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研報掘金|中金:維持微軟“跑贏行業”評級 AI對雲端增長貢獻佔比有望走高
格隆匯 04-23 13:42
中金預計微軟2024財年第三財季總營業收入按年升17%至619億美元,高於市場預期按年升16%至609億美元;每股盈利按年升20%至2.95美元,高於市場預期按年升15%至2.82美元。該行認為Copilot將不侷限在某個產品層面,而成為微軟眾多軟硬件產品的底層技術,與現有產品線融合。從去年Github Copilot及Office 365 Copilot,到今年的Security Copilot及Windows Copilot,未來被Copilot融合並賦能產品有望愈來愈多,生態會愈發完善,因此認為AI對Azure收入增速貢獻比重有望繼續擴大,預計第三財季Azure來自AI的貢獻有望達13億至14億美元,幫助Azure季度按年增長維持在三成左右水平。該行維持對微軟“跑贏行業”評級及目標價438美元。
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