《摩根大通：2024全球風險投資格局-對軟件安全領域的影響分析報告（英文版）（24頁）.pdf》由會員分享，可在線閱讀，更多相關《摩根大通：2024全球風險投資格局-對軟件安全領域的影響分析報告（英文版）（24頁）.pdf（24頁珍藏版）》請在三個皮匠報告上搜索。

1、North America Equity Research04 August 2024J P M O R G A NSoftware-Large Cap/Mid&Small CapBrian Essex,CFA AC(1-212)622-J.P.Morgan Securities LLCGabrielle Jabre(1-212)622-J.P.Morgan Securities LLCCharlotte Bedick(1-212)270-J.P.Morgan Securities LLCHarsh Goyal(91-22)6157-J.P.Morgan India Private Limit

2、edSecurity has been a segment of the Software industry in which a great deal of innovation and development occurs at the private company level.We have found that tracking private investment and private company development helps offer insight into emerging areas to watch where money is being put to w

3、ork,the impact of competition for early-stage investment on Software and Security from other sectors,how we should think about cycles of development at private company levels,and implications private company investment can have for competition,organic development,and M&A for companies we cover.In re

4、sponse to recent elevated levels of interest from investors and industry partners,the following are observations we have on the overall global investment environment and how they trickle down to specific segments our coverage is exposed to.Fewer global deals,higher deal value.Globally,the number of

5、venture capital deals declined by 26%y/y,2Q24 deal count down 15%q/q,marking the eighth consecutive quarter of deceleration in deal count.However,total deal value is on the rise,increasing 12%y/y in 2Q24,reaccelerating for the first time since 2Q22.So far,1H24 global VC growth has struggled for both

6、 deal value and deal count,declining-26%y/y and-6%y/y,respectively.Expanding on regional differences for deal value,LatAm saw the greatest increase in deal values followed by North America,at 80%y/y and 52%y/y,respectfully.Meanwhile,Asia saw the largest decrease in deal value over the last year,decl

7、ining by 41%y/y.We think that these latest trends show that while the number of deals has declined,the value of these deals is higher.Early Stage VC and Software contributed to acceleration in US deal value.Deal count and value in the US follow the same global trend of fewer deals with higher deal v

8、alue,as deal count decelerated by 16%y/y while deal value increased 52%y/y.Growth in deal value seems to have been led by multiple verticals,with Software accelerating the most at 119%y/y,followed by IT Hardware,Pharma&Biotech and Consumer Goods&Services all growing slightly above 50%y/y.Early Stage

9、 venture capital(Series A to Series B rounds that occurred within five years of the companys founding),was the only stage that saw a positive increase in deal count,at 5%y/y,and saw a 59%y/y increase in deal value.Meanwhile,pre-seed and seed saw the lowest numbers of deals,declining 32%y/y.US Tech i

10、nvestment remains concentrated in Software.The deal value for US tech investments increased 65%y/y,and was significantly driven by Software.Approximately 41%of the total number of deals in the US in 2Q24 were in Software,and roughly 40%of total US deals YTD.SaaS and AI/ML remain among the top vertic

11、als of investment over the past year.During this time period,there have been nine deals over$1bn,and the majority of these deals focused on companies within AI/ML.Other verticals of investment including CloudTech&Ops,Gaming and Cybersecurity.See page 20 for analyst certification and important disclo

12、sures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this repor

13、t as only a single factor in making their investment decision.Global Venture Landscape Impact on Software&Security2Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NFocus remains on AI within US Tech investment.AI/ML emerged as an investment priority in 2018,while

14、 cybersecurity has consistently remained an important area of capital investment with little fluctuation over the years.For US software,over 50%of the deal volume has been focused on business productivity software over the past year,and AI/ML has remained a key investment strategy,representing 20%of

15、 the top 50 deals across all software investments this past year.However,we note that categorization of AI,in particular,is a bit grey in the data as some investments do not explicitly note the primary vertical.Other emerging areas of interest include Cybersecurity,Fintech,Semiconductors,and Big Dat

16、a.Notable top software deals pertaining to Security include Wiz,Axonius and Dragos.Greater focus on efficiency.We have previously cited the way greater focus on private company operating efficiency trickled into public markets within Security Software.We first highlighted this in May 2022,and then w

17、ith public companies later that summer and into 2023(Figure 22L a b o r R e d u c t i o n I n c r e a s e d O v e r t h e P a s t F e w Y e a r s).Valuation followed suit with better mulitples for profitable growth compared with growth at any cost.A by-product of this focus has been higher-quality f

18、undamentals public growth Security Software companies as well as later-stage private vendors.Cybersecurity investment themes.Over the past year,there has been a lot of activity within the private security software space.The most notable transactions including Wizs$1bn Series E round,as well as Axoni

19、uss$400mm Series E.Private markets show relatively healthy and consistent investment spend in cybersecurity.Median deal size increased by 32%to$7mm in 1H24.Out of the top 50 deals,prominent emerging investment themes within Security include Security for AI,Identity and IoT/OT Security.We expect Secu

20、rity M&A activity to pick up in 2H24.We have seen M&A activity pick up YTD as multiples hover at more reasonable levels for Security Software,compared with recent years.Recent conversations with vendors within our coverage highlight better deal flow and growing M&A pipelines with companies of higher

21、 quality.Vendors that have compelling intellectual property and benches of talented employees may not have the same level of access to funding that weve seen in the past.Consequently,some private vendors reached better levels of scale while achieving greater levels of efficiency.As a result,we antic

22、ipate Security Software vendors emerging to access public markets will be of higher fundamental quality over the next few years as well.3Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NGlobal Private LandscapeFewer deals,more valuable deals.Globally,the number o

23、f VC deals declined by-26%y/y this quarter and declined-15%q/q,marking the eighth consecutive quarter of decline in deal count.However,total deal value is on the rise,increasing 12%y/y in 2Q24,reaccelerating for the first time since 2Q22.Expanding o n regional differences for deal value,LatAm saw th

24、e greatest increase in deal values followed by North America,at 80%y/y and 52%y/y,respectively.US deal count and value have followed the trend of fewer deals with higher deal value,as deal count decelerated by-16%y/y,and deal value increased 52%y/y.Meanwhile,Asia saw the largest decline in deal valu

25、e over the last year,with a decline of-41%y/y.These latest trends show that while t he number of deals have declined,the value of these deals are higher.Figure 1:Fewer Global Deals,Higher Deal ValueGlobal Landscape$0$50$100$150$200$25002,0004,0006,0008,00010,00012,00014,00016,00018,0001Q2Q3Q4Q1Q2Q3Q

26、4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q2018201920202021202220232024*Deal Value($bn)Deal countDeal countTotal Deal ValueSource:Pitchbook,J.P.Morgan,2024*Includes 1Q&2Q data.As of 6/30/24Figure 2:2Q Global Deal Values Increased Global Landscape$0$50$100$150$200$2501Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

27、 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q2018201920202021202220232024*Deal Value($bn)North AmericaEuropeAsiaLatin AmericaRest of worldSource:Pitchbook,J.P.Morgan,2024*Includes 1Q&2Q data.As of 6/30/244Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NFigure 3:US Dea

28、l Count and Value Has Declined Since 2021 US Landscape05010015020025030035040005,00010,00015,00020,00025,0002015201620172018201920202021202220232024*Deal value($bn)Deal countDeal CountDeal ValueSource:Pitchbook,J.P.Morgan,2024.As of 6/30/24*2024 is as of 1H24.Figure 4:US Follows Global VC Deal Count

29、 and Value Trend These Past Few Quarters US Landscape02040608010012001,0002,0003,0004,0005,0006,0007,0001Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q2018201920202021202220232024*Deal value($bn)Deal countSource:Pitchbook,J.P.Morgan,2024*Includes 1Q&2Q data.As of 6/30/2

30、4Figure 5:Notable Re-Acceleration for US Early-Stage VC Deal Volume US Landscape05001,0001,5002,0002,5000204060801001201Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q2018201920202021202220232024*Deal CountMedian Deal Value($bn)Median Deal ValuePre-seed/SeedEarly-stage V

31、CLate-stage VCVenture growthSource:Pitchbook,J.P.Morgan,2024*Includes 1Q&2Q data.As of 6/30/24Figure 6:Venture Growth Sees Highest Growth in Deal Value by Stage US Landscape0510152025303540451Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q2014201520162017201820192

32、0202021202220232024*Deal Value($bn)SeedEarly-stage VCLate-stage VCVenture growthSource:Pitchbook,J.P.Morgan,2024*Includes 1Q&2Q data.As of 6/30/245Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NFigure 7:Capital Raised Has Decelerated Over the Past Two Years US

33、Landscape05010015020025002004006008001,0001,2001,4001,6001,8002015201620172018201920202021202220232024*Capital raised($bn)Fund countSource:Pitchbook,J.P.Morgan,2024*Includes 1Q&2Q data.As of 6/30/24.Figure 8:Dry Powder Remained Healthy in the US Through 4Q23*US Landscape0102030405060708090100Drp pow

34、der($bn)Source:Pitchbook,J.P.Morgan,2024.As of 6/30/24.Note:These data show as of year and as of quarter fund return cumulative dry capital sums,for which that fund has returns data available.*Not all fund data are available for 1Q24.6Brian Essex,CFAAC(1-212)622-North America Equity Research04 Augus

35、t 2024J P M O R G A NUS Tech Private LandscapeUS Tech investment remained concentrated in Software.Aggregate deal value for US tech investment increased 65%y/y,and Software accounted for approximately 41%of US deal value in 2Q24,roughly 40%of total US deal value YTD.Over the past year,SaaS and AI/ML

36、 remain among the top verticals for private US tech investment.Nine deals over$1bn have closed within the past year,and the majority of these are attributable to the AI/ML vertical.AI remains a meaningful area of Investment.AI/ML emerged as an area of significant investment in 2018,while private inv

37、estment in Cybersecurity has remained a relatively consistent priority.Within US Software,more than 50%of the deal volume has focused on business productivity software.AI/ML investment accounted for 20%of the top 50 deals across all software investments.Additional investment priorities include Cyber

38、security,Fintech,Semiconductors,and Big Data.Notable top software deals within Security included Wiz,Quantinuum,Axonius and Dragos.Figure 9:Software Provides Support for US Deal Value Growth01020304050607080901001Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2

39、Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q20142015201620172018201920202021202220232024*Deal Value($bn)SoftwarePharma&BiotechOtherMediaIT HardwareHC Services&SystemsHC Devices&SuppliesEnergyConsumer Goods&ServicesCommercial Products&ServicesTransportationSource:Pitchbook,J.P.Morgan,2024*Includes 1Q&2Q dat

40、a.As of 6/30/24.7Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NFigure 10:Software Accounts for Majority of IT Deals IT deals by SegmentSoftware89%Computer HardwareIT Services 2%Communication and Networking 1%Semis 1%Source:Pitchbook,J.P.Morgan.TTM as of 6/30/2

41、4.*Segments defined by Pitchbook.Figure 11:Business Productivity Accounted for Over Half of the Deal Volume in Software Software Deals by Segment01234567805001000150020002500300035004000Capital invested($bn)Deal CountDeal CountCapital Invested($bn)Source:Pitchbook,J.P.Morgan.TTM as of 6/30/24.*Segme

42、nts defined by Pitchbook.Figure 12:SaaS and AI/ML Remain Investment Priorities Capital Breakdown by Vertical01020304050607001,0002,0003,0004,0005,0006,0007,0008,0009,000Total capital invested($bn)Deal countDeal CountTotal Capital Invested(bn)Source:Pitchbook,J.P.Morgan.TTM as of 6/30/24.*Verticals d

43、efined by Pitchbook.Figure 13:AI/ML Investment Priority Has Been Increasing Capital Breakdown by Recurring Prominent Verticals0204060801001201402015201620172018201920202021202220232024Capital invested($bn)SaaSAIMLBig DataFinTechTMTCybersecurityDeal CountSource:Pitchbook,J.P.Morgan.As of 6/30/24.*Ver

44、ticals defined by Pitchbook.8Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NFigure 14:Quantinuum Among Largest Early Stage Software DealsLargest US Software Deals by Early StageSource:Pitchbook,J.P.Morgan.TTM as of 6/30/24.Figure 15:Wiz,and Axonius Among Larges

45、t Later Stage Software Deals Largest US Software Deals by Later StageSource:Pitchbook,J.P.Morgan.TTM as of 6/30/24.Figure 16:Market and Headcount Expansion Remain Top Priorities Raised Funds Use Cases Among Top 50 Software Deals0%2%4%6%8%10%12%14%16%18%of top 50 software dealsSource:Company reports,

46、J.P.Morgan.9Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NFigure 17:Largest US Software VC Deals by StageSource:Pitchbook,J.P.Morgan.TTM as of 6/30/24.*Red denotes Security.10Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A

47、NFigure 18:Eight Cybersecurity Companies Among Largest US Software DealsSource:Pitchbook,J.P.Morgan.TTM as of 6/30/24.*Red denotes Security.11Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NUS Cybersecurity Private Landscape Cybersecurity investment remains heal

48、thy.Over the past year,there has been a great deal of private activity within the Security Software space.Notable transactions included Wizs$1bn Series E round,as well as Axoniuss$400mm Series E.Private investment in Cybersecurity has been healthy,as median deal size increased by roughly 32%to$7mm i

49、n 1H24 from$5.32mm in 2H23.Out of the top 50 deals,prominent themes and types of Cybersecurity attracting investment include Data Security,Identity,and IoT/OT Security.Figure 19:Early Stage Investment Dominates Deal Activity Count by StageSeed54%Series A23%Series B11%Series C4%Series D3%Series E3%Ot

50、her2%Source:Pitchbook,J.P.Morgan.TTM as of 6/30/24.Figure 20:Capital Invested Spread Across Investment Stages Deal Count by Capital Invested,$mmSeed12%Series A15%Series B13%Series C12%Series D15%Series E28%Other5%Source:Pitchbook,J.P.Morgan.TTM as of 6/30/24.12Brian Essex,CFAAC(1-212)622-North Ameri

51、ca Equity Research04 August 2024J P M O R G A NFigure 21:Wiz,Axonius,Cyera,Dragos and Quantimuum Among Largest DealsLarget VC Deals in Security SoftwareSource:Pitchbook,J.P.Morgan.TTM as of 6/30/24.Figure 22:Labor Reduction Increased Over the Past Few YearsPublic and Private Security Layoffs0%10%20%

52、30%40%50%60%020040060080010001200Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec

53、-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Total Public Company LayoffsTotal Private Company LayoffsAverage%of Public ReductionAverage%of Private ReductionSource:Layoffs.fyi13Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NFigure 23:Largest US Security V

54、C Deals by StageSource:Pitchbook,J.P.Morgan.TTM as of 6/30/2414Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NEmerging Area of Investment:Securing AIInvestment traction for Securing AI systems and environments.Focus on AI Security is increasing,as the accelerat

55、ion of ransomware is increasing awareness of data at risk,and adoption of Generative AI tools expands enterprise attack surfaces.The number of private companies looking to secure AI in 2023 has grown by 32%since 2020,and we expect the number of companies to continue to increase.Securing AI spans acr

56、oss data protection,to governance,observability,and model security.In addition to threats to AI systems themselves,AI usage has the potential to spread malware and place sensitive data at risk.As a result,we view adoption of AI and resulting growth of attack surfaces as an incremental demand driver

57、for Security Software.Notable large deals in Securing AI include Cyera,Cohesity and OneTrust.Figure 24:Private AI Security CompaniesSource:Altitude Cyber.Figure 25:Private Security for AI LandscapeSource:J.P.Morgan.15Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G

58、A NEmerging Area of Investment:Non-Human IdentityStrategic importance of Identity continues to grow.According to CrowdStrikes 2023 Global Threat Report,80%of cyberattacks leveraged identity-based techniques to compromise legitimate credentials for the purpose of evading detection in 2022.Additionall

59、y,as enterprises become more reliant on technology,including AI/ML systems,securing non-human and machine identity is also on the rise,both for private and public markets.CYBR recently acquired Venafi,a leader in machine identity management to establish a unified platform for end-to-end machine iden

60、tity security at enterprise scale(view our full note here).Private companies are also looking towards securing non-human identities.Oasis Security and Astrix Security are two notable companies in this space,and recently raised$75mm and$25mm,respectively.Figure 26:Key Identity M&A Deals Source:Bloomb

61、erg Finance L.P,J.P.Morgan.Figure 27:Private Companies with Non-Human Identity Management Capabilities Select CompaniesCompanyStageFounded Total Raised($M)Astrix SecurityEarly Stage VC202140.00Entro SecurityEarly Stage VC202224.23NatomaEarly Stage VC2023NAOasis SecurityEarly Stage VC202275.00CyeraLa

62、ter Stage VC2021460.41VezaLater Stage VC2020125.60WizLater Stage VC20201801.00Source:Pitchbook.J.P.Morgan.16Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NEmerging Area of Investment:IoT/OT SecurityIoT/OT Security emerging as a key trend in later-stage investme

63、nts.Securing networked infrastructure assets continues to grow in importance as demand for IoT/OT Security increases.Ransomware attacks against industrial organizations in 2023 increased by roughly 50%y/y,according to Dragos OT Cybersecurity 2023 Report.Threats to networked infrastructure assets is

64、another vector that expands attack surfaces and is an incremental driver for demand in Security Software.FTNT expects OT will be a top growth driver for its business over the next few years,and TENB noted earlier this year that securing OT environments is becoming more of a CISO responsibility than

65、a manager one.Investments in private companies looking to secure IoT/OT assets are largely concentrated towards the later stage of investments,with notable large deals including Axonius and Dragos.Figure 28:Manufacturing Sector Key Target in Ransomware Attacks Number of ransomware Incidents in 20230

66、100200300400500600Ransomware incidentsSource:Dragos OT Cybersecurity 2023 ReportFigure 29:IoT/OT Security Investments Concentrated in Later StageSelect CompaniesCompanyStageFoundedTotal Raised($M)CapeEarly Stage VC202261.38AxoniusLater Stage VC2017595.09Bastille NetworksLater Stage VC201488.76Clarot

67、yLater Stage VC2014740.00CyleraLater Stage VC201743.50DragosLater Stage VC2016432.20Finite StateLater Stage VC201772.80Nozomi NetworksLater Stage VC2013254.05PhosphorusLater Stage VC201771.28TXONe NetworksLater Stage VC2018151.90Source:Pitchbook.J.P.Morgan.17Brian Essex,CFAAC(1-212)622-North America

68、 Equity Research04 August 2024J P M O R G A NFigure 30:Prominent Investors in Security Software024681012141618Number of investments,TTMSource:Pitchbook,J.P.Morgan.TTM as of 6/30/24.2024*includes 1Q and 2Q data.Figure 31:Total Capital Raised from Funds Invested in Cybersecurity 0501001502002503000100

69、20030040050060020132014201520162017201820192020202120222023 2024*Median fund size(mm)Total capital raised from funds invested in cybersecurity TTM(bn)Total Capital Raised from funds that invested in TTM(bn)Median fund size(mm)Source:Pitchbook,J.P.Morgan.TTM as of 6/30/24.2024*includes 1Q and 2Q data

70、.Figure 32:Security Remains Important Within Emerging Tech Green and blue denotes security,Jan 2023-Jun 2024050100150200250300350400450020040060080010001200140016001800Generative AIDigital TwinsQuantum ComputingBlockchain GamingIoT SecurityDAOsRobotic Process AutomationSynthetic DataTrust&Safety Tec

71、hCognitive ComputingSilicon PhotonicsLidarPost-Quantum CryptographyHigh Performance ComputingDigital AvatarsAI-powered Code CompletionContract ManagementLow Code/No CodeCloud GamingAIOpsFinOpsAutonomous DeliveryDevSecOpsPasswordless AuthenticationQuantum SensingSpace Situational AwarenessGraph Datab

72、ases&AnalyticsData Center Cooling TechAutonomous Vehicle SimuluationV2XService MeshEdge Computing SemiconductorsTinyMLSOARSwarm AICloud Workload ProtectionDNA Data StorageNext-gen Network SecurityDatabase ShardingCrowdsourced Testing4D PrintingComputational StorageCapital invested($bn)Deal countDeal

73、 CountCapital Invested(bn)6000Source:Pitchbook.J.P.Morgan.*Emerging Spaces are Pitchbook defined.18Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NSecurity M&A LandscapeThe news of Google interest in Wiz and implied multiple from the Wall Street Journal article(

74、7/14)reflects favorably on multiples in our view.Rubriks IPO in 1H24 was the first notable public listing in cybersecurity since 2021.Figure 33:Private Company Headcount Growth Remains Largely Positive As of 7/30/2024.-50%0%50%100%150%200%HiddenLayerCyeraWizIslandHuntressVantaCatoCriblIllumioID.mePi

75、ngAppOmniAqua SecurityBigIDSailPointHackerOneNetskopeReversingLabsAviatrixSnykBeyondTrustCohesityRecordedFutureVenafiDataikuVectra AISocureSysdigSaltCybereasonOrcaDeep InstinctHeadcount y/y growthSource:LinkedIn,J.P.Morgan.As of 7/30/24.Figure 34:Select M&A DealsFinancial DealsTargetAcquirer/LeadTar

76、get SectorDateEV($M)Synopsys(software integrity business)Clearlake Capital/Francisco PartnersDevSecOps5/6/2024 2,100 BioCatchPermiraFraud Detection5/6/2024 1,300 DarktraceThomas Bravo Endpoint4/26/2024 5,300 Strategic DealsTargetAcquirer/LeadTarget SectorDateEV($M)AuditBoardHgCompliance 5/23/2024 3,

77、000 VenafiCyberArkIdentity Security5/20/2024 1,540 IBMs Qradar SaaS AssetsPalo Alto NetworksSOC Security5/15/2024 500 Noname SecurityAkamaiAPI Security5/7/2024 450 HashiCorpIBMOpen Source4/24/2024 6,400 EntitleBeyondTrustIdentity Security4/17/2024 125 Silk SecurityArmisRisk Remediation4/17/2024 150

78、Gem SecurityWizCloud Security4/10/2024 350 AvalorZscalerData Fabric for Security3/13/2024 325 Stride SecuritySentinelOneSOAR3/13/2024 15 Flow SecurityCrowdStrikeDSPM3/5/2024 115 ZeroFoxHaveliThreat Intelligence2/6/2024350PingSafeSentinelOneCloud Security1/3/2024100Source:Bloomberg Finance L.P,J.P.Mo

79、rgan.19Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NFigure 35:M&A Accelerating in 20240.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x020406080100120140200320042005200620072008200920102011201220132014201520162017201820192020202120222023YTD2024Average LTM EV/Sales Multip

80、leNumber of dealsNumber of dealsMedian LTM MultipleSource:Bloomberg Finance L.P.,J.P.Morgan.20Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A N Analyst Certification:The Research Analyst(s)denoted by an“AC”on the cover of this report certifies(or,where multiple R

81、esearch Analysts are primarily responsible for this report,the Research Analyst denoted by an“AC”on the cover or within the document individually certifies,with respect to each security or issuer that the Research Analyst covers in this research)that:(1)all of the views expressed in this report accu

82、rately reflect the Research Analysts personal views about any and all of the subject securities or issuers;and(2)no part of any of the Research Analysts compensation was,is,or will be directly or indirectly related to the specific recommendations or views expressed by the Research Analyst(s)in this

83、report.For all Korea-based Research Analysts listed on the front cover,if applicable,they also certify,as per KOFIA requirements,that the Research Analysts analysis was made in good faith and that the views reflect the Research Analysts own opinion,without undue influence or intervention.All authors

84、 named within this report are Research Analysts who produce independent research unless otherwise specified.In Europe,Sector Specialists(Sales and Trading)may be shown on this report as contacts but are not authors of the report or part of the Research Department.Important Disclosures Company-Specif

85、ic Disclosures:Important disclosures,including price charts and credit opinion history tables,are available for compendium reports and all J.P.Morgancovered companies,and certain non-covered companies,by visitinghttps:/ 1-800-477-0406,or e-mailing with your request.Explanation of Equity Research Rat

86、ings,Designations and Analyst(s)Coverage Universe:J.P.Morgan uses the following rating system:Overweight(over the duration of the price target indicated in this report,we expect this stock will outperform the average total return of the stocks in the Research Analysts,or the Research Analysts teams,

87、coverage universe);Neutral(over the duration of the price target indicated in this report,we expect this stock will perform in line with the average total return of the stocks in the Research Analysts,or the Research Analysts teams,coverage universe);and Underweight(over the duration of the price ta

88、rget indicated in this report,we expect this stock will underperform the average total return of the stocks in the Research Analysts,or the Research Analysts teams,coverage universe.NR is Not Rated.In this case,J.P.Morgan has removed the rating and,if applicable,the price target,for this stock becau

89、se of either a lack of a sufficient fundamental basis or for legal,regulatory or policy reasons.The previous rating and,if applicable,the price target,no longer should be relied upon.An NR designation is not a recommendation or a rating.In our Asia(ex-Australia and ex-India)and U.K.small-and mid-cap

90、 Equity Research,each stocks expected total return is compared to the expected total return of a benchmark country market index,not to those Research Analysts coverage universe.If it does not appear in the Important Disclosures section of this report,the certifying Research Analysts coverage univers

91、e can be found on J.P.Morgans Research website,https:/.Coverage Universe:Essex,Brian:CS Disco(LAW),Cellebrite(CLBT),Check Point Software(CHKP),CrowdStrike(CRWD),CyberArk(CYBR),Fortinet(FTNT),International Business Machines(IBM),N-able(NABL),Okta(OKTA),Palo Alto Networks(PANW),Qualys(QLYS),Rapid7(RPD

92、),SentinelOne(S),Tenable(TENB),Varonis(VRNS),Zscaler(ZS)J.P.Morgan Equity Research Ratings Distribution,as of July 06,2024Overweight(buy)Neutral(hold)Underweight(sell)J.P.Morgan Global Equity Research Coverage*49%38%13%IB clients*49%46%34%JPMS Equity Research Coverage*48%41%11%IB clients*69%66%50%*P

93、lease note that the percentages may not add to 100%because of rounding.*Percentage of subject companies within each of the buy,hold and sell categories for which J.P.Morgan has provided investment banking services within the previous 12 months.For purposes of FINRA ratings distribution rules only,ou

94、r Overweight rating falls into a buy rating category;our Neutral rating falls into a hold rating category;and our Underweight rating falls into a sell rating category.Please note that stocks with an NR designation are not included in the table above.This information is current as of the end of the m

95、ost recent calendar quarter.Equity Valuation and Risks:For valuation methodology and risks associated with covered companies or price targets for covered companies,please see the most recent company-specific research report at http:/,contact the primary analyst or your J.P.Morgan representative,or e

96、mail .For material information about the proprietary models used,please see the Summary of Financials in company-specific research reports and the Company Tearsheets,which are available to download on the company pages of our client website,http:/.This report also sets out within it the material und

97、erlying assumptions used.A history of J.P.Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research&Commentary page of http:/ where you can also search by analyst name,sector or financial instrument.Analysts Compensation:The research analysts respo

98、nsible for the preparation of this report receive compensation based upon various factors,including the quality and accuracy of research,client feedback,competitive factors,and overall firm revenues.21Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A N Registration

99、 of non-US Analysts:Unless otherwise noted,the non-US analysts listed on the front of this report are employees of non-US affiliates of J.P.Morgan Securities LLC,may not be registered as research analysts under FINRA rules,may not be associated persons of J.P.Morgan Securities LLC,and may not be sub

100、ject to FINRA Rule 2241 or 2242 restrictions on communications with covered companies,public appearances,and trading securities held by a research analyst account.Other Disclosures J.P.Morgan is a marketing name for investment banking businesses of JPMorgan Chase&Co.and its subsidiaries and affiliat

101、es worldwide.UK MIFID FICC research unbundling exemption:UK clients should refer to UK MIFID Research Unbundling exemption for details of J.P.Morgans implementation of the FICC research exemption and guidance on relevant FICC research categorisation.All research material made available to clients ar

102、e simultaneously available on our client website,J.P.Morgan Markets,unless specifically permitted by relevant laws.Not all research content is redistributed,e-mailed or made available to third-party aggregators.For all research material available on a particular stock,please contact your sales repre

103、sentative.Any long form nomenclature for references to China;Hong Kong;Taiwan;and Macau within this research material are Mainland China;Hong Kong SAR(China);Taiwan(China);and Macau SAR(China).J.P.Morgan Research may,from time to time,write on issuers or securities targeted by economic or financial

104、sanctions imposed or administered by the governmental authorities of the U.S.,EU,UK or other relevant jurisdictions(Sanctioned Securities).Nothing in this report is intended to be read or construed as encouraging,facilitating,promoting or otherwise approving investment or dealing in such Sanctioned

105、Securities.Clients should be aware of their own legal and compliance obligations when making investment decisions.Any digital or crypto assets discussed in this research report are subject to a rapidly changing regulatory landscape.For relevant regulatory advisories on crypto assets,including bitcoi

106、n and ether,please see https:/ author(s)of this research report may not be licensed to carry on regulated activities in your jurisdiction and,if not licensed,do not hold themselves out as being able to do so.Exchange-Traded Funds(ETFs):J.P.Morgan Securities LLC(“JPMS”)acts as authorized participant

107、for substantially all U.S.-listed ETFs.To the extent that any ETFs are mentioned in this report,JPMS may earn commissions and transaction-based compensation in connection with the distribution of those ETF shares and may earn fees for performing other trade-related services,such as securities lendin

108、g to short sellers of the ETF shares.JPMS may also perform services for the ETFs themselves,including acting as a broker or dealer to the ETFs.In addition,affiliates of JPMS may perform services for the ETFs,including trust,custodial,administration,lending,index calculation and/or maintenance and ot

109、her services.Options and Futures related research:If the information contained herein regards options-or futures-related research,such information is available only to persons who have received the proper options or futures risk disclosure documents.Please contact your J.P.Morgan Representative or v

110、isit https:/ for a copy of the Option Clearing Corporations Characteristics and Risks of Standardized Options or http:/www.finra.org/sites/default/files/Security_Futures_Risk_Disclosure_Statement_2018.pdf for a copy of the Security Futures Risk Disclosure Statement.Changes to Interbank Offered Rates

111、(IBORs)and other benchmark rates:Certain interest rate benchmarks are,or may in the future become,subject to ongoing international,national and other regulatory guidance,reform and proposals for reform.For more information,please consult:https:/ Bank Clients:Where you are receiving research as a cli

112、ent of the private banking businesses offered by JPMorgan Chase&Co.and its subsidiaries(“J.P.Morgan Private Bank”),research is provided to you by J.P.Morgan Private Bank and not by any other division of J.P.Morgan,including,but not limited to,the J.P.Morgan Corporate and Investment Bank and its Glob

113、al Research division.Legal entity responsible for the production and distribution of research:The legal entity identified below the name of the Reg AC Research Analyst who authored this material is the legal entity responsible for the production of this research.Where multiple Reg AC Research Analys

114、ts authored this material with different legal entities identified below their names,these legal entities are jointly responsible for the production of this research.Research Analysts from various J.P.Morgan affiliates may have contributed to the production of this material but may not be licensed t

115、o carry out regulated activities in your jurisdiction(and do not hold themselves out as being able to do so).Unless otherwise stated below,this material has been distributed by the legal entity responsible for production.If you have any queries,please contact the relevant Research Analyst in your ju

116、risdiction or the entity in your jurisdiction that has distributed this research material.Legal Entities Disclosures and Country-/Region-Specific Disclosures:Argentina:JPMorgan Chase Bank N.A Sucursal Buenos Aires is regulated by Banco Central de la Repblica Argentina(“BCRA”-Central Bank of Argentin

117、a)and Comisin Nacional de Valores(“CNV”-Argentinian Securities Commission-ALYC y AN Integral N51).Australia:J.P.Morgan Securities Australia Limited(“JPMSAL”)(ABN 61 003 245 234/AFS Licence No:238066)is regulated by the Australian Securities and Investments Commission and is a Market Participant of A

118、SX Limited,a Clearing and Settlement Participant of ASX Clear Pty Limited and a Clearing Participant of ASX Clear(Futures)Pty Limited.This material is issued and distributed in Australia by or on behalf of 22Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A NJPMSAL

119、 only to wholesale clients(as defined in section 761G of the Corporations Act 2001).A list of all financial products covered can be found by visiting https:/ seeks to cover companies of relevance to the domestic and international investor base across all Global Industry Classification Standard(GICS)

120、sectors,as well as across a range of market capitalisation sizes.If applicable,in the course of conducting public side due diligence on the subject company(ies),the Research Analyst team may at times perform such diligence through corporate engagements such as site visits,discussions with company re

121、presentatives,management presentations,etc.Research issued by JPMSAL has been prepared in accordance with J.P.Morgan Australias Research Independence Policy which can be found at the following link:J.P.Morgan Australia-Research Independence Policy.Brazil:Banco J.P.Morgan S.A.is regulated by the Comi

122、ssao de Valores Mobiliarios(CVM)and by the Central Bank of Brazil.Ombudsman J.P.Morgan:0800-7700847/0800-7700810(For Hearing Impaired)/.Canada:J.P.Morgan Securities Canada Inc.is a registered investment dealer,regulated by the Canadian Investment Regulatory Organization and the Ontario Securities Co

123、mmission and is the participating member on Canadian exchanges.This material is distributed in Canada by or on behalf of J.P.Morgan Securities Canada Inc.Chile:Inversiones J.P.Morgan Limitada is an unregulated entity incorporated in Chile.China:J.P.Morgan Securities(China)Company Limited has been ap

124、proved by CSRC to conduct the securities investment consultancy business.Dubai International Financial Centre(DIFC):JPMorgan Chase Bank,N.A.,Dubai Branch is regulated by the Dubai Financial Services Authority(DFSA)and its registered address is Dubai International Financial Centre-The Gate,West Wing,

125、Level 3 and 9 PO Box 506551,Dubai,UAE.This material has been distributed by JP Morgan Chase Bank,N.A.,Dubai Branch to persons regarded as professional clients or market counterparties as defined under the DFSA rules.European Economic Area(EEA):Unless specified to the contrary,research is distributed

126、 in the EEA by J.P.Morgan SE(“JPM SE”),which is authorised as a credit institution by the Federal Financial Supervisory Authority(Bundesanstalt fr Finanzdienstleistungsaufsicht,BaFin)and jointly supervised by the BaFin,the German Central Bank(Deutsche Bundesbank)and the European Central Bank(ECB).JP

127、M SE is a company headquartered in Frankfurt with registered address at TaunusTurm,Taunustor 1,Frankfurt am Main,60310,Germany.The material has been distributed in the EEA to persons regarded as professional investors(or equivalent)pursuant to Art.4 para.1 no.10 and Annex II of MiFID II and its resp

128、ective implementation in their home jurisdictions(“EEA professional investors”).This material must not be acted on or relied on by persons who are not EEA professional investors.Any investment or investment activity to which this material relates is only available to EEA relevant persons and will be

129、 engaged in only with EEA relevant persons.Hong Kong:J.P.Morgan Securities(Asia Pacific)Limited(CE number AAJ321)is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong,and J.P.Morgan Broking(Hong Kong)Limited(CE number AAB027)is regulated by the Secur

130、ities and Futures Commission in Hong Kong.JP Morgan Chase Bank,N.A.,Hong Kong Branch(CE Number AAL996)is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission,is organized under the laws of the United States with limited liability.Where the distribution of this mate

131、rial is a regulated activity in Hong Kong,the material is distributed in Hong Kong by or through J.P.Morgan Securities(Asia Pacific)Limited and/or J.P.Morgan Broking(Hong Kong)Limited.India:J.P.Morgan India Private Limited(Corporate Identity Number-U67120MH1992FTC068724),having its registered office

132、 at J.P.Morgan Tower,Off.C.S.T.Road,Kalina,Santacruz-East,Mumbai 400098,is registered with the Securities and Exchange Board of India(SEBI)as a Research Analyst having registration number INH000001873.J.P.Morgan India Private Limited is also registered with SEBI as a member of the National Stock Exc

133、hange of India Limited and the Bombay Stock Exchange Limited(SEBI Registration Number INZ000239730)and as a Merchant Banker(SEBI Registration Number-MB/INM000002970).Telephone:91-22-6157 3000,Facsimile:91-22-6157 3990 and Website:http:/.JPMorgan Chase Bank,N.A.-Mumbai Branch is licensed by the Reser

134、ve Bank of India(RBI)(Licence No.53/Licence No.BY.4/94;SEBI-IN/CUS/014/CDSL:IN-DP-CDSL-444-2008/IN-DP-NSDL-285-2008/INBI00000984/INE231311239)as a Scheduled Commercial Bank in India,which is its primary license allowing it to carry on Banking business in India and other activities,which a Bank branc

135、h in India are permitted to undertake.For non-local research material,this material is not distributed in India by J.P.Morgan India Private Limited.Compliance Officer:Spurthi Gadamsetty;+912261573225.Grievance Officer:Ramprasadh K,;+912261573000.Investment in securities market are subject to market

136、risks.Read all the related documents carefully before investing.Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.Indonesia:PT J.P.Morgan Sekuritas Indonesia is a member of the Indonesia Stock

137、 Exchange and is registered and supervised by the Otoritas Jasa Keuangan(OJK).Korea:J.P.Morgan Securities(Far East)Limited,Seoul Branch,is a member of the Korea Exchange(KRX).JPMorgan Chase Bank,N.A.,Seoul Branch,is licensed as a branch office of foreign bank(JPMorgan Chase Bank,N.A.)in Korea.Both e

138、ntities are regulated by the Financial Services Commission(FSC)and the Financial Supervisory Service(FSS).For non-macro research material,the material is distributed in Korea by or through J.P.Morgan Securities(Far East)Limited,Seoul Branch.Japan:JPMorgan Securities Japan Co.,Ltd.and JPMorgan Chase

139、Bank,N.A.,Tokyo Branch are regulated by the Financial Services Agency in Japan.Malaysia:This material is issued and distributed in Malaysia by JPMorgan Securities(Malaysia)Sdn Bhd(18146-X),which is a Participating Organization of Bursa Malaysia Berhad and holds a Capital Markets Services License iss

140、ued by the Securities Commission in Malaysia.Mexico:J.P.Morgan Casa de Bolsa,S.A.de C.V.and J.P.Morgan Grupo Financiero are members of the Mexican Stock Exchange and are authorized to act as a broker dealer by the National Banking and Securities Exchange Commission.New Zealand:This material is issue

141、d and distributed by JPMSAL in New Zealand only to wholesale clients(as defined in the Financial Markets Conduct Act 2013).JPMSAL is registered as a Financial Service Provider under the Financial Service providers(Registration and Dispute Resolution)Act of 2008.Philippines:J.P.Morgan Securities Phil

142、ippines Inc.is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund.It is regulated by the Securities and Exchange Commission.Singapore:This material is issued and distributed in Sing

143、apore by or through J.P.Morgan Securities Singapore Private Limited(JPMSS)MCI(P)030/08/2023 and Co.Reg.No.:199405335R,which is a member of the Singapore Exchange Securities Trading Limited,and/or JPMorgan Chase Bank,N.A.,Singapore branch(JPMCB Singapore),both of which are regulated by the Monetary A

144、uthority of Singapore.This material is issued and distributed in Singapore only to accredited investors,expert investors and institutional investors,as defined in Section 4A of the Securities and Futures Act,Cap.289(SFA).23Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M

145、O R G A NThis material is not intended to be issued or distributed to any retail investors or any other investors that do not fall into the classes of“accredited investors,”“expert investors”or“institutional investors,”as defined under Section 4A of the SFA.Recipients of this material in Singapore a

146、re to contact JPMSS or JPMCB Singapore in respect of any matters arising from,or in connection with,the material.South Africa:J.P.Morgan Equities South Africa Proprietary Limited and JPMorgan Chase Bank,N.A.,Johannesburg Branch are members of the Johannesburg Securities Exchange and are regulated by

147、 the Financial Services Conduct Authority(FSCA).Taiwan:J.P.Morgan Securities(Taiwan)Limited is a participant of the Taiwan Stock Exchange(company-type)and regulated by the Taiwan Securities and Futures Bureau.Material relating to equity securities is issued and distributed in Taiwan by J.P.Morgan Se

148、curities(Taiwan)Limited,subject to the license scope and the applicable laws and the regulations in Taiwan.According to Paragraph 2,Article 7-1 of Operational Regulations Governing Securities Firms Recommending Trades in Securities to Customers(as amended or supplemented)and/or other applicable laws

149、 or regulations,please note that the recipient of this material is not permitted to engage in any activities in connection with the material that may give rise to conflicts of interests,unless otherwise disclosed in the“Important Disclosures”in this material.Thailand:This material is issued and dist

150、ributed in Thailand by JPMorgan Securities(Thailand)Ltd.,which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission,and its registered address is 3rd Floor,20 North Sathorn Road,Silom,Bangrak,Bangkok 10500.UK:Unless spec

151、ified to the contrary,research is distributed in the UK by J.P.Morgan Securities plc(“JPMS plc”)which is a member of the London Stock Exchange and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.JPMS plc is

152、 registered in England&Wales No.2711006,Registered Office 25 Bank Street,London,E14 5JP.This material is directed in the UK only to:(a)persons having professional experience in matters relating to investments falling within article 19(5)of the Financial Services and Markets Act 2000(Financial Promot

153、ion)(Order)2005(“the FPO”);(b)persons outlined in article 49 of the FPO(high net worth companies,unincorporated associations or partnerships,the trustees of high value trusts,etc.);or(c)any persons to whom this communication may otherwise lawfully be made;all such persons being referred to as UK rel

154、evant persons.This material must not be acted on or relied on by persons who are not UK relevant persons.Any investment or investment activity to which this material relates is only available to UK relevant persons and will be engaged in only with UK relevant persons.Research issued by JPMS plc has

155、been prepared in accordance with JPMS plcs policy for prevention and avoidance of conflicts of interest related to the production of Research which can be found at the following link:J.P.Morgan EMEA-Research Independence Policy.U.S.:J.P.Morgan Securities LLC(“JPMS”)is a member of the NYSE,FINRA,SIPC

156、,and the NFA.JPMorgan Chase Bank,N.A.is a member of the FDIC.Material published by non-U.S.affiliates is distributed in the U.S.by JPMS who accepts responsibility for its content.General:Additional information is available upon request.The information in this material has been obtained from sources

157、believed to be reliable.While all reasonable care has been taken to ensure that the facts stated in this material are accurate and that the forecasts,opinions and expectations contained herein are fair and reasonable,JPMorgan Chase&Co.or its affiliates and/or subsidiaries(collectively J.P.Morgan)mak

158、e no representations or warranties whatsoever to the completeness or accuracy of the material provided,except with respect to any disclosures relative to J.P.Morgan and the Research Analysts involvement with the issuer that is the subject of the material.Accordingly,no reliance should be placed on t

159、he accuracy,fairness or completeness of the information contained in this material.There may be certain discrepancies with data and/or limited content in this material as a result of calculations,adjustments,translations to different languages,and/or local regulatory restrictions,as applicable.These

160、 discrepancies should not impact the overall investment analysis,views and/or recommendations of the subject company(ies)that may be discussed in the material.J.P.Morgan accepts no liability whatsoever for any loss arising from any use of this material or its contents,and neither J.P.Morgan nor any

161、of its respective directors,officers or employees,shall be in any way responsible for the contents hereof,apart from the liabilities and responsibilities that may be imposed on them by the relevant regulatory authority in the jurisdiction in question,or the regulatory regime thereunder.Opinions,fore

162、casts or projections contained in this material represent J.P.Morgans current opinions or judgment as of the date of the material only and are therefore subject to change without notice.Periodic updates may be provided on companies/industries based on company-specific developments or announcements,m

163、arket conditions or any other publicly available information.There can be no assurance that future results or events will be consistent with any such opinions,forecasts or projections,which represent only one possible outcome.Furthermore,such opinions,forecasts or projections are subject to certain

164、risks,uncertainties and assumptions that have not been verified,and future actual results or events could differ materially.The value of,or income from,any investments referred to in this material may fluctuate and/or be affected by changes in exchange rates.All pricing is indicative as of the close

165、 of market for the securities discussed,unless otherwise stated.Past performance is not indicative of future results.Accordingly,investors may receive back less than originally invested.This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument.The

166、 opinions and recommendations herein do not take into account individual client circumstances,objectives,or needs and are not intended as recommendations of particular securities,financial instruments or strategies to particular clients.This material may include views on structured securities,option

167、s,futures and other derivatives.These are complex instruments,may involve a high degree of risk and may be appropriate investments only for sophisticated investors who are capable of understanding and assuming the risks involved.The recipients of this material must make their own independent decisio

168、ns regarding any securities or financial instruments mentioned herein and should seek advice from such independent financial,legal,tax or other adviser as they deem necessary.J.P.Morgan may trade as a principal on the basis of the Research Analysts views and research,and it may also engage in transa

169、ctions for its own account or for its clients accounts in a manner inconsistent with the views taken in this material,and J.P.Morgan is under no obligation to ensure that such other communication is brought to the attention of any recipient of this material.Others within J.P.Morgan,including Strateg

170、ists,Sales staff and other Research Analysts,may take views that are inconsistent with those taken in this material.Employees of J.P.Morgan not involved in the preparation of this material may have investments in the securities(or derivatives of such securities)mentioned in this material and may tra

171、de them in ways different from those discussed in this material.This material is not an advertisement for or marketing of any issuer,its products or services,or its securities in any jurisdiction.Confidentiality and Security Notice:This transmission may contain information that is privileged,confide

172、ntial,legally privileged,and/or exempt from disclosure under applicable law.If you are not the intended recipient,you are hereby notified that any disclosure,copying,24Brian Essex,CFAAC(1-212)622-North America Equity Research04 August 2024J P M O R G A Ndistribution,or use of the information contain

173、ed herein(including any reliance thereon)is STRICTLY PROHIBITED.Although this transmission and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened,it is the responsibility of the recipient to ensure that it i

174、s virus free and no responsibility is accepted by JPMorgan Chase&Co.,its subsidiaries and affiliates,as applicable,for any loss or damage arising in any way from its use.If you received this transmission in error,please immediately contact the sender and destroy the material in its entirety,whether

175、in electronic or hard copy format.This message is subject to electronic monitoring:https:/ information herein(“Information”)is reproduced by permission of MSCI Inc.,its affiliates and information providers(“MSCI”)2024.No reproduction or dissemination of the Information is permitted without an approp

176、riate license.MSCI MAKES NO EXPRESS OR IMPLIED WARRANTIES(INCLUDING MERCHANTABILITY OR FITNESS)AS TO THE INFORMATION AND DISCLAIMS ALL LIABILITY TO THE EXTENT PERMITTED BY LAW.No Information constitutes investment advice,except for any applicable Information from MSCI ESG Research.Subject also to Su

177、stainalytics:Certain information,data,analyses and opinions contained herein are reproduced by permission of Sustainalytics and:(1)includes the proprietary information of Sustainalytics;(2)may not be copied or redistributed except as specifically authorized;(3)do not constitute investment advice nor

178、 an endorsement of any product or project;(4)are provided solely for informational purposes;and(5)are not warranted to be complete,accurate or timely.Sustainalytics is not responsible for any trading decisions,damages or other losses related to it or its use.The use of the data is subject to conditi

179、ons available at https:/ Sustainalytics.All Rights Reserved.Other Disclosures last revised July 06,2024.Copyright 2024 JPMorgan Chase&Co.All rights reserved.This material or any portion hereof may not be reprinted,sold or redistributed without the written consent of J.P.Morgan.It is strictly prohibi

180、ted to use or share without prior written consent from J.P.Morgan any research material received from J.P.Morgan or an authorized third-party(“J.P.Morgan Data”)in any third-party artificial intelligence(“AI”)systems or models when such J.P.Morgan Data is accessible by a third-party.It is permissible

181、 to use J.P.Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P.Morgan Data so as to prevent any and all access to or use of such J.P.Morgan Data by any third-party.#$J&098$#*PCompleted 02 Aug 2024 06:43 PM EDTDisseminated 04 Aug 2024 01:00 PM EDT