赛富时:CRM行业龙头 “PAAS+SAAS”核心优势稳固 AI有望贡献新增量

中信建投证券
24 Jun

核心观点Salesforce 作为全球CRM 行业龙头,凭借“PaaS+SaaS”双轮驱动模式构建深厚护城河。其产品矩阵覆盖销售云、服务云、营销云、电商云等全链条数字化能力。公司作为成熟的SaaS 公司,已经度过了早期重投入阶段,同时公司近年来也降低了大规模的并购重组,业务端其订阅&支持业务边际收入远大于边际成本,预计未来公司营业费用率仍有下降空间,未来公司利润率仍有进一步提升空间,我们看好公司...

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