公司投资评级 - 报告给予Cloudflare"增持"评级 [1] 报告的核心观点 - Cloudflare是内容分发网络(CDN)领域的领导者，通过积极的业务拓展逐步成为互联网安全与性能服务的集成式云平台。2023年实现收入12.97亿美元，同比增长32.97%；Non-GAAP净利润1.70亿美元，Non-GAAP净利率13.08% [1] - 安全解决方案市场竞争激烈，整合型平台优势凸显。Cloudflare依托统一云平台提供全面解决方案，在AI时代底层架构优势显著 [1] - 商业化模式以订阅为主，开发者服务成为主要增长驱动。预计2027年总市场规模(TAM)达2220亿美元，其中开发者服务TAM将以15.9%的复合年增长率(CAGR)领跑 [1] - 预计2024-2026年营收分别为16.62亿、21.01亿、26.49亿美元，Non-GAAP净利润分别为2.65亿、3.05亿、3.86亿美元 [1] 根据相关目录分别进行总结 1. Cloudflare: 高增速的CDN服务SaaS提供商 - Cloudflare起源于Project Honey Pot，逐步建立全球云平台，成为网络安全与性能服务和边缘开发平台的领导者 [18] - 2023年实现营收12.97亿美元，同比增长32.97%；美国市场营收6.78亿美元，占比52.30%；欧洲、中东和非洲地区营收3.57亿美元，占比27.50%；亚太地区营收1.69亿美元，占比13.02% [26] - 2023年毛利润9.90亿美元，毛利率76%；Non-GAAP总营业费用8.94亿美元，总费用率68.93% [28][30] - 2023年Non-GAAP净利润1.70亿美元，Non-GAAP净利率13.08% [40] 2. 网络安全行业: 行业相对分散, 点解决方案的平台化整合是未来趋势 - 2023年全球网络安全市场规模1673亿美元，同比增长11.38%；预计2028年达2557亿美元，2024-2028年CAGR为8.33% [48][49] - 安全解决方案市场竞争激烈，IBM、Microsoft、Broadcom、Cisco分别占据20%、16%、11%、6%的市场份额 [55][56] 3. 公司优势: 整合零信任服务, Anycast路由铸就差异化 - Cloudflare全球网络覆盖120+个国家330+城市，网络容量321Tbps，为安全解决方案提供底层架构支撑 [57] - Cloudflare产品体系涵盖应用程序服务、零信任服务、网络服务、开发者服务及消费者产品 [63] - Cloudflare采用Anycast路由方法，相比Unicast更具安全性，能够将攻击流量分散到多个PoP [88] 4. 公司商业化: 以订阅为主, 大客户为主要增长驱动 - 商业化模式以订阅为主，截至2023年末累积付费客户19万名，ARPU达6833美元 [1] - 应用程序服务订阅计划分为Free、Pro、Business、Enterprise四种配置，满足不同安全需求 [127][128] - 零信任服务订阅计划分为免费计划、现收现付计划、签约计划 [130][131] 5. 未来增长驱动: 产品创新为基, 提升销售效率 - 预计2027年TAM达2220亿美元，其中开发者服务TAM将以15.9%的CAGR领跑 [1] - 预计2024-2026年营收分别为16.62亿、21.01亿、26.49亿美元，Non-GAAP净利润分别为2.65亿、3.05亿、3.86亿美元 [1]

Demand for electricity looks only set to grow with the increasing number of electric vehicles, data centers, and the wider electrification of everything. To meet this demand, increased clean power generation is essential. While nuclear is considered a potential solution, itsMountain Valley Value Investments specializes in identifying undervalued companies with strong growth potential across various sectors. Focused on long-term value and buying at the right price, we leverage deep industry insights and rigo ...

Jim Tierney at AllianceBernstein recently told Yahoo Finance that chipmakers like Nvidia were the first phase of the artificial intelligence (AI) trade. He believes the next phase will focus on cloud computing and software companies that use AI chips to provide services to their customers. Tierney believes that phase will move into high gear in 2025.Numerous companies should benefit as the trend takes shape, but Cloudflare (NET -1.12%) is one investors may overlook because it receives less media coverage th ...

公司概况 - Cloudflare 是一家管理良好、现代化、定位优越且在云和网络安全领域占据主导地位的公司 [1] 行业前景 - 行业对云和网络安全领域持乐观态度 [1] 分析师观点 - 分析师 Oliver Rodzianko 对 Cloudflare 的业务和整个行业持乐观态度 [1] - 分析师的估值分析显示，Cloudflare 具有显著的安全边际，并预计未来五年增长率超过 20% [1] 分析师背景 - Oliver Rodzianko 是专注于技术领域的投资分析师，擅长人工智能、半导体、软件和可再生能源领域 [1] - 分析师关注展示出韧性管理和持久竞争优势的公司 [1] - 分析师的见解经常被 Seeking Alpha 评为“必读”，并通过 GuruFocus syndicated 到 Forbes，并在 TipRanks 上发表 [1] - 分析师寻求提供可靠和道德回报的价值驱动型增长投资，结合传统基本面分析和现代专有工具 [1]

Cloudflare (NET) has enjoyed a remarkable 53.1% surge in the past six months, outperforming the Zacks Internet - Software industry, Zacks Computer and Technology sector and the S&P 500’s return of 19.6%, 9.3% and 12.4%, respectively. But with such a stellar performance, investors are left wondering — should they double down on NET, or is caution the wiser path?Cloudflare Price Performance ChartImage Source: Zacks Investment ResearchCloudflare’s Innovations Drive Market OutperformanceCloudflare’s strong perf ...

Morgan Stanley analyst Keith Weiss noted that cybersecurity remains a top spending priority for organizations globally.Weiss noted longer-term tailwinds are intact as recent technological advancements (GenAI, Public Cloud) expand the attack surface area, creating new product opportunities for securing AI and leveraging AI to automate security operations.In the near term, the analyst flagged risks investors might not fully appreciate heading into 2025.Also Read: This Analyst Downgrades Upstart But Says SoFi ...

Cloudflare, Inc NET stock is up after Morgan Stanley analyst Keith Weiss upgraded it from Equal-Weight to Overweight and raised its price target from $92 to $130.Cloudflare remains one of the most compelling secular stories in Weiss’ software coverage universe, given its large TAM (total addressable market), highly scalable network architecture, and emergence as a potential GenAI enabler as organizations look to adopt and experiment with LLMs (large language models).The company is well-positioned to gain a ...

New design capabilities, advanced data visualization and support for .NET 9 and Angular 19 add to the most comprehensive offer on the market for .NET and JavaScript UI libraries BURLINGTON, Mass., Nov. 26, 2024 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of AI-powered infrastructure software, today announced the Q4 2024 release of its award-winning Progress® Telerik® and Progress® Kendo UI® component libraries. The release includes comprehensive updates to enhance the design-to-code ha ...

公司业务与市场地位 - Cloudflare运营世界领先的内容分发网络（CDN）是分布式云平台能让数据传输更快更安全可靠其在全球330个地点有服务器在CDN市场份额估计超42% [1] - 技术咨询公司SkyQuest估计2023 - 2031年CDN市场年化增长率近22%到预测期末将产生940亿美元收入去年仅超190亿美元 [2] 公司业绩表现 - 公司第三季度营收同比增长28%达4.3亿美元非GAAP收益增长25%营收超华尔街预期的4.24亿美元 [4] - 公司管理层预计本季度营收中点为4.515亿美元每股收益0.18美元分析师预期营收4.557亿美元每股收益0.17美元该指引导致财报发布后股价跌超4% [5] - 公司上调全年指引预计2024年营收达16.61亿美元较之前估计的16.58亿美元有所提高收益估计从每股0.7 - 0.71美元提升到0.74美元这意味着营收增长28%底线增长51% [6] - 公司付费客户群同比增长22%至上季度超22.15万年度营收超10万美元的客户数量增长近28% [8] - 公司以美元计算的净留存率为110%表明现有客户在增加购买或延长平台使用 [9] 公司AI业务布局 - 公司估计其潜在市场总额将从今年的1760亿美元增长到2027年的2220亿美元受AI等领域增长机会推动 [10] - 2023年9月公司宣布推出AI产品套件包括Workers AI已达成多笔数百万美元的交易且在用户中获得良好发展 [11] - 公司将在2024年底前在300个城市部署AI GPU目前在150个城市已可用 [12][13] - 随着公司购买和部署GPU资本支出增加 [14] - 市场研究公司Mordor Intelligence估计到2029年云AI服务市场规模将以32%的年化率增长至2740亿美元公司有大量客户基础可交叉销售AI产品长期来看其增长有望加速 [15] 公司估值情况 - 公司目前以19倍销售额交易估值昂贵远高于标普500指数3倍多的市销率其远期收益倍数107也高于标普500指数的24.6 [16] - 公司第三季度剩余履约义务（RPO）同比增长39%远超营收增长表明营收未来有望更快增长风险承受能力强的投资者可考虑买入 [17][18]

Cloudflare (NET) shares have gained 22.1% in the past six months, outperforming the Zacks Computer Technology sector, Zacks Internet Software industry and the S&P 500’s return of 8%, 10.6% and 10.3%, respectively. The outperformance reflects investors’ confidence in Cloudflare’s product enhancements with artificial intelligence (AI) capabilities and the potential positive impact on NET’s top line.For instance, the company recently upgraded its serverless AI platform, namely Workers AI, with enhanced graphic ...