【招银国际】Cloud revenue growth reaccelerated-250502（7页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 2 May 2025 CMB International Global Markets|Equity Research|Company Update Microsoft(MSFT US)Cloud revenue growth reaccelerated Microsoft reported(1 May HKT)3QFY25(Ju

2、ne year-end)results:revenue was US$70.1bn,up 13.3%YoY(2QFY25:+12.3%YoY),2%better than both our forecast and consensus estimates,mainly driven by a 3/6%beat in Intelligent Cloud/More Personal Computing(MPC)segment.Net profit was up 17.7%YoY to US$25.8bn,7%better than our forecast and consensus,driven

3、 by better-than-expected operating efficiency gains across business segments.The improved execution and acceleration in revenue growth of largest customers,combined with ongoing strong demand in AI related cloud services drove a reacceleration in overall cloud revenue growth in 3QFY25,and such growt

4、h is likely to sustain in 4QFY25.For AI cloud,management highlighted that the growth of demand is still faster than that of data centre capacity expansion.Our FY25-27E revenue/NP forecasts were nudged up by 0-1%/1-2%to account for better-than-expected cloud revenue growth,and our DCF-based TP was li

5、fted by 1%to US$510.3(was US$503.1),translating into 32x FY26E PE.BUY.Improved execution drove reacceleration in cloud revenue growth and the trend could sustain.IC segment recorded quarterly revenue growth of 20.8%YoY to US$26.8bn(38%of total revenue),and Azure and other cloud services within the s

6、egment saw revenue growth of 33%YoY(2QFY25:31%),or 35%in constant currency,better than previous guidance at 31-32%.Management attributed such growth to the strength in non-AI cloud business aided by improved market execution and acceleration in revenue growth of largest customers.Ramp-up in AI servi