财捷公司：INTUITASSIST：开启释放财税生产力之路

中金公司2025-03-05

2025 财年第二季度业绩好于我们和市场预期Intuit 发布了2025 财年第二季度业绩，公司第二季度营收同比增长17%至39.6 亿美元；通用准则下经营利润为5.9 亿美元，净利润为4.7 亿美元，对应摊薄后每股收益为1.66 美元；非通用准则下经营利润和净利润分别为12.6亿美元和9.4 亿美元，对应摊薄后每股盈利为3.31 美元，受到国际商务解决组合收入增长影响，财报表现好于市场和我们的...

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自动化工作流程，其功能包括将文件转换为发票、发票提醒和发现潜在现金流短缺并提供定制化解决方案等。公司表示使用Intuit Assist 生成发票提醒的客户的逾期发票支付转化率（Payment conversion rate onoverdue invoices）能够提高10%。公司还通过QuickBooks Live 服务将用户与AI 驱动专家实时连接，其使用量在2QFY25 增长2.5 倍，生态附加率（Ecosystem attach rate）也较其他QuickBooks Online 高出20%。我们认为Intuit Assist 的应用对整合公司的财税生态、进一步赋能客户生产力提升具有积极影响。此外，在指引方面，公司下一季度指引相对积极，公司预计总营收为75.5-76 亿美元，同比增速约为12-13%。GAAP 摊薄后EPS约为9.22-9.28 美元，Non-GAAP 摊薄后EPS 约为10.89-10.95 美元。盈利预测与估值我们维持FY25/FY26 收入和Non-GAAP 净利润基本不变，我们维持中性评级并维持目标价581 美元不变，目标价对应FY25/FY26 分别为29/23 倍Non-GAAP P/E，当前价格对应FY25/FY26 分别为30/24 倍Non-GAAP P/E，具有3%的下行空间。风险宏观经济下行，波动风险加剧；IRS 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