云业务增速放缓，AI贡献提升

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company reported revenue of 64.7 billion yuan for FY24Q4, a year-on-year increase of 15%, with a GAAP net profit of 22 billion yuan, up 10% year-on-year [2]. - The growth rate of Azure has slowed, but AI contributions are increasing, with Azure revenue growing by 29% year-on-year, and AI driving an 8% increase in Azure revenue for FY24Q4 [2][3]. - Microsoft 365 subscriptions continue to grow, with productivity and business process revenue reaching 20.3 billion yuan, an 11% year-on-year increase [2]. Revenue and Profit Forecast - The company expects FY25Q1 intelligent cloud revenue to be between 28.6 billion and 28.9 billion yuan [2]. - The forecast for the company's net profit for FY2025-2027 is 102.75 billion, 119.82 billion, and 138.04 billion yuan, respectively, with a compound annual growth rate of 16.1% [3]. Business Segment Performance - The personal computing segment generated 15.9 billion yuan, a 14% year-on-year increase, benefiting from a recovery in the PC market [3]. - Windows revenue grew by 7%, with Windows OEM revenue increasing by 4% and commercial products and cloud services revenue rising by 11% [3]. Capital Expenditure - Capital expenditures for FY24Q4 reached 19 billion dollars, a 78% year-on-year increase, primarily for AI and cloud-related investments [2].