-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：SAP公佈的第一季非國際財務報告準則（IFRS）每股盈餘為1.72歐元，較去年同期成長20%，超出市場預期0.06歐元；營收為95.6億歐元，較去年同期成長6%（以固定匯率計算成長12%），超出預期1,000億歐元。雲端業務營收為59.6億歐元，以固定匯率計算成長27%，其中雲端ERP套件貢獻了52.1億歐元（以固定匯率計算成長30%）。然而，管理層預計第二季增速將因季度特有因素而放緩。 SAP的雲端業務發展動能強勁，目前雲端業務積壓訂單達219億歐元（以固定匯率計算成長25%），顯示市場需求旺盛。由於嚴格的成本控制，營業利益率從2025年第一季的27.2%提升至30.0%。受4.08億歐元Teradata和解金的影響，公司自由現金流為32.5億歐元，但基本現金流依然強勁。我們對100億歐元的股票回購計畫持正面態度，該計畫已完成首批26億歐元。管理層重申了2026年雲端業務收入目標為258億至262億歐元，營業利潤目標為119億至123億歐元，但鑑於宏觀經濟的不確定性，公司採取了更為保守的總收入成長預期。
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