investdataflake ｜ PLTR: 管理層對 AI 前景看法相當 bullish
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增長:
估值:
競爭力:
7為最高
預估1年內股價升幅: 20% to 50%
業務簡介: 企業數據分析及決策管理系統
PLTR 公佈2Q季績，營業額 yoy/qoq 增長12.7%/1.5% (1Q: 17.7%/3.3%)，至5.22億美元，僅是和管理層指引相符。而 non GAAP 經營利潤率/ 純利率改善至 25.3%/ 22.4% (1Q: 23.8%/20.5%)。KPI 方面，公司的 billing 按季持平，但yoy 增長大幅度改善至 52%; 100萬/ 500萬/ 1000萬的新合約也大幅度增加。
管理層對3Q的營業額/ non GAAP 經營利潤 guidance 分別為5.57億/1.39億美元。根據此指引，預計3Q營業額 yoy/qoq增長回升至16.6%/4.4%; non GAAP 經營利潤率回升至27%。23年全年guidance 方面，營業額全年指引由22.35億下調至22.12億美元 (管理層在公告中講到全年指引是向上修正，是很取巧講法)，全年 non GAAP 經營利潤指引由5.56億提高至5.76億美元。預計公司4Q 營收的yoy/qoq 增長進一步改善至 18%/8%，non GAAP 經營利潤有望擴展至接近30% 水平。把23年全年的營收增長下調至 16.3%，至22.17億美元 (前預測值 22.4億，增長17.5%)，而全年 non GAAP 經營利潤預測由5.8億稍微上調至 5.82億美元。
公司財報數字表面上看並非十分亮麗，然而管理層對其受惠 AI 應用的前景看法相當 bullish ，認為機會是前所未有的多，以及公司的護城河很強。投資者看營業額是同步數據，惟從前膽性數據如 billing growth, 新合同數目，新客戶，以及在 shareholders’ letter 提到逾 300間企業正初步探討採用 AIP等，未來增長大有機會加速。此外，公司也提到3Q若能維持 GAAP 盈利，有機會被納入標普 500指數成份股; 而管理層也批准其10億美元回購計劃。然而，即使計及未來增長加快的 bullish 預期，目前65 倍市值對經營利潤仍是相當進取估值，yoy 營業額增長至少要回到30% 以上才能支撐目前估值。
The scale of the opportunity in front of us has never been more significant.
But the barriers to entry to building the architecture that is required from both a technical and governance standpoint to integrate language models into the workings of a sprawling organization have been higher than many initially anticipated.
As a result, the demand for AIP is unlike anything we have seen in the past twenty years. We are currently in discussions with more than three hundred additional enterprises to deploy AIP within their organizations, all of which are searching for an effective and secure means of adapting the latest large language models for use on their internal systems and proprietary data.
We have built the integration platform that they require, and the traction we are seeing, only months after its release, has been transformative for our company.
The scale of the opportunity that lies ahead has increased significantly in recent months. And we intend to capture it.
Alexander C. Karp, Chief Executive Officer & Co-Founder
2Q季績 ppt:
Palantir Q2 2023 Business Update.pdf
舊文重溫
PLTR: 企業決策用的 ChatGPT | Invest Data Flake
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