20240731_招商证券_计算机行业微软FY24Q4业绩跟踪：云收入略低于一致预期资本开支持续扩大_16页.pdf

|2024 07 31 FY24Q4 TMT/FY24Q4 647.27 YoY+15%AI FY25 AI AI FY25 AI Azure 647.27 645.22 15%279.25 276.27 15%2.95 2.94 10%285.15 20%287.17 Azure 30%Azure AI 8 6 AI 190 140 AI AI CPU GPU 15 2025 AI Azure AI 6 60%MaaS API AI Fabric 14000 AI Copilot Workspace Copilot Power Platform AI Azure OpenAI GPT-4o GPT-4o mini Phi-3 FY25 AI 70%Azure AI Azure AI%278 5.5 2065.8 2.9 1796.7 2.8%1m 6m 12m-4.2-13.9-33.8-1.5-17.7-18.2 1 20240728 2024-07-28 2 FY24Q2 2024-07-24 3 20240721 2024-07-21 S1090518120002-50-40-30-20-10010Aug/23 Nov/23 Mar/24 Jul/24(%)计算机 沪深300 2.3 FY24Q4.3 1-Satya Nadella.3 2-Amy Hood.7 3 Q&A.11 1.3 2 EBIT.3 3.3 4.3 YWCXyRrMoNnMtNsRqNrOmN8OdNbRmOnNmOnRiNnNwOjMqQrQ8OqQzQuOnMqMxNpOsP 3 1 2 EBIT Bloomberg Bloomberg 3 4 Bloomberg Bloomberg FY24Q4 2024 7 30 2 30 Brett Iversen-Vice President of Investor Relations Satya Nadella-Chairman and Chief Executive Officer Amy Hood-Executive Vice President and Chief Financial Officer 1-Satya Nadella 2450 0%5%10%15%20%25%0100200300400500600700营业收入（亿美元）YOY0%5%10%15%20%25%30%35%40%45%50%050100150200250300可比息税前利润(EBIT)（亿美 元）调整后营业利润率0%10%20%30%40%50%60%70%020406080100120140160资本开支（亿美元）YOY0100200300400500600700生产力和业务流程 智能云 更多个人计算 4 15%1350 23%AI Azure Azure AMD NVIDIA AI Azure Maia Cobalt 100 Elastic MongoDB Siemens Snowflake Teradata Azure Arc ABB Cathay Pacific LALIGA 36,000 Arc 90%SAP Oracle Atos Coles Daimler Truck AG Dominos Haleon SAP Azure VMware VMware Azure AI AI 60,000 Azure AI 60%Azure OpenAI GPT-4o GPT-4o mini H&R Block,Suzuki,Swiss Re,Telstra Freshworks Meesho Zomato Phi-3 BlackRock Emirates Epic ITC Navy Federal Credit Union MaaS API Cohere Meta Mistral MaaS Adobe Bridgestone Novo Nordisk Palantir Fabric Microsoft AI Azure AI 50%Microsoft Fabric AI 14,000 Accenture Kroger Rockwell Automation Zeiss 20%Fabric mxClaGGm97BB/JgerQh9HPC4iNkD3XJlIbfvIKRvuXLGN1HdVLpPB0apYYkJEp9T 5 GitHub Copilot AI BBVA FedEx H&M Infosys Paytm 77,000 Copilot 180%Copilot Workspace Copilot Copilot GitHub GitHub 20 Copilot GitHub 40%GitHub Power Platform AI 480,000 Power Platform AI 45%4800 Power Platform 40%Copilot Microsoft 365 Copilot Copilot Copilot 60%10,000 Capital Group,Disney,Dow,Kyndryl,Novartis 150,000 Copilot Copilot Team Copilot Copilot Studio Microsoft 365 Copilot Copilot Copilot Carnival Corp.Cognizant Eaton KPMG Majesco McKinsey 50,000 Copilot Studio 70%DAX Copilot Copilot Community Health Network Intermountain Northwestern Memorial Healthcare 400 DAX Copilot 40%Copilot ERP CRM ThermoFisher Scientific Dynamics Dynamics 365 Copilot AI 1-800 Flowers Mediterranean Shipping Synoptek Dynamics 365 Business Central 40,000 ERP Microsoft Teams 6 Teams Premium 300 400%Copilot+PC Copilot+PC Windows PC AI OEM Copilot+PC Windows 11 50%E.ON Windows 11 1,000 Copilot Petrofac Wipro Defender Purview AI 120 Dell Technologies Deutsche Telekom TomTom 800,000 4 25%Defender for Cloud 12 10 LinkedIn LinkedIn LinkedIn 150 LinkedIn 34%LinkedIn Marketing Solutions B2B Premium 51%AI AI LinkedIn Premium Premium Bing Edge Copilot TAC 19%Bing Edge 7 Copilot Copilot 120 130 2024 150%Microsoft Start 10 Performance Max AI Microsoft Ad Platform Copilot 5 30 18 6 Game Pass Game Pass Ultimate Fire IP Fallout Prime Game Pass 5 Amy 2-Amy Hood 647 YoY+15%/16%cc 2.95 YoY+10%/11%cc YoY+17%/19%cc Azure Microsoft 365 1000 1 YoY+20%/21%cc 2690 40%12 18%12 21%97%Activision 3 2 6 Activision 9.38 8 368 YoY+21%/22%cc 2 69%Azure Azure AI YoY+14%/15%cc 70%Activision 13%9 Activision 6 3%YoY+15%/16%cc 43%203 YoY+11%/12%cc Office YoY+12%/13%cc Office 365 YoY+13%/14%cc(ARPU)E5 Microsoft 365 Copilot Office 365 7%Office YoY-9%/7%cc Office YoY+3%/4%cc Microsoft 365 10%8250 LinkedIn YoY+10%/9%cc Dynamics 365 YoY+19%/20%cc Dynamics 365 Dynamics 16%Dynamics 365 Dynamics 90%YoY+9%/10%cc 1 Office 365 AI 5%YoY+12%/13%cc 285 YoY+19%/20%cc YoY+21%/22%cc Azure YoY+29%/30%cc Azure AI 8 6 10%2.81 Microsoft 365 Azure Azure YoY+2%/3%cc 7%9 16%2 Azure Azure AI 5%YoY+22%/23%cc 159 YoY+14%/15%cc Activision 12 Windows PC Windows OEM 4%Windows YoY+11%/12%cc YoY-11%/9%cc Copilot+PC TAC 19%Bing Edge 44%Activision 48 Xbox 61%Activision 58 Xbox YoY-42%/41%cc 21%Activision 10 3 43%Activision 41 YoY+5%/6%cc 190 139 AI 15 AI CPU GPU AI 372 29%233 18%AI 1000 1190 6.75 19%6 84 340 10 2025 AI 2025 2024 2025 2025 2025 19%Azure 70%AI AI AI 10%-11%203 206 Office Office 365 E5 Microsoft 365 Copilot(ARPU)Office 365 14%15%19%Office Microsoft 365 LinkedIn Dynamics Dynamics 365 18%20%286 289 Azure Azure Azure 28%29%AI Azure AI 6 AI AI Azure 9%12%149 153 Windows OEM PC 11 Windows Microsoft 365(TAC)30%Activision 40 Xbox 50%Activision 199.5 201.5 7 Activision 152 153 2 Activision 6.5 19%AI Activision 3 2025 AI AI 2025 3 Q&A Q AI Satya Nadella SaaS M365 Copilot Office 365 M365 GitHub Copilot GitHub Dynamics Azure AI 12 60%Amy co-shells Microsoft Amy Hood FY24 Q4 15 AI Azure SaaS Q Azure Office 365 Satya AI SaaS Amy AI AI Satya Nadella AI M365 SaaS Copilot SaaS M365 60%10,000+2 SaaS 13 Amy Dynamics AI Dynamics BizApps AI Azure AI Azure Azure AI 50%Azure Amy Hood Azure AI Q Amy 50%50%Azure AI Amy Hood Satya CPU GPU CPU GPU PP&E Satya Nadella Amy 14 Amy Azure Q Amy Amy Hood Q Amy Azure 30%Azure Azure Amy Hood 30%31%30%AI 28%29%AI Azure Q Amy Azure CoreWeave Amy Hood Azure Azure AI Satya Nadella Q M365 Copilot 1 15 Office GitHub Copilot Satya Nadella GitHub GitHub Copilot Workspace M365 Copilot CRM CRM CRM Copilot Studio Teams IT Copilot Copilot Q Xbox 61%Activision 58 3 Activision Satya Nadella Xbox PC Activision PC PC xCloud KPI Activision Amy Hood Satya Game Pass 16 6-12 A 300 500 20%5-20%5%5%