高盛TMT今日报告

3 December 2025 | 8:45 PM China Standard Time Leyla KamshadGoldman Sachs & Co. LLCGlobal Banking & MarketsPeter BartlettGoldman Sachs & Co. LLCGlobal Banking & Markets Good morning – futures slightly higher to start (NDX +15bps / SPX +20bps / RTY+45bps) and crypto continues to stabilize as the market searches for a sustaineddirection heading into year-end. Macro news is centered on US/Russia not reaching adeal overnight on Ukraine war (despite "useful" talks) and eyes a handful of econ dataupdates today including ADP Employment report. In TMT, focus continues to be onmicro updates from conferences (MCHP +3% after a positive pre-announcement aheadof presentation today), as well as off-quarter earnings including: MRVL +10% onimproved DC outlook and Celestial AI acquisition, and GTLB -9%, OKTA -4%, CRWD -1%(see below). We head into another busy night of earnings tonight including CRM,SNOW, and GWRE amongst others, and will also be keeping an eye on events todayincluding AMZN AWS re:Invent and the NYT ‘DealBook’ Summit. 早安——期货开盘略有上扬（纳指+15bp /标普+20bp /罗素2000 +45bp），加密货币在市场寻求年终持续方向之际继续趋于稳定。宏观方面的新闻聚焦于美俄在乌克兰战争问题上未能在昨夜达成协议（尽管举行了“有益”会谈），今日还将公布包括ADP就业报告在内的若干经济数据更新。TMT领域的关注点仍集中在会议上的小幅更新（MCHP在今天演示会前因积极的预通告上涨3%），以及非季度财报包括：MRVL因数据中心前景改善及收购Celestial AI上涨10%，而GTLB下跌9%，OKTA下跌4%，CRWD下跌1%（见下文）。今晚还有一轮繁忙的财报，包含CRM、SNOW和GWRE等公司，另外我们也会关注今日的事件，包括亚马逊AWS re:Invent以及纽约时报的“DealBook”峰会。 MRVL: 3Q Revenue inline with EPS above and 4Q guided slightly above; improved DCoutlook and announces Celestial AI acquisition. Stock +10% in pre. MRVL：第三季度收入与预期一致，每股收益高于预期，第四季度指引略高；数据中心前景改善，并宣布收购Celestial AI。盘前股价上涨10%。 Quarterly revenue was in line with the Street, with EPS above: Marvell reported revenueof $2.08 bn, in line with GS and the Street (Visible Alpha) at $2.07 bn. Gross marginof 59.7% was 10bps below GS and the Street at 59.8%. Operating margin of 36.3%was in line with GS and the Street at 36.3%. Operating EPS of $0.76 was above GS at$0.72 and the Street at $0.74. Data Center revenue of $1.52 bn was below GS at$1.54 bn and just above the Street at $1.51 bn. Enterprise Networking revenue of$237 mn was above GS at $227 mn and below the Street at $249 mn. CarrierInfrastructure revenue of $168 mn was below GS at $196 mn and the Street at $171mn. Consumer revenue of $117 mn was far above GS at $70 mn and above theStreet at $110 mn. Automotive/Industrial revenue of $35 mn was in line with GS at$35 mn and the Street at $36 mn.4Q revenue and EPS guidance is modestly above theStreet, with gross margin below.Marvellguided 4Q revenue and EPS modestly (~1%)above the Street. Revenue was guided to $2.20 bn at the midpoint, which ismodestly above GS and the Street at $2.18 bn. Non-GAAP gross margin was guidedto 59.0%, 10bps/30bps below GS and the Street at 59.1%/59.3% respectively. OpExwas guided to $515 mn. Non-GAAP EPS (ex SBC) of $0.79 at the midpoint is justabove GS at $0.77 and the Street at $0.78. GIR fullnote. 季度收入与市场一致，每股收益高于预期：Marvell报告收入为20.8亿美元，与高盛和市场（Visible Alpha）预期的20.7亿美元一致。毛利率为59.7%，比高盛和市场的59.8%低10个基点。营业利润率为36.3%，与高盛和市场的36.3%一致。运营每股收益为0.76美元，高于高盛的0.72美元和市场的0.74美元。数据中心收入为15.2亿美元，低于高盛的15.4亿美元，略高于市场的15.1亿美元。企业网络收入为2.37亿美元，高于高盛的2.27亿美元，但低于市场的2.49亿美元。运营商基础设施收入为1.68亿美元，低于高盛的1.96亿美元和市场的1.71亿美元。消费类收入为1.17亿美元，远高于高盛的0.70亿美元，也高于市场的1.10亿美元。汽车/工业收入为0.35亿美元，与高盛的0.35亿美元和市场的0.36亿美元一致。第四季度收入和每股收益指引略高于市场，但毛利率偏低。Marvell指引的第四季度收入和每股收益略高于市场（约1%）。收入中点被指引为22.0亿美元，略高于高盛和市场的21.8亿美元。非GAAP毛利率被指引为59.0%，比高盛和市场分别低10个基点/30个基点（分别为59.1%/59.3%）。营业费用被指引为5.15亿美元。非GAAP每股收益（不含股票补偿）以中点计为0.79美元，略高于高盛的0.77美元和华尔街的0.78美元。详见GIR完整报告。 CRWD: 3Q solid with NNARR ahead of expectations; FY26 guidance raised. Stock-1% in pre. CRWD：第三财季表现稳健，新增经常性营业收入净额（NNARR）超出预期；2026财年指引上调。盘前股价下跌1%。 F3Q NNARR +$265mn (+73% y/y) – compares to the +$221mn added last qtr –taking ending Total ARR to $4.92bn (+23% y/y). ‘Exceeds $1.35 billion in ending ARRfrom accounts that have adopted the Falcon Flex subscription model, growing morethan 200% y/y.’ Raises 2H NNARR growth to “at least 50% y/y” (vs prior 40%+) –comes after posting a 73% y/y number in 3Q – and “remains confident in delivering20% net new ARR growth for fiscal year 2027.” 4Q Revs guided $1.29-1.3bn vs cons$1.29bn (+22% y/y). “We are capitalizing on the AI-driven demand environment ascustomers consolidate on the Falcon platform, driving our pipeline to an all-timehigh.” 第三财季NNARR为新增2.65亿美元（同比+73%）——相比上季新增的2.21亿美元——使期末总经常性营业收入（Total ARR）达到49.2亿美元（同比+23%）。“采用Falcon Flex订阅模式的账户所贡献的期末ARR超过13.5亿美元，年同比增长超过200%。”将下半年NNARR增长上调至“至少同比+50%”（此前为40%+）——此前第三财季已录得73%的同比增长——并“仍有信心在2027财年实现20%的净新增ARR增长”。第四财季营收指引为12.9亿至13亿美元，市场共识为12.9亿美元（同比+22%）。“我们正在利用以AI为驱动的需求环境，客户在Falcon平台上进行整合，推动我们的销售管道达到历史最高。” OKTA: 3Q results solid with stable q/q cRPO growth; 4Q guidance conservative.Stock -4% in pre. OKTA：第三财季业绩稳健，季度环比的经常性预订收入（cRPO）增长保持稳定；第四财季指引较为保守。盘前股价下跌4%。 3QFY revenue was 2% above the Street (FactSet), cRPO was 3% above, and EBITmargin was ~170bps above. 4QFY revenue guidance is 1% above the Street andcRPO guidance is in line. NRR was 106% (flat qoq) and we ex