微软:FY3Q25点评 AZURE再加速&宏观稳定下短期维持乐观展望

中信建投证券
09 May

核心观点微软整体业绩好于预期,Azure 非AI 部分明显超预期,主要由于CY24 年底以来渠道执行力度强化,带来短期续约&迁移趋势改善,预计FY4Q25 能够维持。25 年预计大量AI 用例从实验阶段转向生产部署:应用侧M365 Copilot 可能在2H25 乃至后续季度开始拉动生产力软件业务增长,Azure AI 带动其他如数仓业务等增长。尽管AI 业务能见度方面仍然存在问题,AI ...

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