投资建议本篇报告中,我们针对公司在新的业务口径下,对潜在受AI影响较大的AzureAI、M365 Copilot,Windows OEM和搜索在FY25 和FY26 可能产生超预期部分的收入进行不同情景(乐观、基础和悲观)下的营收测算,从而对微软未来的财务空间进行判断。理由基于现有财务模型,我们预计在乐观情况下,FY25 及FY26 公司四款AI相关产品预计可产生约41 亿美元/89 亿美元超预期...
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