-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：SAP公布的第一季度非国际财务报告准则（IFRS）每股收益为1.72欧元，同比增长20%，超出市场预期0.06欧元；营收为95.6亿欧元，同比增长6%（按固定汇率计算增长12%），超出预期1000万欧元。云业务营收为59.6亿欧元，按固定汇率计算增长27%，其中云ERP套件贡献了52.1亿欧元（按固定汇率计算增长30%）。然而，管理层预计第二季度增速将因季度特有因素而放缓。SAP的云业务发展势头强劲，目前云业务积压订单达219亿欧元（按固定汇率计算增长25%），表明市场需求旺盛。得益于严格的成本控制，营业利润率从2025年第一季度的27.2%提升至30.0%。受4.08亿欧元Teradata和解金的影响，公司自由现金流为32.5亿欧元，但基本现金流依然强劲。我们对100亿欧元的股票回购计划持积极态度，该计划已完成首批26亿欧元。管理层重申了2026年云业务收入目标为258亿至262亿欧元，营业利润目标为119亿至123亿欧元，但鉴于宏观经济的不确定性，公司采取了更为保守的总收入增长预期。
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