2QFY26结果：加速AI业务转型

2QFY26results:accelerate AI business Target PriceUS$300.00(Previous TPUS$350.00)Up/Downside37.1%Current PriceUS$218.80 Adobeannounced 2QFY26 results: total revenue was up by 11% YoY inconstant currency to US$6.62bn, 3% ahead ofBloombergconsensus estimate;non-GAAP net income grew by 11% YoY to US$2.40bn, in linewith consensusestimate. The companyraisedFY26 revenue guidanceby 11.5-12.0% YoYtoUS$26.5-26.6bn(previous:US$25.9-26.1bn)onthestrong1HFY26performance andacquisitionofSemrush; butmaintainedFY26 ending ARRgrowth guidance unchanged at +10.2%, due tothecompany’sstrategic choiceto accelerate freemium MAU growth and defer Creative Cloud line optimizations.Overall, we raise FY26-28E total revenueforecastby 2-4%, but trim our target USSoftware & 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 ◼Steady revenue growth across business lines.Creative &marketingprofessionals subscription revenuewas US$4.54bn in 2QFY26, up by 11%YoY in constant currency, mainly driven by the solid growth in CreativeCloud and strength in enterprise customer base.Businessprofessionals &consumers subscription revenue was US$1.85bn in 2QFY26, up by 15% Shuyin GUO(852) 3916 3716guoshuyin@cmbi.com.hk ◼Solid AI business momentum.Adobe’s AI-first product ARR tripled YoYto over US$500mn in 2QFY26, driven by the strong performance of severalproducts: 1) Firefly ending ARR approached US$300mn, up by c.50% QoQ;2)Acrobat AI Assistant paid MAUincreased byover 150%YoY,withlifetimeAI users in Acrobat tripledYoY; 3) The AI products alsoaccelerateAdobe’suser acquisition, withCreative Freemium MAUupfromover50mntoover90mn YoY, andAcrobat&Express MAUupfromover700mntoover850mn Managementtransition in progress.Following the CEO transitionannouncedin Mar, CFO also announced to depart the company in Jun,which may add short-term uncertainty, in our view. That said, the companycurrently onlytradesat 9x FY26E non-GAAP PE, in addition to its US$27bn Source: FactSet Business forecasts update and valuation Valuation We valueAdobeat US$119.7bn (US$300.0per share) based on12x 2026EP/E. Our targetP/Eis at adiscountto the sector average (26x),as Adobe is at a more mature business Disclosures& Disclaimers Analyst Certification The research analyst who isprimary responsible for the content of this research report, in whole or in part, certifies that with 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, the analyst confirms that neither theanalyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate 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 Ratings BUY: Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock withpotential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 months 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 any interest insecurities or enter into any transaction. NeitherCMBIGMnor any of its affiliates, shareholders, agents, consultants, directors, officers or employees shall beliable for any loss, damage or expense whatsoever, whether direct or conseq