兴业证券维持谷歌-A买入评级

Core Viewpoint - The company maintains a "Buy" rating for Google-A, highlighting that the Q3 2025 performance exceeded expectations, driven by AI advancements in search advertising and cloud services [1] Financial Performance - Q3 2025 revenue from search advertising increased by 15% due to AI integration [1] - Cloud business revenue grew by 34%, contributing significantly to overall performance [1] - Operating profit surged by 85%, indicating strong operational efficiency and profitability [1] Order Backlog and AI Development - The backlog of orders reached $155 billion, reflecting a 46.2% quarter-over-quarter increase, showcasing robust demand [1] - The AI capabilities have been effectively implemented, with Gemini's Monthly Active Users (MAU) skyrocketing to 650 million [1] Future Projections - The company anticipates a compound annual growth rate (CAGR) of 17.2% for net profit from 2025 to 2027, indicating strong long-term growth potential driven by AI [1]