2Q25业绩超预期；人工智能推动强劲的cRPO增长和利润率提升

FY26E15,52718.14,252.520.5419.8413.384.1 Target PriceUS$1175.00(Previous TPUS$1115.00)Up/Downside18.0%Current PriceUS$996.18Software & IT ServicesSaiyi HE, CFA(852) 3916 1739hesaiyi@cmbi.com.hkWentao LU, CFAluwentao@cmbi.com.hkYe TAO, CFAfranktao@cmbi.com.hkJoanna Ma(852) 3761 8838joannama@cmbi.com.hkStock DataMkt Cap (US$ mn)207,205.4Avg 3 mths t/o (US$ mn)52w High/Low(US$)1170.39/721.65Total Issued Shares (mn)Source: FactSetShareholding StructureThe Vanguard GroupBlackRockSource: Company dataShare PerformanceAbsoluteRelative-0.9%5.4%-13.0%-11.4%-16.1%Source: FactSet12-mth Price PerformanceSource: FactSet 488.3208.08.4%8.0%1-mth-6.0%3-mth6-mth FY27E18,03916.25,012.324.2123.8511.566.5 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGEValuationWe value ServiceNow at US$1,175per share based on55x2025E EV/EBITDA. Our targetEV/EBITDA is at a premium to the sector average (27x), which is justified by ServiceNow’sstrongearnings growth outlookover 2025-2027E.Figure3:ServiceNow: target valuationEV/EBITDA Valuation(US$mn)Adjusted EBITDATarget 2025E EV/EBITDA(x)Target EVNet cashTargetequity valuationValuation per share (USD)Source:Company data,CMBIGM estimatesFigure4: SaaS: valuation comparisonCompaniesITSMServiceNowAtlassianCRMSalesforceHubSpotFive9ERPSAPOracleAverageSource: Bloomberg,CMBIGMNote: data are as of23Jul2025 FY25E4,41755.0242,9201,395244,3151,175.0TickerPriceEV/Sales (x)EV/EBITDA (x)(Local)2025E2026E2027E2025E2026ENOW US956.414.912.510.443.335.3TEAM US202.610.08.47.039.832.5CRM US267.26.25.75.215.614.3HUBS US560.99.17.86.642.434.3FIVNUS29.22.22.01.811.19.6SAP US290.69.38.37.326.622.4ORCL US241.914.612.810.928.425.18.67.56.527.323.0 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGEDisclosures& DisclaimersAnalystCertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, theanalyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and FuturesCommission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in thisreport; and (4) have any financial interests in the Hong Kong listed companies covered in this report.CMBIGM RatingsBUY: Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% overnext 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGMOUTPERFORM:Industry expected to outperform the relevant broad market benchmark over next 12 monthsMARKET-PERFORM:Industry expected to perform in-line with the relevant broad market benchmark over next 12 monthsUNDERPERFORM:Industry expected to underperform the relevant broad market benchmark over next 12 monthsCMB InternationalGlobal MarketsLimitedAddress: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International CapitalCorporation Limited (a wholly ownedsubsidiary of China Merchants Bank)Important DisclosuresThere are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on theperformance of underlying assets or other variable market factors.CMBIGMrecommends that investors should independently evaluate particular investmentsand strategies, and encourages investors to consult with a professional financial advisor in order to make their own investment decisions.This report or any information contained herein, have been prepared by theCMBIGM, solely for the purpose of supplying information to the clients ofCMBIGMor its affiliate(s) to whom it is distributed. This report is not and should not be construedas an offer or solicitation to