The Top 6 AI Stocks For 2025
2025 年的 6 大人工智能股票

Jan．15， 2025 5：00 AM ETCLS，CLS：CA，DOCU

Steven Cress，Quant Team  史蒂文-克雷斯，Quant 团队
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Al fever has helped power a two－year bull run on Wall Street as investors bet heavily on tech companies leveraging Al＇s power，a market projected to reach \＄1．36T by 2032.
艾尔热推动了华尔街两年来的牛市，因为投资者将大量赌注押在了利用艾尔动力的科技公司身上，预计到2032年，这一市场将达到1.36亿美元。

Not all AI stocks are created equal，as evidenced by AI ETFs，registering mixed performance amid some stretched tech valuations．Investors must choose carefully．
并不是所有的人工智能股票都是一样的，人工智能 ETF 就证明了这一点。

SA Quant has identified six top AI stocks（three large and three＂SMID＂caps）with solid valuations and high earnings growth potential．
SA Quant 发现了六只估值稳健、盈利增长潜力高的顶级人工智能股票（三只大盘股和三只 "SMID "大盘股）。

These recommendations have a levered free cash flow margin of $\sim 18.6\mathrm{\%}$$\sim 18.6\mathrm{\%}$∼18.6%\sim 18.6 \% and have returned an average of $\sim 60\mathrm{\%}$$\sim 60\mathrm{\%}$∼60%\sim 60 \% over the past year．
这些建议的杠杆自由现金流利润率为 $\sim 18.6\mathrm{\%}$$\sim 18.6\mathrm{\%}$∼18.6%\sim 18.6 \% ，过去一年的平均回报率为 $\sim 60\mathrm{\%}$$\sim 60\mathrm{\%}$∼60%\sim 60 \% 。

According to data provider EPFR，investors have poured more than $\mathrm{\$}5$$\mathrm{\$}5$$5\$ 5 billion into technology sector funds during the past 15 months．This trend was driven higher by three consecutive interest rate cuts by the Federal Reserve in 2024 as well as Donald Trump＇s presidential victory as investors flooded the stock market with more than \＄140B in fresh capital，hoping that tax reforms boost profits across corporate America． Much of that activity has been powered by investor interest in artificial intelligence，as shares of Al－leveraging companies have fueled a blistering $+25\mathrm{\%}$$+25\mathrm{\%}$+25%+25 \% rally of the S\＆P 500 this year．Al bellwether Nvidia（NVDA）has surged $149\mathrm{\%}$$149\mathrm{\%}$149%149 \% over the past year．Meanwhile， big tech companies，including Microsoft＇s（MSFT）partnership with OpenAI and Google＇s （GOOG）（GOOGL）Gemini rollout，have also pushed stocks higher．
根据数据提供商EPFR的数据，在过去的15个月里，投资者向科技行业基金投入了超过1400亿美元。投资者对人工智能的兴趣推动了这一活动的开展，因为人工智能公司的股票推动了今年美国500指数的大幅上涨。同时，包括微软（MSFT）与 OpenAI 的合作以及谷歌（GOOG）（GOOGL）Gemini 的推出在内的大型科技公司也推动了股市的上涨。

The Al market is projected to grow from around \＄538B last year to more than \＄1．8t by 2030，producing an estimated 19\％CAGR through 2032．In his final weeks in office， President Joe Biden＇s administration unleashed new regulations that would block the export of American－made semiconductors to adversaries，including Russia and China．It was the latest development in a fierce Al arms race as the U．S．fights to retain its dominance in manufacturing the chips crucial to powering AI technology．
预计到2030年，铝市场将从去年的大约5.38亿美元增长到超过1.8亿美元，到2032年估计将产生19％的年增长率。这是美国在激烈的人工智能军备竞赛中的最新进展。

According to Precedence Research，North America commanded the largest share of the global AI market，at nearly $37\mathrm{\%}$$37\mathrm{\%}$37%37 \% in 2023．Europe，Asia－Pacific（APAC），and Latin America followed at $25.5\mathrm{\%},24\mathrm{\%}$$25.5\mathrm{\%},24\mathrm{\%}$25.5%,24%25.5 \%, 24 \% ，and $13.6\mathrm{\%}$$13.6\mathrm{\%}$13.6%13.6 \% ，respectively．As exhibited below，APAC is the fastest－ growing AI market over the forecast period．
根据Precedence Research的研究，2023年，北美将近 $37\mathrm{\%}$$37\mathrm{\%}$37%37 \% 占据全球人工智能市场的最大份额，欧洲、亚洲-太平洋（亚太）和拉丁美洲紧随其后，分别为 $25.5\mathrm{\%},24\mathrm{\%}$$25.5\mathrm{\%},24\mathrm{\%}$25.5%,24%25.5 \%, 24 \% 和 $13.6\mathrm{\%}$$13.6\mathrm{\%}$13.6%13.6 \% 。

Seeking Alpha Premium
The message is clear：Whoever wields the AI，wields the power．The same can be said in the corporate sphere．Al stocks，including Palantir Technologies（PLTR）and Nvidia， posted triple－digit returns and dominated the market in 2024．Rising interest has paved the way for more trading access via targeted AI exchange－traded funds（ETFs）．These allow investing in broader themes instead of specific companies，but performance will vary．
在企业领域也是如此，包括 Palantir Technologies（PLTR）和英伟达（Nvidia）在内的公司股票在 2024 年实现了三位数的回报率，并在市场上占据主导地位。人们对人工智能的兴趣日益浓厚，这为通过有针对性的人工智能交易所交易基金（ETF）进行更多交易铺平了道路。

Take，for example，the Defiance Quantum ETF（QTUM）and the Invesco Semiconductors ETF（PSI）．Both have performed similarly since 2020，beating the market，as illustrated in the chart below．
以 Defiance Quantum ETF（QTUM）和 Invesco Semiconductors ETF（PSI）为例，二者自 2020 年以来表现类似，均跑赢大盘，如下图所示。

Seeking Alpha Premium
Meanwhile，the iShares Future AI \＆Tech ETF（ARTY）is down compared to the S\＆P 500. So，how can you pinpoint which AI stocks are currently leading the market if certain ETFs are underperforming？That＇s where our Quant Rating System comes in．Seeking Alpha Quant Ratings are a powerful combination of proprietary computer processing technology and what I call＂quantamental＂analysis，allowing you to cut through the AI noise and focus on stocks with solid fundamentals that are expected to grow earnings at an above－average rate compared to the market．
与此同时，iShares Future AI＆Tech ETF（ARTY）与上证500指数相比有所下跌。因此，如果某些 ETF 表现不佳，您如何才能确定哪些人工智能股票目前在市场上处于领先地位？ 这就是我们的量化评级系统的用武之地。Seeking Alpha 量化评级是专有计算机处理技术和我所说的 "量化基本面 "分析的有力结合，可以让您穿过人工智能的噪音，专注于基本面稳健、盈利增长率有望高于市场平均水平的股票。

Big tech behemoths，including Amazon（AMZN），Google，Apple（AAPL），Meta（META）， Microsoft（MSFT），and IBM（IBM）have poured billions into AI research to entrench themselves in the highly lucrative space and get the edge on their competitors，whether it＇s investing in the most sought－after start－ups such as MSFT＇s more than \＄11B stake in ChatGPT maker OpenAI，or positioning themselves as a critical cog in the AI supply chain such as NVDA’s Al－critical graphic processing units（GPUs）．
包括亚马逊（AMZN）、谷歌（Google）、苹果（AAPL）、Meta（META）、微软（MSFT）和 IBM（IBM）在内的科技巨头纷纷投入数十亿美元进行人工智能研究。微软（MSFT）和IBM（IBM）纷纷投入数十亿美元进行人工智能研究，以巩固自己在这个利润丰厚的领域的地位，并在竞争中获得优势，无论投资于最受追捧的初创企业，如微软（MSFT）以超过110亿美元的价格入股ChatGPT制造商OpenAI，还是将自己定位为人工智能供应链中的关键角色，如NVDA的Al-critical图形处理单元（GPU）。

But while generative AI tools like ChatGPT＇s influence over the global economy is unquestionable，the potential to reap gains from Al stocks today is more nuanced．PLTR， for example，has lost more than 20\％from its record high in December，receiving a＂hold＂ rating from our Quant system and analysts across Wall Street as of Jan．9，2025，as the company founded by venture capitalist Peter Thiel looks increasingly frothy．Despite its blockbuster year in 2024，fellow AI heavyweight NVDA＇s stock is similarly beginning to
但是，虽然像ChatGPT这样的人工智能生成工具对全球经济的影响毋庸置疑，但今天从Al股票中获利的潜力却更加微妙。 例如，PLTR从12月的历史高点下跌了20％以上，我们的量化系统和华尔街分析师在1月9日和2025年1月9日对其给予了 "持有 "评级。尽管2024年是该公司的大丰收之年，但同为人工智能重量级公司的NVDA的股价同样开始下跌。
stall．Elsewhere in the market，potential bubbles are brewing：SoundHound AI（SOUN）， for example，plummeted more than $16\mathrm{\%}$$16\mathrm{\%}$16%16 \% on Tuesday as its valuation has grown unsustainable given its poor fundamentals．SA analyst Richard Durant explains the situation in detail here．
在市场的其他地方，潜在的泡沫正在酝酿：例如，SoundHound AI（SOUN）周二暴跌超过 $16\mathrm{\%}$$16\mathrm{\%}$16%16 \% ，因为鉴于其糟糕的基本面，其估值已变得难以为继。

Silicon Valley＇s culture of hype and hubris can make it difficult to tell which AI players have real staying power and which could be at risk of overblown valuations．But，as SA＇s Quant system shows，plenty of gems still have excellent fundamentals，strong momentum，and solid valuations．
硅谷的炒作和傲慢文化可能会让人难以分辨哪些人工智能企业具有真正的持久力，哪些可能面临估值过高的风险。 但是，正如南澳大利亚的量化系统所显示的那样，许多瑰宝仍然具有出色的基本面、强劲的发展势头和稳健的估值。

Our data－driven Quant system leverages powerful computer processing and our proprietary algorithm to analyze thousands of stocks across a diverse range of sectors in real time．It ranks them based on hundreds of metrics across value，growth， profitability，EPS revisions，and momentum，lending unique insights about their performance and long－term outlook only available to SA Premium and PRO subscribers． To identify the top－performing stocks in the Al universe，I＇ve used the Quant system to analyze securities from three of the largest AI ETFs－the Global X Robotics \＆Artificial Intelligence ETF（BOTZ），the Robo Global Robotics and Automation Index ETF（ROBO） and the Global X Artificial Intelligence \＆Technology ETF（AIQ）－and selected three top－ performing large－cap stocks and three top－performing small－to－medium－SMID－cap stocks to represent the full spectrum of AI opportunities．They include tech companies that sell Al－powered solutions as well as non－tech firms that employ AI to boost productivity，improve products，and streamline operations．The top six Al－leveraging stocks have an average levered free cash flow margin of $\sim 18.6\mathrm{\%}$$\sim 18.6\mathrm{\%}$∼18.6%\sim 18.6 \% and have returned an average of $\sim 60\mathrm{\%}$$\sim 60\mathrm{\%}$∼60%\sim 60 \% more than the past 12 months．
我们的数据驱动 Quant 系统利用强大的计算机处理能力和专有算法，实时分析各行各业的数千只股票。为了找出Al宇宙中表现最出色的股票，我使用Quant系统分析了三只最大的人工智能ETF--Global X Robotics＆Artificial Intelligence ETF（BOTZ）、the Robo Global Robotics and Automation Index ETF（ROBO）和Global X Artificial Intelligence ETF（BOTZ）中的证券。和 Global X 人工智能技术 ETF（AIQ），并选择了三只表现最佳的大市值股票和三只表现最佳的中小市值股票，以代表人工智能的全部机会。前六大 Al-leveraging 股票的平均杠杆自由现金流利润率为 $\sim 18.6\mathrm{\%}$$\sim 18.6\mathrm{\%}$∼18.6%\sim 18.6 \% ，过去 12 个月的平均回报率为 $\sim 60\mathrm{\%}$$\sim 60\mathrm{\%}$∼60%\sim 60 \% 。

Market Capitalization：\＄16．6B
市值：＄16．6B
Quant Rating：Strong Buy  量化评级：强烈购买
Quant Sector Ranking（as of 1／13／25）： 10 out of 550
量化部门排名（截至 1／13／25）： 10 分（总分 550
Quant Industry Ranking（as of 1／13／25）： 2 out of 23
量化行业排名（截至 1／13／25）： 23 项中的 2 项

Ranking second only to Kingsoft Cloud Holdings（KC）among Top Internet Services and Infrastructure Stocks and included within Quant＇s top tech stocks for 2025，cloud communications company Twilio returned nearly $51\mathrm{\%}$$51\mathrm{\%}$51%51 \% over the past 12 months．The customer engagement platform is poised to keep riding the AI wave well into 2025，its
云通信公司 Twilio 在过去 12 个月中的回报率接近 $51\mathrm{\%}$$51\mathrm{\%}$51%51 \% 。
shares more than doubling since May thanks to improved revenues，reduced losses， increased cash flow，and the completed sale of high－profile ETF investor Cathie Wood＇s stake in the group－all reflected in its strong Q3＇24 earnings results．
由于收入增加、亏损减少、现金流增加，以及完成出售知名 ETF 投资者凯茜-伍德（Cathie Wood）在该集团的股份，该集团股价自 5 月份以来翻了一番多，这一切都反映在其 24 年第三季度的强劲财报中。

Twilio Q3＇24 earnings deck
Twilio Q3＇24 财报
Like many other cloud computing companies，the San Francisco－based company rose to prominence during the COVID－19 pandemic but quickly lost money due to high expenses and slow revenue growth．However，explosive demand for generative AI，like Twilio＇s CustomerAl platform，which uses large language models（LLMs）and natural language processing（NLP）to analyze customer data，has helped fuel its impressive turnaround．
与许多其他云计算公司一样，这家总部位于旧金山的公司在COVID-19大流行期间崭露头角，但由于费用高昂和收入增长缓慢而很快陷入亏损。然而，对生成式人工智能的爆炸性需求，如Twilio的CustomerAl平台，该平台使用大型语言模型（）和自然语言处理（NLP）来分析客户数据，帮助其实现了令人印象深刻的扭亏为盈。

With a staggering 23 up EPS revisions and 27 revenue revisions from analysts in the last 90 days，Wall Street has also registered TWLO＇s financial comeback in recent months． The turnaround is reflected in its＇$A$$A$AA＇Momentum Score，with six－and nine－month price performance of $93.5\mathrm{\%}$$93.5\mathrm{\%}$93.5%93.5 \% and $81.3\mathrm{\%}$$81.3\mathrm{\%}$81.3%81.3 \% ，respectively．These are both more than a $1000\mathrm{\%}$$1000\mathrm{\%}$1000%1000 \% difference from the sector medians as the Al－leveraging software group has grown to outperform the S\＆P 500 by nearly double in recent months．
过去 90 天内，分析师对 TWLO 的每股收益和营收分别进行了 23 次和 27 次上调。 $93.5\mathrm{\%}$$93.5\mathrm{\%}$93.5%93.5 \% 和 $81.3\mathrm{\%}$$81.3\mathrm{\%}$81.3%81.3 \% ，分别比行业中位数高出 $1000\mathrm{\%}$$1000\mathrm{\%}$1000%1000 \% 。

TWLO Revisions Grade A＋
第三世界语言组织修订版 A 级＋

＊Grades are relative to the Information Technology sector
等级是相对于信息技术部门而言的
＊＊NM signifies a non meaningful value．A dash signifies the data is not available．
＊＊NM 表示数值无意义。破折号表示数据不可用。

TWLO also maintains strong growth prospects with a forward EBITDA growth rate of $50.6\mathrm{\%}$$50.6\mathrm{\%}$50.6%50.6 \%（ $783\mathrm{\%}$$783\mathrm{\%}$783%783 \% higher than the sector median），YoY operating cash flow growth of $520.8\mathrm{\%}$$520.8\mathrm{\%}$520.8%520.8 \% （ $3,348.45\mathrm{\%}$$3,348.45\mathrm{\%}$3,348.45%3,348.45 \% above the sector median），and a levered free cash flow margin of $107\mathrm{\%}$$107\mathrm{\%}$107%107 \% （ $603\mathrm{\%}$$603\mathrm{\%}$603%603 \% higher than the sector median）．An average forward price－to－earnings（P／E）ratio of 30x indicates that TWLO trades slightly higher than its peers，nearly $20\mathrm{\%}$$20\mathrm{\%}$20%20 \% above the sector median．This brings us to Celestica，one of the top－performing stocks in the Alpha Picks portfolio．
TWLO 还保持着强劲的增长前景，其远期息税折旧摊销前利润增长率为 $50.6\mathrm{\%}$$50.6\mathrm{\%}$50.6%50.6 \% （ $783\mathrm{\%}$$783\mathrm{\%}$783%783 \% 高于行业中位数），年运营现金流增长率为 $520.8\mathrm{\%}$$520.8\mathrm{\%}$520.8%520.8 \% （ $3,348.45\mathrm{\%}$$3,348.45\mathrm{\%}$3,348.45%3,348.45 \% 高于行业中位数），杠杆自由现金流利润率为 $107\mathrm{\%}$$107\mathrm{\%}$107%107 \% （ $603\mathrm{\%}$$603\mathrm{\%}$603%603 \% 高于行业中位数）。平均远期市盈率（P／E）为 30 倍，这表明 TWLO 的交易价格略高于同行，几乎 $20\mathrm{\%}$$20\mathrm{\%}$20%20 \% 高于行业中位数。

Market Capitalization：\＄12B
市值：＄12B
Quant Rating：Strong Buy  量化评级：强烈购买
Quant Sector Ranking（as of 1／13／25）： 7 out of 550
量化部门排名（截至 1／13／25）： 7 分（总分 550
Quant Industry Ranking（as of 1／13／25）： 1 out of 66
量化行业排名（截至 1／13／25）： 66 分中的 1 分

A two－time Alpha Pick included among Quant＇s Top Stocks for 2025，Celestica＇s stunning $255\mathrm{\%}$$255\mathrm{\%}$255%255 \% rise over the past year can be attributed to its highly lucrative pivot to focusing on AI infrastructure manufacturing．Carving itself a niche in making networking switches for data centers，CLS＇Connectivity \＆Cloud Solutions segment represents $67\mathrm{\%}$$67\mathrm{\%}$67%67 \% of total revenues and has grown $42\mathrm{\%}$$42\mathrm{\%}$42%42 \% YoY as more tech companies shell out for data center space for AI computing power．Highlights from its impressive Q3＇24 financial results include a $22\mathrm{\%}$$22\mathrm{\%}$22%22 \% YoY revenue increase to $\mathrm{\$}2.5B$$\mathrm{\$}2.5B$$2.5 B\$ 2.5 B and record adjusted EPS of \＄1．04．
两度跻身 Quant's 2025 年顶级股票之列的 Alpha Pick，Celestica 在过去一年中令人惊叹的 $255\mathrm{\%}$$255\mathrm{\%}$255%255 \% 崛起归功于其专注于 AI 基础设施制造的高利润转型。\云解决方案部门占总收入的 $67\mathrm{\%}$$67\mathrm{\%}$67%67 \% ，并且随着越来越多的科技公司为 AI 计算能力购买数据中心空间，云解决方案部门的收入也实现了 $42\mathrm{\%}$$42\mathrm{\%}$42%42 \% 年同比增长。其令人印象深刻的第三季度财报亮点包括 $22\mathrm{\%}$$22\mathrm{\%}$22%22 \% 年同比收入增长至 $\mathrm{\$}2.5B$$\mathrm{\$}2.5B$$2.5 B\$ 2.5 B ，以及创纪录的调整后 EPS 为 1.04 美元。

Unlike some overvalued competitors，CLS has maintained an attractive valuation despite posting blockbuster returns in 2024，with forward price－to－earnings growth（PEG）of 0．87．A PEG below one typically indicates that a stock is undervalued compared to its peers．CLS has crushed the broader market with its＇A＋＇Momentum Grade and has garnered six EPS upward revisions and eight revenue revisions from analysts over the past 90 days．Its Growth Grade has also improved，rising from a＇ $\mathrm{C}+$$\mathrm{C}+$C+\mathrm{C}+＇to a＇ $\mathrm{B}+$$\mathrm{B}+$B+\mathrm{B}+＇thanks to key metrics，including forward EPS growth of $49\mathrm{\%}$$49\mathrm{\%}$49%49 \% and YoY EPS diluted growth of $88\mathrm{\%}$$88\mathrm{\%}$88%88 \% ， more than $1000\mathrm{\%}$$1000\mathrm{\%}$1000%1000 \% higher than the sector median．
与一些估值过高的竞争对手不同，CLS 尽管在 2024 年实现了巨额回报，但仍保持了极具吸引力的估值，其远期市盈率增长（PEG）为 0.87。在过去的 90 天里，分析师对其每股收益进行了六次上调，对其收入进行了八次上调。 $\mathrm{B}+$$\mathrm{B}+$B+\mathrm{B}+ "得益于主要指标，包括 $49\mathrm{\%}$$49\mathrm{\%}$49%49 \% 的每股收益前瞻性增长和 $88\mathrm{\%}$$88\mathrm{\%}$88%88 \% 的每股收益摊薄同比增长，比行业中值高出 $1000\mathrm{\%}$$1000\mathrm{\%}$1000%1000 \% 多。

Like CLS，this next stock has evolved to incorporate AI into its operations in new and innovative ways．
与 CLS 一样，这只 "次新股 "也在不断发展，以创新的方式将人工智能融入其运营中。

Market Capitalization：\＄18．3B
市值：＄18．3B
Quant Rating：Strong Buy  量化评级：强烈购买
Quant Sector Ranking（as of 1／13／25）： 27 out of 550
量化部门排名（截至 1／13／25）： 27 分（总分 550
Quant Industry Ranking（as of 1／13／25）： 10 out of 196
量化行业排名（截至 1／13／25）： 10 分（总分 196

Over the past year，electronic signature company DocuSign has introduced novel AI features，which have since become a go－to for businesses to streamline the once arduous and complex process of contract agreements．The revved－up focus on AI helped its stock surge more than $21\mathrm{\%}$$21\mathrm{\%}$21%21 \% following its expectation－beating Q3＇ 24 earnings， a performance poised to continue in 2025 as it taps into new markets both domestically and in Europe．
在过去的一年里，电子签名公司DocuSign推出了新颖的人工智能功能，这些功能已成为企业简化曾经繁琐复杂的合同协议流程的首选。在24年第三季度财报超出预期后，对人工智能的高度关注帮助其股价飙升超过 $21\mathrm{\%}$$21\mathrm{\%}$21%21 \% ，随着DocuSign在国内和欧洲开拓新市场，这一业绩有望在2025年继续保持。

Writes SA Analyst Noah＇s Arc Capital Management：
南非分析师诺亚's Arc Capital Management 写道
＂DocuSign＇s AI features are already playing an instrumental role in helping businesses review and simplify long contract agreements．I continue to believe DocuSign AI is a breakthrough product that can help users review，manage，create，negotiate，and summarize contracts that would otherwise be expensive to analyze with attorneys．＂
DocuSign的人工智能功能已经在帮助企业审查和简化冗长的合同协议方面发挥了重要作用。我仍然相信DocuSign AI是一款突破性产品，它可以帮助用户审查、管理、创建、谈判和总结合同，否则与律师一起分析这些合同的成本将非常高昂。

Compelling growth metrics，including＇A＋＇－rated EBIT growth of 239．21\％－10，710．48\％ above the sector median－and YoY diluted EPS growth of 1，852．2\％－a whole 24，971\％ higher than its peers－underscore DOCU＇s rise over the past few quarters，though its overall＇ $\mathrm{C}+$$\mathrm{C}+$C+\mathrm{C}+＇Growth Score is weighed down by an F－rated＇$-29.58\mathrm{\%}$$-29.58\mathrm{\%}$-29.58%-29.58 \%＇forward return on equity growth．
令人信服的增长指标，包括＇A＋＇级息税前盈利（EBIT）增长239．尽管其总体 $\mathrm{C}+$$\mathrm{C}+$C+\mathrm{C}+ 增长得分受到了F级 $-29.58\mathrm{\%}$$-29.58\mathrm{\%}$-29.58%-29.58 \% 前瞻性股本回报率增长的拖累，但DOCU在过去几个季度中的增长仍然高于同行业。

Despite its banner performance，DocuSign＇s trailing and forward P／E GAAP ratios of 18.6 and 17.9 are $38.6\mathrm{\%}$$38.6\mathrm{\%}$38.6%38.6 \% and $41.5\mathrm{\%}$$41.5\mathrm{\%}$41.5%41.5 \% below the sector medians，respectively，indicating that the San Francisco group＇s shares are significantly undervalued．Its＇A＋＇－Rated PEG（TTM） of 0．01，a $99\mathrm{\%}$$99\mathrm{\%}$99%99 \% difference from the sector median，also indicates a strong value proposition．
尽管业绩表现亮眼，但DocuSign的追踪和前瞻P／E GAAP比率分别为18.6和17.9，分别低于行业中位数 $38.6\mathrm{\%}$$38.6\mathrm{\%}$38.6%38.6 \% 和 $41.5\mathrm{\%}$$41.5\mathrm{\%}$41.5%41.5 \% 。9 分别低于行业中位数 $38.6\mathrm{\%}$$38.6\mathrm{\%}$38.6%38.6 \% 和 $41.5\mathrm{\%}$$41.5\mathrm{\%}$41.5%41.5 \% ，这表明旧金山集团的股票价值被严重低估。01，与行业中位数相差 $99\mathrm{\%}$$99\mathrm{\%}$99%99 \% ，也表明其具有很强的价值主张。

DOCU Profitability Grade $$$$quad\quad A＋
DOCU 盈利能力等级 $$$$quad\quad A＋

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DOCU has beaten earnings expectations for eight quarters running，a feat reflected in its ＇A＋＇Profitability Grade．Among other high－scoring factors，it has a $34.7\mathrm{\%}$$34.7\mathrm{\%}$34.7%34.7 \% net income margin（TTM）and $38.9\mathrm{\%}$$38.9\mathrm{\%}$38.9%38.9 \% levered FCF margin（TTM）．
DOCU 已连续八个季度超出盈利预期，其 "A＋"盈利能力等级也反映了这一成就。除其他高分因素外，它还拥有 $34.7\mathrm{\%}$$34.7\mathrm{\%}$34.7%34.7 \% 净利润率（TTM）和 $38.9\mathrm{\%}$$38.9\mathrm{\%}$38.9%38.9 \% 杠杆 FCF margin（TTM）。

Our next selection has similarly staged an impressive turnaround by leveraging AI．
我们的下一个选择同样通过利用人工智能实现了令人印象深刻的转变。

Market Capitalization：\＄478．2M
市值：＄478．

Quant Rating：Strong Buy  量化评级：强烈购买
Quant Sector Ranking（as of $1/13/25$$1/13/25$1//13//251 / 13 / 25 ）： 43 out of 550
量化部门排名（截至 $1/13/25$$1/13/25$1//13//251 / 13 / 25 ）： 43 分（总分 550
Quant Industry Ranking（as of 1／13／25）： 4 out of 47
量化行业排名（截至 1／13／25）： 47 分中的 4 分

FARO Technologies，a Lake Mary，Fla．，－headquartered company，designs and develops 3D measuring technology．Leveraging AI to be the leader in＂smart factories＂and
总部位于佛罗里达州玛丽湖的 FARO Technologies 公司设计和开发 3D 测量技术。
＂intelligent automation，＂its scanning technology helps increase productivity and fast－ track production．The company has returned nearly $54\mathrm{\%}$$54\mathrm{\%}$54%54 \% over the past six months， building on the momentum of the global 3D scanning market，which is poised to grow to $\mathrm{\$}11.85B$$\mathrm{\$}11.85B$$11.85 B\$ 11.85 B by 2032 at a CAGR of $13.11\mathrm{\%}$$13.11\mathrm{\%}$13.11%13.11 \% during the forecast period 2022－2032．
智能自动化，"其扫描技术有助于提高生产率和快速跟踪生产。 该公司在过去的六个月中获得了近 $54\mathrm{\%}$$54\mathrm{\%}$54%54 \% 的回报，这得益于全球三维扫描市场的发展势头，在 2022-2032 年的预测期内，全球三维扫描市场将以 $13.11\mathrm{\%}$$13.11\mathrm{\%}$13.11%13.11 \% 的复合年增长率增长到 2032 年的 $\mathrm{\$}11.85B$$\mathrm{\$}11.85B$$11.85 B\$ 11.85 B 。

FARO posted strong results in Q3，generating \＄0．21 of non－GAAP EPS，its sixth straight quarter of exceeding expectations as it continues its strategic plan which involved unveiling a new line of laser scanners．
FARO 第三季度业绩强劲，非美国通用会计准则每股收益（Non-GAAP EPS）为 0.21 美元，连续第六个季度超出预期。

To understand FARO＇s＂Strong Buy＂status，look no further than its growth metrics，with forward EBIT growth of $112.48\mathrm{\%}$$112.48\mathrm{\%}$112.48%112.48 \%－a 1，410．71\％difference from the sector median－and astounding YoY levered FCF $24,214.19\mathrm{\%},164,037\mathrm{\%}$$24,214.19\mathrm{\%},164,037\mathrm{\%}$24,214.19%,164,037%24,214.19 \%, 164,037 \% above the $7.45\mathrm{\%}$$7.45\mathrm{\%}$7.45%7.45 \% sector median． Forward EBITDA growth of $42.76\mathrm{\%}$$42.76\mathrm{\%}$42.76%42.76 \% ，a $639.9\mathrm{\%}$$639.9\mathrm{\%}$639.9%639.9 \% increase from the sector median，also indicates more growth to come．
要了解 FARO 的 "强力买入 "地位，就必须看它的增长指标，它的前瞻性 EBIT 增长率为 $112.48\mathrm{\%}$$112.48\mathrm{\%}$112.48%112.48 \% - 与行业中位数相差 1，410．前瞻性息税折旧摊销前利润（EBITDA）增长率为 $42.76\mathrm{\%}$$42.76\mathrm{\%}$42.76%42.76 \% ，与行业中位数相比增长了 $639.9\mathrm{\%}$$639.9\mathrm{\%}$639.9%639.9 \% ，这也预示着未来还会有更多的增长。

FARO stock is also undervalued according to its metrics，with an EV／sales ratio（TTM）of $1.41,59\mathrm{\%}$$1.41,59\mathrm{\%}$1.41,59%1.41,59 \% lower than the sector median，and a price／book ratio（TTM）of $1.9,45\mathrm{\%}$$1.9,45\mathrm{\%}$1.9,45%1.9,45 \% below the sector median．
从指标来看，FARO 股票的价值也被低估了，EV／销售比率（TTM）为 $1.41,59\mathrm{\%}$$1.41,59\mathrm{\%}$1.41,59%1.41,59 \% ，低于行业中位数，而价格／账面比率（TTM）为 $1.9,45\mathrm{\%}$$1.9,45\mathrm{\%}$1.9,45%1.9,45 \% ，低于行业中位数。

SA Quant＇s next selection is also making waves in its sector with the power of AI．
SA Quant 的下一个选择也将凭借人工智能的力量在该领域掀起波澜。

Market Capitalization：\＄897．3M
市值：＄897．3 百万美元
Quant Rating：Strong Buy  量化评级：强烈购买
Quant Sector Ranking（as of 1／10／25）： 42 out of 613
量化部门排名（截至 1／10／25）： 42 分（总分 613
Quant Industry Ranking（as of 1／10／25）： 4 out of 73
量化行业排名（截至 1／10／25）： 4 分（满分 73 分

PRLB could be a compelling opportunity to buy the dip．Despite falling around $16\mathrm{\%}$$16\mathrm{\%}$16%16 \% over the past month，the company reported industry－leading profitability and $\mathrm{\$}24.8\mathrm{M}$$\mathrm{\$}24.8\mathrm{M}$$24.8M\$ 24.8 \mathrm{M} in cash flows in Q3＇24，the highest seen since its 2020 acquisition of 3D－printing parts manufacturer 3D Hubs．Headquartered in Minnesota，Proto Labs specializes in on－ demand manufacturing solutions for a wide range of companies，eliminating the need for them to stock large quantities of products．
尽管在过去一个月中下跌了 $16\mathrm{\%}$$16\mathrm{\%}$16%16 \% 左右，但该公司报告的第三季度盈利能力和 $\mathrm{\$}24.8\mathrm{M}$$\mathrm{\$}24.8\mathrm{M}$$24.8M\$ 24.8 \mathrm{M} 现金流均处于行业领先地位，达到了自2020年收购3D打印零部件制造商3D Hubs以来的最高水平。总部位于美国明尼苏达州的Proto Labs专门为各类公司提供按需制造解决方案，使其无需库存大量产品。

Proto Labs has registered five upward EPS revisions and five upward revenue revisions over the last 90 days．The more professional analysts＇earnings per share revisions associated with a stock，the more it＇s deemed to have higher－than－expected earnings growth compared to its sector in the long term．Strong sector tailwinds are also on PRLB＇s side：The global print－on－demand market size was valued at \＄6．18B in 2022 and is expected to grow at a CAGR of $25.8\mathrm{\%}$$25.8\mathrm{\%}$25.8%25.8 \% through 2030.
在过去的90天里，Proto Labs的每股收益和营收分别被上调了5次和5次。PRLB也面临着强劲的行业发展机遇：2022年，全球按需印刷市场规模为680亿美元，预计到2030年将以 $25.8\mathrm{\%}$$25.8\mathrm{\%}$25.8%25.8 \% 的年复合增长率增长。

PRLB has a long－term growth rate of $25\mathrm{\%}$$25\mathrm{\%}$25%25 \% ，over $119\mathrm{\%}$$119\mathrm{\%}$119%119 \% higher than the sector＇s $11.4\mathrm{\%}$$11.4\mathrm{\%}$11.4%11.4 \% ，and YoY capital expenditure（capex）growth of $74.4\mathrm{\%},1,612.85\mathrm{\%}$$74.4\mathrm{\%},1,612.85\mathrm{\%}$74.4%,1,612.85%74.4 \%, 1,612.85 \% higher than the sector＇s $4.3\mathrm{\%}$$4.3\mathrm{\%}$4.3%4.3 \%－suggesting that it＇s reinvesting significant cash back into its operations．
PRLB的长期增长率为 $25\mathrm{\%}$$25\mathrm{\%}$25%25 \% ，超过 $119\mathrm{\%}$$119\mathrm{\%}$119%119 \% ，高于该行业的 $11.4\mathrm{\%}$$11.4\mathrm{\%}$11.4%11.4 \% ，资本支出（capex）的环比增长率为 $74.4\mathrm{\%},1,612.85\mathrm{\%}$$74.4\mathrm{\%},1,612.85\mathrm{\%}$74.4%,1,612.85%74.4 \%, 1,612.85 \% ，高于该行业的 $4.3\mathrm{\%}$$4.3\mathrm{\%}$4.3%4.3 \% ，这表明该公司正在将大量现金重新投入运营。

The company is fairly valued with a forward PEG of 0.06 ，indicating that it comes at a significant discount to its peers at a $49.3\mathrm{\%}$$49.3\mathrm{\%}$49.3%49.3 \% difference from the sector．Its price－to－book ratio（TTM）of 1.36 is also a green flag at a $-52.83\mathrm{\%}$$-52.83\mathrm{\%}$-52.83%-52.83 \% difference from the sector，while its ＇D＇－rated forward and trailing P／E figures of 39.9 and 48.8 ，respectively，reflect its dipping share price，bringing the overall Valuation Grade to a＇ C ＇．
该公司估值合理，远期 PEG 为 0.06，这表明该公司的市盈率比同行低很多，与行业的市盈率（TTM）相差 1.36，与行业的市盈率（TTM）相差 $-52.83\mathrm{\%}$$-52.83\mathrm{\%}$-52.83%-52.83 \% 。36 也是一个绿旗，与行业的差距为$-52.83\mathrm{\%}$$-52.83\mathrm{\%}$-52.83%-52.83 \% ，而其 "D "级的前瞻和跟踪市盈率分别为 39.9 和 48.8，反映了其股价的下滑，使其整体估值等级为 "C"。

Our next pick is also a great opportunity to buy the dip，given recent tailwinds in the AI sphere．
考虑到人工智能领域近期的发展态势，我们的下一个选择也是逢低买入的绝佳机会。

Market Capitalization：\＄4．9B
市值：＄4．9B
Quant Rating：Strong Buy  量化评级：强烈购买
Quant Sector Ranking（as of 1／10／25）： 58 out of 549
量化部门排名（截至 1／10／25）： 58 分（总分 549 分
Quant Industry Ranking（as of 1／10／25）： 24 out of 196
量化行业排名（截至 1／10／25）： 24 分（总分 196
Another potential＂buy the dip＂opportunity，shares in cloud－based software－as－a－service company Freshworks are swiftly on the rebound following a rocky 2024．The India－ founded company offers Al－enabled software solutions to more than 68，000 customers across various sectors，serving global brands including American Express，Shopify，and Airbus．Its Q3＇24 financial results were chock－full of positive signals：
该公司在印度成立，为各行各业的 68,000 多家客户提供支持 Al 的软件解决方案，服务的全球品牌包括美国运通、Shopify 和空中客车。
$22\mathrm{\%}$$22\mathrm{\%}$22%22 \% YoY increase in revenue to $\mathrm{\$}186.6\mathrm{M}$$\mathrm{\$}186.6\mathrm{M}$$186.6M\$ 186.6 \mathrm{M}
$22\mathrm{\%}$$22\mathrm{\%}$22%22 \% 收入同比增长至 $\mathrm{\$}186.6\mathrm{M}$$\mathrm{\$}186.6\mathrm{M}$$186.6M\$ 186.6 \mathrm{M}
$21\mathrm{\%}$$21\mathrm{\%}$21%21 \% YoY increase in free cash flow
$21\mathrm{\%}$$21\mathrm{\%}$21%21 \% 自由现金流同比增长
raise of its full－year guidance
上调全年指导
\＄400M buyback plan  \4 亿美元回购计划
debt－free balance sheet with strong liquidity．
资产负债表无负债，流动性强。

Freshworks Q3＇24 Earnings Presentation
Freshworks 24年第三季度收益简报
Freshworks recently announced a $\sim 13\mathrm{\%}$$\sim 13\mathrm{\%}$∼13%\sim 13 \% decrease in headcount，which could help further boost margins alongside its share repurchasing program．FRSH is also primed to reap the benefits from a boom in demand for AI SaaS，a market expected to accelerate at a CAGR of more than $30\mathrm{\%}$$30\mathrm{\%}$30%30 \% by 2031.
Freshworks 最近宣布裁员，这将有助于进一步提高利润率，同时实施股票回购计划。FRSH 还将从人工智能 SaaS 的需求热潮中获益，预计到 2031 年，该市场的年复合增长率将超过 $30\mathrm{\%}$$30\mathrm{\%}$30%30 \% 。

Fueling FRSH＇s＇A－＇Growth Score is the same impressive revenue growth mentioned above，including forward revenue growth of $17.8\mathrm{\%}$$17.8\mathrm{\%}$17.8%17.8 \%－a $221.8\mathrm{\%}$$221.8\mathrm{\%}$221.8%221.8 \% difference from the sector． It also touts a 3－5 year long－term CAGR of 27．5\％－824．2\％higher than its peers and year－over－year capex growth of 83．3\％．
FRSH's'A-'Growth Score'（FRSH's'A-'Growth得分）是由上述令人印象深刻的收入增长所推动的，其中包括 $17.8\mathrm{\%}$$17.8\mathrm{\%}$17.8%17.8 \% 的前瞻性收入增长--与该行业 $221.8\mathrm{\%}$$221.8\mathrm{\%}$221.8%221.8 \% 的差距。该公司还吹嘘其3-5年的长期年复合增长率为27.5％-824.2％，高于同行，资本支出同比增长率为83.3％。

Regarding valuation，a 1.51 forward PEG suggests that the stock comes at a slight discount to its peers，with（similar to PRLB）higher－than－average P／E multiples likely attributed to its shares falling around $9.3\mathrm{\%}$$9.3\mathrm{\%}$9.3%9.3 \% over the past month．Among FRSH＇s most
在估值方面，1.51 的远期 PEG 表明该股的估值略低于同行，其 P／E 倍率高于平均水平（与 PRLB 类似），这可能是因为其股价在过去一个月中下跌了 $9.3\mathrm{\%}$$9.3\mathrm{\%}$9.3%9.3 \% 左右。
attractive Quant indicators is its＇A＇Revisions Score，with 17 EPS up revisions and 16 revenue up revisions over the past three months．
具有吸引力的量化指标是其＇A＇修正分数，在过去三个月中，有 17 次每股收益上调修正和 16 次收入上调修正。

Consensus EPS Revision Trend
共识每股收益修正趋势

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As AI hysteria continues to sweep Wall Street，the valuations of some of the biggest AI－ leveraging companies are teetering on overblown．However，SA＇s Quant System shows that there are still plenty of AI＇Strong Buy＇－rated stocks with strong fundamentals．Our top－6 list is up $\sim 60\mathrm{\%}$$\sim 60\mathrm{\%}$∼60%\sim 60 \% on average in the past year，with bullish momentum and strong valuations．Consider these six stocks an opportunity to integrate AI into a portfolio， without all the froth．
随着人工智能歇斯底里的情绪继续席卷华尔街，一些利用人工智能的大型公司的估值已接近夸张。 然而，SA's Quant System 显示，仍有大量人工智能'强力买入'评级的股票具有强劲的基本面。我们的前六名股票在过去一年中平均上涨 $\sim 60\mathrm{\%}$$\sim 60\mathrm{\%}$∼60%\sim 60 \% ，势头强劲，估值也很高。

Alternatively，consider exploring Alpha Picks if you＇re seeking a limited number of Seeking Alpha Quant＇s best monthly ideas from the hundreds of top quant Strong Buy－ rated stocks．
此外，如果您想从数百只获得 "强力买入 "评级的顶级量化股票中寻找数量有限的Seeking Alpha Quant's每月最佳观点，也可以考虑探索Alpha Picks。