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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑-行業數據

隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑
ROIC 周期趨勢：因資本開支加大而持續下滑。微軟加大資本投入可能導致 25 財年 ROIC 下降，增加折舊及攤銷對凈利潤的負面影響，目前 ROIC 已呈現平穩下降態勢。從歷史數據來看，在資本開支大幅增加的周期中，ROIC 往往會進一步降低，預計 2025 財年微軟的 ROIC 可能繼續下降，折舊及攤銷費用對凈利潤的影響將逐步增大。
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第1頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第2頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第3頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第4頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第5頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第6頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第7頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第8頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第9頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第10頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第11頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第12頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第13頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第14頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第15頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第16頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第17頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第18頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第19頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第20頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第21頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第22頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第23頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第24頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第25頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第26頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第27頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第28頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第29頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第30頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第31頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第32頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第33頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第34頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第35頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第36頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第37頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第38頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第39頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第40頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第41頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第42頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第43頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第44頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第45頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第46頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第47頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第48頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第49頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第50頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第51頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第52頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第53頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第54頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第55頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第56頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第57頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第58頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第59頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第60頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第61頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第62頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第63頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第64頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第65頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第66頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第67頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第68頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第69頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第70頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第71頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第72頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第73頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第74頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第75頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第76頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第77頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第78頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第79頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第80頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第81頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第82頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第83頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第84頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第85頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第86頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第87頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第88頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第89頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第90頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第91頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第92頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第93頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第94頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第95頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第96頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第97頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第98頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第99頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第100頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第101頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第102頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第103頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第104頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第105頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第106頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第107頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第108頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第109頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第110頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第111頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第112頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第113頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第114頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第115頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第116頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第117頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第118頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第119頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第120頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第121頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第122頁
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隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第123頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第124頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第125頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第126頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第127頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第128頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第129頁
隨著折舊及攤銷費用對利潤影響加劇，ROIC明顯下滑_第130頁
所屬報告： 人工智能行業專題：全球云廠商復盤AI驅動新一輪資本開支周期-241028（60頁）.pdf
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