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17、DCAGR+8.2%CAGR+2.7%12$qfififi;!,SQLflfi$,3$, fi;$:3fifi)$SQL7,fifl5#$fl13.35K$t38.16K$;$fi)7#,) (flL,fiOLAP s,fig(kfifi:IDC;Minervafl5638271,5771,1482,0522,5157728389371,0591,1801,301202220192024202120203,23220231,3351,6652,0853,816+23.4%2,636$fi$:$;/fi$ 36%30%20%18%14%;%y fi$flfi fi$ /zfi ;%y )13qf

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42、023#f;Snowflake sfi)q,K1)OLAPfi$ggflfiQkfi&tfi20192021#Ktfi20192021#fifi96.7264.7562.4FY20 AFY19 AFY21 E+174%+112%57.6%62.8%67.4%78.0%qflFY21 EFY19 AFY20 A-124.2-269.1-101.6%-271.3-48.2%FY20 A-128.5% FY19 AFY21 E20192021#tfi (%) (USD MN)-131.6-278.2-105.1%-275.8-49.0%FY20 A-136.2% FY19 AFY21 E201920

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44、 USD)LTM2020E2021E2022ELTM2020E2021E2022E2020E2021E2022E2020E2021E2022ESNOWFLAKESNOW-US98,5294895791,0961,790201x170 x90 x55x89%119%89%63%1.43x1.01x0.87xfi:Capital IQ;Thomson;MinervaflSPLUNKSPLK-O27,1102,2752,1622,6303,34812 x13 x10 x8 x12%-8%22%27%-1.50 x0.48 x0.30 xWORKDAYWDAY-O56,7784,1634,3024,9

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47、%0.87 x1.11 x0.95 xBIGCOMMERCEBIGC-US5,15312014817621343 x35 x29 x24 x24%32%19%21%1.08 x1.55 x1.15 xBBILL-N9,65216919525233557 x49 x38 x29 x28%23%29%33%2.11 x1.31 x0.88 xHUBSPOTHUBS-N17,8538178681,0611,28422 x21 x17 x14 x24%29%22%21%0.72 x0.76 x0.66 xSHOPIFYSHOP-N137,1562,5772,8523,7795,11853 x48 x3

48、6 x27 x48%81%33%35%0.60 x1.12 x0.76 xZoomZI-O4,34242746860175410 x9 x7 x6 x37%60%28%25%0.16 x0.25 x0.23 xANAPLANPLAN-N9,72142344455168823 x22 x18 x14 x26%28%24%25%0.79 x0.73 x0.57 xCOUPACOUP-O26,60749052466583154 x51 x40 x32 x29%34%27%25%1.48 x1.49 x1.29 xZENDESKZEN-N16,4779761,0241,2741,58317 x16 x13 x10 x25%25%24%24%0.63 x0.53 x0.43 xVEEVAVEEV-N40,1701,3801,4481,7172,02629 x28 x23 x20 x22%31%19%18%0.89 x1.26 x1.10 xMean28 x25 x20 x1

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