> 数据图表各位网友请教一下1.1 微软：25Q1各业务收入高于预期，25Q2收入指引全线超预期2025-5-21.1 微软：25Q1各业务收入高于预期，25Q2收入指引全线超预期 25Q1实际业绩 VS 25Q1市场预期：1）收入端：25Q1公司实现总营收701亿美元，yoy+13%，高于市场预期的685亿美元，各业务板块全面超预期。2）利润端：公司层面各项利润率表现超预期；业务经营利润层面，生产力与商业流程、个人计算业务超预期，智能云业务略低于市场预期。 25Q2业绩指引 VS 25Q2市场预期：25Q2公司整体营收及各业务收入指引均高于市场预期。25Q1微软实际业绩与市场预期对比资料来源：公司公告，公司业绩会，彭博，西南证券整理6FY25Q3 (E) 超预期（beat）/FY25Q4指引上限不及预期（miss） 下限731.5742.513% 15%506.5493.5FY25Q4 (E) 超预期（beat）/不及预期（miss）25Q2(E)720.011%财年（单位：亿美元） FY22Q3 FY22Q4 FY23Q1 FY23Q2 FY23Q3 FY23Q4 FY24Q1 FY24Q2 FY24Q3 FY24Q4 FY25Q1 FY25Q2对应自然年总收入毛利润yoyyoy毛利率经营利润yoy经营利润率净利润yoy净利润率生产力与商业流程yoy收入占比经营利润率智能云yoy收入占比经营利润率个人计算yoy收入占比经营利润率资本开支yoy34735424Q264724Q161923Q462023Q356522Q350122Q251923Q15297%3673%23Q25628% 13% 18% 17% 15% 16% 12%3942%22Q422Q149452718% 12% 11% 2%40233735320% 17% 13% 3%6% 12% 15% 14% 13% 13%68% 68% 69% 67% 69% 70% 71% 68% 70% 70% 69% 69%20420520419% 8%-8% 10% 18% 25% 33% 23% 15% 14% 17%41% 40% 43% 39% 42% 43% 48% 44% 45% 43% 47% 45%1671678%2% -14% -12% 9% 20% 27% 33% 20% 10% 11% 10%34% 32% 35% 31% 35% 36% 39% 35% 35% 34% 38% 35%24Q365624Q46962156%42443445045547822424326927027627930631717616418320122321921922024724119918217929428328627125925523922622125214% 14% 13% 12% 12% 14%44% 43% 45% 45% 45% 42% 44% 44% 43% 42%54% 51% 53% 54% 57% 56% 56% 55% 58% 57%16920019% 20% 21% 20% 20% 19%34% 34% 35% 35% 35% 35% 36% 37% 37% 37%40% 38% 38% 40% 45% 44% 43% 41% 44% 43%1121131471% 20% 18% 15% 17% 0%22% 23% 20% 19% 20% 24% 20% 19% 20% 21%25% 18% 24% 23% 33% 20% 23% 19% 27% 27%6621522123824125512210710814612612313268635% 19% -11% 0% 24% 23% 70% 69% 79% 78% 79% 97%1071121151401902002267887FY25Q3(A)25Q1 (A)70113%48111%69%32016%46%25818%37%29910%43%58%26821%38%41%1346%19%26%21453%25Q1 (E)68511%4657%68%3019%44%29710%43%54%26017%38%42%1271%19%26%22661%beatbeatbeatbeatbeatbeatbeatbeatbeatbeatbeatbeatbeatbeatbeatmissbeatbeatbeatbeatmissmissbeatbeatbeatbeatbeatbeat312.5326.513% 18%43% 44%320.5323.512% 13%309.58%287.5290.521% 22%285.320%123.5128.50% 4%125.22%中值略微beat中值略微beat环比增加西南证券科技传媒
