<p>埃森哲（Accenture，ACN）正将自己定位为企业在向人工智能过渡过程中值得信赖的引导者，这一定位建立在其更广泛的咨询组合之上。该战略本身相对简单，但不太清楚的是，埃森哲在内部执行这一战略的效果如何。由于客户的支出决策被推迟，预算也面临压力，该公司的人工智能转型似乎进展得比其向投资者展示的叙述要慢。</p>
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<p>市场评论人士可能会想起那句老话——“说一套，做一套”——并质疑为什么埃森哲的内部人工智能采用似乎落后于其对客户的鼓励。在这种背景下，值得审视埃森哲的实际表现，这一执行对像印孚瑟斯（Infosys，INFY）和康宁（Cognizant，CTSH）等同行的信号，以及尽管估值表面上看似合理，我对该股票仍持中立态度的原因。</p>
<h2><strong>揭示裂痕的业绩超预期</strong></h2>
<p>埃森哲上周四发布了 2026 财年第一季度的业绩，乍一看，这个季度似乎相对强劲。新订单达到了约 210 亿美元，同比增长 12%，人工智能工作正在咨询和管理服务中嵌入。然而，管理层并没有改变全年展望，仍然维持 2% 到 5% 的收入增长预期，仅有温和的每股收益增长。</p>
<p>短期前景也并不特别令人鼓舞，预计第二财季收入在 173.5 亿美元到 180 亿美元之间，略低于市场共识的 177.8 亿美元。对于一家您认为会受益于当前人工智能浪潮的公司来说，这种平稳的指引似乎承认了增长仍然受到限制。</p>

埃森哲

<p>埃森哲的人工智能转型战略简单明了，但其内部执行却落后于向投资者展示的叙述。尽管第一季度业绩强劲，新订单达到 210 亿美元，但公司对收入增长的预期仍然保守，这引发了对其人工智能采用速度的担忧。市场批评者质疑埃森哲在内部人工智能采用方面的表现，与其对客户的鼓励形成对比。尽管估值合理，股票表现保持中性，因为增长似乎有限</p>

<p>Accenture (ACN) is positioning itself as a trusted guide for enterprises navigating the transition to AI, layered on top of its broader consulting portfolio. The strategy itself is straightforward. What's less clear is how well Accenture is executing it internally. With client spending decisions being pushed out and budgets under pressure, the firm's own AI transition appears to be moving more slowly than the narrative it presents to investors.</p>
<div class="lb-trans"><p>埃森哲（Accenture，ACN）正将自己定位为企业在向人工智能过渡过程中值得信赖的引导者，这一定位建立在其更广泛的咨询组合之上。该战略本身相对简单，但不太清楚的是，埃森哲在内部执行这一战略的效果如何。由于客户的支出决策被推迟，预算也面临压力，该公司的人工智能转型似乎进展得比其向投资者展示的叙述要慢。</p>
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<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，放心投资</h3>
</div><ul>
<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
</ul>
</div><p>Market critics can be forgiven for thinking of the old adage—&#34;do as I say, not as I do&#34;—and then questioning why Accenture's internal AI adoption seems to lag the pace it encourages in clients. Against that backdrop, it's worth examining how Accenture is actually performing, what that execution signals for peers like Infosys (INFY) and Cognizant (CTSH), and why—despite a valuation that appears reasonable on the surface—I remain neutral on the stock.</p>
<div class="lb-trans"><p>市场评论人士可能会想起那句老话——“说一套，做一套”——并质疑为什么埃森哲的内部人工智能采用似乎落后于其对客户的鼓励。在这种背景下，值得审视埃森哲的实际表现，这一执行对像印孚瑟斯（Infosys，INFY）和康宁（Cognizant，CTSH）等同行的信号，以及尽管估值表面上看似合理，我对该股票仍持中立态度的原因。</p>
</div><h2><strong>A Beat That Exposed the Cracks</strong></h2>
<div class="lb-trans"><h2><strong>揭示裂痕的业绩超预期</strong></h2>
</div><p>Accenture delivered its Q1 results for fiscal 2026 last Thursday, and at first glance, the quarter appeared to be relatively strong. New bookings reached about $21 billion, up 12% year-on-year, and AI work is being embedded across consulting and managed services. Yet, management did not change the full-year outlook, sticking with revenue growth of 2% to 5% and only modest EPS gains.</p>
<div class="lb-trans"><p>埃森哲上周四发布了 2026 财年第一季度的业绩，乍一看，这个季度似乎相对强劲。新订单达到了约 210 亿美元，同比增长 12%，人工智能工作正在咨询和管理服务中嵌入。然而，管理层并没有改变全年展望，仍然维持 2% 到 5% 的收入增长预期，仅有温和的每股收益增长。</p>
</div><p>The near-term picture was not especially encouraging either, with FQ2 revenue projected between $17.35 billion and $18 billion, slightly below the consensus of $17.78 billion. For a company you would think to be a beneficiary of the current AI wave, that kind of flat guidance feels like an acknowledgement that growth remains boxed in.</p>
<div class="lb-trans"><p>短期前景也并不特别令人鼓舞，预计第二财季收入在 173.5 亿美元到 180 亿美元之间，略低于市场共识的 177.8 亿美元。对于一家您认为会受益于当前人工智能浪潮的公司来说，这种平稳的指引似乎承认了增长仍然受到限制。</p>
</div>

埃森哲（ACN）的 AI 转型如何与竞争对手相较