SAP SE
SAP 7Price and target zones价格与目标区间
What the company does公司做什么
SAP is a German company that makes the software a large business uses to run itself. Its main product is an ERP system — one central program that records a company's finance, supply chain, purchasing, and staff on a single database. Most large companies in the world run on it.SAP是一家德国公司，生产大企业用来运营自身的软件。它的主打产品是ERP系统——一个把公司的财务、供应链、采购和员工都记录在同一个数据库上的中央程序。世界上大多数大公司都靠它运转。
Earns from营收来源 cloud subscriptions, which are now most of the revenue, plus support fees on older software the customer installed on its own computers.云订阅费，如今已是收入的大头，加上客户装在自己电脑上的老软件的支持服务费。
Read the full description查看完整介绍
SAP SE, together with its subsidiaries, provides enterprise application and business solutions worldwide. It offers SAP Business AI; SAP S/4HANA that provides software capabilities for finance, risk and project management, procurement, manufacturing, supply chain and asset management, and research and development; SAP SuccessFactors solutions for human resources, including HR, time, payroll, talent and employee experience management, and analytics and planning; and spend management solutions that covers direct and indirect spend, travel and expense, and external workforce management. The company also provides SAP customer experience solutions; SAP Business Technology platform that enables customers and partners to build, integrate, and automate applications; and SAP Business Network, a business-to-business collaboration platform that helps digitalize key business processes across the supply chain and enables communication between trading partners. In addition, it offers SAP Signavio to help customers to discover, analyze, and understand business process operations; industry solutions that provide customers and partners with industry-specific solutions; and SAP LeanIX to visualize enterprise architecture, assess interdependencies and the potential impact of IT modernization, and manage the transition toward the target landscape. Further, the company provides WalkMe to execute workflows; SAP Enable Now, which offers e-learning content embedded in SAP workflows; Taulia solutions for working capital management; and sustainability solutions and services. Additionally, it provides services and support solutions. The company has a strategic collaboration with Fresenius SE & Co. KGaA and Avelios Medical GmbH for the development of a cloud-native, hospital information system that enables digitalization of clinical and administrative processes with AI integration. SAP SE was founded in 1972 and is headquartered in Walldorf, Germany.
What the company sells公司卖什么
Software delivered over the internet as a subscription. FY2025 cloud revenue was 21.0 billion euro, up 26% at constant currency. The Cloud ERP Suite alone was 18.1 billion euro.通过互联网以订阅方式提供的软件。2025财年云收入为21.0 billion欧元，按固定汇率计算增长26%。其中仅云ERP套件就达18.1 billion欧元。
- S/4HANA
- The core ERP system. It records finance, manufacturing, and inventory in real time, and is the master copy of a company's records.核心ERP系统。它实时记录财务、生产和库存，是一家公司记录的主副本。
- SuccessFactors
- Human-resources software for hiring, pay records, and staff management.用于招聘、薪酬记录和员工管理的人力资源软件。
- Ariba
- A purchasing network. A company uses it to find suppliers and manage orders and invoices.一个采购网络。公司用它来寻找供应商、管理订单和发票。
- Concur
- Travel booking and expense claims.差旅预订和费用报销。
Plus:此外： Software support and services软件支持与服务 (43%) — Maintenance fees on older on-site software, and consulting to set the systems up. This part is shrinking as customers move to the cloud对较旧的本地部署软件收取的维护费，以及帮助搭建系统的咨询服务。随着客户转向云端，这部分正在萎缩.
Company facts公司资料
- Founded成立时间
- 1972
- Headquarters总部
- Walldorf, Germany
- Employees员工人数
- 112,019
- Industry行业
- Software - Application
- Country国家
- Germany
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 Ran +20% out of zone.
What's working
- Q2 (7/24) cleared the thesis-break watch: cloud +24% to $7.1B, record cloud backlog, guidance held — the Q2 decel was cyclical, not structural. 73% GM, ROIC 12.4%. Accumulate <$155, strong <$140. Trim $210-220
📋 上涨 +20% 脱离入场区间。✅ Q2（7/24）解除了论点破坏警戒：云业务 +24% 至 $7.1B，云订单积压创纪录，指引维持——Q2 减速是周期性而非结构性。毛利率 73%，ROIC 12.4%。<$155 逢低吸纳，<$140 强力买入。$210-220 减仓。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 18%
- Revenue growth营收增长
- +9%
- Dividend yield股息率
- 1.54%
Competitors竞争对手
Why customers stay客户为什么留下
The ERP system runs the whole company end to end, with years of custom process and staff training built on top. To remove it is a multi-year, high-risk project, so customers stay and move onto SAP's newer cloud version instead. The total cloud order book was 77.3 billion euro at year end.ERP系统从头到尾运行整个公司，上面还叠着多年的定制流程和员工培训。要把它拆掉是一个耗时数年、风险很高的工程，所以客户选择留下来，转而升级到SAP更新的云版本。到年末，云端订单总额为773亿欧元。
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