金吾财讯 | 招银国际发研报指，微软(MSFT)2025财年第三季的收入按年增13.3%至701亿美元，胜该行及市场预期，这主要得益于智能云和更多个人计算业务板块分别超出预期3%和6%。季度纯利按年增长 17.7%，达到258亿美元，同样胜该行及市场预期，主要因为各业务板块的经营效率提升均好于预期。该行指，大客户执行情况改善和收入增长加速，加上人工智能相关云服务的需求持续强劲，推动了今财年的第三季整体云业务收入增长的重新加速，而且增速在第四季有望延续。管理层强调，人工智能云服务的需求增长速度仍快于数据中心容量的扩张速度。考虑到云业务收入增长好于预期，该行将2025财年至2027财年的收入及纯利预测分别上调0%至1%及1%至2%，将目标价由503.1美元上调至510.3美元，维持“买入”评级。
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