09/26/2024, 01:27 PM UTC
谷歌：未来还有更多上涨空间Google: More Upside Ahead
1. 谷歌的核心搜索业务面临来自微软的激烈竞争，但仍然保持了80%以上的市场份额。2. YouTube在美国的流媒体时间位居第一，付费账户订阅量创历史新高。3. 谷歌云已经达到10%的EBIT利润率，可能成为新的收入增长点。公司正在限制运营支出增长，这有助于提高运营杠杆。我的DCF分析显示有30%的上涨空间，近期业绩显示基于成本优化的稳健利润率扩张。最近的股价调整提供了良好的买入机会。1. Alphabet's core Search business faces increasing competition from Microsoft but has managed to maintain an 80%+ market share. 2. YouTube is leading in streaming time in the US and new paying account subscriptions are at record highs. 3. Google Cloud has reached a 10% EBIT margin and could become a new revenue driver. The company is limiting OPEX growth, which allows for operating leverage. My DCF analysis indicates a 30% upside, and recent results highlight a solid margin expansion based on cost optimization. The recent stock correction presents a good buying opportunity.
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