Huachuang Securities·2025-05-04 08:23Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [17]. Core Insights - The report highlights a positive outlook for the cloud business, with Microsoft showing revenue and profit slightly exceeding expectations, although Azure cloud growth is slowing down. The contribution from AI is increasing [2][3]. - Meta's performance also shows revenue and profit growth, with a strong emphasis on capital expenditure, particularly in AI infrastructure [3][7]. Industry Basic Data - The computer industry consists of 336 listed companies with a total market value of 42,657.40 billion and a circulating market value of 36,398.85 billion [4]. Relative Index Performance - The absolute performance over the last 12 months is 27.0%, while the relative performance is 22.4% [5]. Company Performance Highlights - Microsoft reported third-quarter revenue of 700.7 billion, a year-on-year increase of 13%, and net profit of 258.2 billion, up over 20% [7]. - Meta's first-quarter total revenue reached 423.14 billion, a year-on-year increase of 16%, with net profit growing by 35% [7]. Capital Expenditure Insights - Microsoft’s capital expenditure for the quarter was 214 billion, with expectations for an increase in the next quarter [7]. - Meta has raised its annual capital expenditure forecast from 600-650 billion to 640-720 billion, focusing on AI infrastructure [7].