新分配给云平台和AI 等战略重点领域，有利于开启新的基于订阅、消耗和成果的商业模式。盈利预测与估值鉴于云产品发展和费用控制，上调FY27 收入预测1.6%至81.6亿美元，上调FY27 经调整归母净利润预测4.2%至26.7 亿美元。引入FY28 业绩预测：收入预计为95.1 亿美元，经调整归母净利润预计为31.6 亿美元。维持跑赢行业评级和目标价300 美元（估值切换至FY27，基于24 倍FY27 非通用准则市盈率）。公司交易于21 倍FY27 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欧特克：业绩稳健强劲 战略重组收官

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欧特克：业绩稳健强劲战略重组收官