1QFY27评测：稳定的Agentforce增长；加速的资本回报

accelerating capital return 1QFY27 review: solid Agentforce growth;accelerating capital return Target PriceUS$288.00(Previous TPUS$320.00)Up/Downside63.5%Current PriceUS$176.17 Salesforceannounced 1QFY27results: total revenuegrew by 13% YoY toUS$11.1bn, in line withBloombergconsensus estimate; non-GAAP operatingincome increased by 22% YoY to US$3.87bn, 5% ahead of consensus estimatethanks to theenhanced operatingefficiencyfromAI.Agentforce and Data 360maintained strong momentum, with ARR up by over 200% YoY to US$3.4bn in1QFY27. Looking ahead,managementguidestotal revenue to grow by 10-11%YoYto US$11.27-11.35bn in 2QFY27E,and remains upbeat on thereaccelerationoforganic revenue growth in2HFY27E. Supportedby the solidbusinessgrowth, the company enteredUS$25bnshare repurchase program,reducing 1QFY27 total share count by 11%. As a result, we raise our FY27-29E Software & IT Services Saiyi HE, CFA(852) 3916 1739hesaiyi@cmbi.com.hk Wentao LU, CFAluwentao@cmbi.com.hk Ye TAO, CFA(852) 3850 5226franktao@cmbi.com.hk Healthy AOV growth to support 2HFY27growthreacceleration.cRPOgrew by 13% YoY in constant currency (CC),and subscription revenueroseby 12% YoY to US$10.6bn in CC in 1QFY27, mainly driven by the stronggrowth of AgentForce, Data 360, and Slack, butpartially offset by softnessin commerce andTableau. Revenue from Agentforce Apps/Data 360,Headless Platform,& Other was up by 9%/25% YoY respectively in1QFY27. For 2QFY27E,managementguidescRPO to maintain healthy Shuyin GUO(852) 3916 3716guoshuyin@cmbi.com.hk SolidmomentumfromAgentForce and Data 360.AgentForceand Data360ARR increased by over 200% YoY to US$3.4bn in 1QFY27, withAgentForce ARR up by 205% YoY to US$1.2bn. AgentForce saw solid dealacquisitionand consumption growth in 1QFY27: 1) On consumption front,the companyhasprocessed over 28.6tn tokens to date, up by 152% QoQ;and over50% of Agentforce and Data 360 bookings came from existingcustomers in1QFY27; 2)Bookings from Agentforce One Edition andAgentforce for Apps,thepremium SKUs, grewby c.60%YoY; 3) Slack AI driving margin expansion.Non-GAAP OPM improved by 2.5pptsYoYto 34.8% in 1QFY27, as Agentforce continues to improve internalefficiency.Agentforce has handled4mn customerinquiriessince its deploymentonhelp.salesforce.com15 months ago,and Agentforce Sales processed Source: FactSet Business forecasts update and valuation Valuation We value Salesforce at US$288.0per share based on13x FY27E EV/EBITDA. Our targetEV/EBITDA ison par withthe sector average. Disclosures& Disclaimers AnalystCertification The 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 expressedaccurately 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, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong KongSecurities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendardays 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 this report; 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 byCMBIGM Address: 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 Disclosures There 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 the or its affiliate(s) to whom it is distributed.This report is not and should not be construed as an offer or solicitation tobuy or sell any security or a