02/11/2025, 08:00 AM UTC
谷歌母公司Alphabet：尽管谷歌云业务销售下滑，但仍有银色 lining（评级上调）Alphabet: Why The Google Cloud Selloff Has A Silver Lining (Rating Upgrade)
1. Alphabet第四季度营收创纪录，达到964.7亿美元，得益于谷歌搜索、YouTube和谷歌云的强劲增长。2. 尽管谷歌云业务未达到预期，但30.1%的增长表明是供应限制而非需求疲软，这预示着长期前景积极。3. 利润率显著改善，运营利润率增长了4.7%，达到32.1%，得益于云业务的盈利能力和总收入占比的增加。4. 预计谷歌云业务收入将以约29.7%的复合年增长率增长至财年28，提高运营效率预计将提升利润率和每股收益。5. 价格目标已上调，以反映改善的AI集成、扩大市场机会和未满足的谷歌云需求将是收益增长的关键驱动因素的观点。1. Alphabet reported a record Q4 with revenue reaching $96.47 billion, driven by strong growth in Google Search, YouTube, and Google Cloud. 2. Despite Google Cloud missing consensus estimates, the 30.1% growth indicates supply constraints rather than weak demand, signaling a positive long-term outlook. 3. Margins improved significantly, with operating margin expanding by 4.7% to 32.1% due to Cloud's increasing profitability and portion of total revenue. 4. The projection for Google Cloud revenue growth is a CAGR of approximately 29.7% through FY28, with improving operational efficiency expected to boost margins and EPS. 5. The price target has been upgraded to reflect the thesis that improving AI integrations, expanding market opportunities, and unmet Google Cloud demand will be key drivers of earnings growth.---
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