长期定位良好，但第一季度门槛较高

Joseph Gallo * | Equity Analyst(212) 336-7402 | jgallo@jefferies.comBrent Thill * | Equity Analyst(415) 229-1559 | bthill@jefferies.comAnnick Baumann * | Equity Associate+1 (212) 778-8068 | abaumann@jefferies.comAnjali Papadopoulos * | Equity Associate+1 (212) 778-8590 | apapadopoulos@jefferies.com Company DescriptionCrowdStrikeCrowdStrike (CRWD) was founded in 2011 to reinvent security for the cloud era. The company took a fundamentally new approach that leveragesthe network effect of crowdsourced data applied to modern security through technologies such as artificial intelligence, or AI, cloud computing, andgraph databases. With its Falcon platform, it created the first multi-tenant, cloud native, intelligent security solution capable of protecting workloadsacross on-premise, virtualized, and cloud-based environments running on a variety of endpoints such as laptops, desktops, servers, virtual machines,and Internet of Things, or IoT, devices. CrowdStrike has 2,516 subscription customers worldwide, including 44 of the Fortune 100, 27 of the top 100global companies and 9 of the top 20 major banks as of January 31, 2019. The company is headquartered in Sunnyvale, California with operations inthe UK, Australia, New Zealand/Asia Pacific, and Middle East. CrowdStrike currently has 1,455 employees as of January 31, 2019.Company Valuation/RisksCrowdStrikeOur $410 price target equates to 17x EV/CY26E rev and is one of the most expensive in our coverage universe. Risks include competition, slowermarket growth, and delayed profitability.Delta Air Lines, Inc.Our price target is based on EV/EBITDAR using a discount to its historical relative valuation to the market.Upside risks: Strength in premium consumer. TechOps growth & margin contribution. Amex remuneration scales to $10BB target.Downside risks: Reversion to the mean of international travel. Corporate travel stagnates. Elevated maintenance & salary costs.Zscaler, Inc.Our $305 price target is based on a DCF and implies 16x EV/CY25E revenue. Downside risks include markets taking longer to 'digest' past securitypurchases than anticipated.Analyst Certification:I, Joseph Gallo, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Brent Thill, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Annick Baumann, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Anjali Papadopoulos, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedPlease see important disclosure information on pages 2 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. June 2, 2025 19:32 P.M.June 2, 2025 22:00 P.M.2 Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price