通信行业跟踪分析：谷歌Q2财报体现AI资本开支持续性，继续看好AI板块

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - Google's Q2 FY24 financial report shows that Google Cloud revenue exceeded expectations, reaching $10.35 billion, with year-on-year growth rates of 28.9% and 8.1% respectively. The operating profit margin for this business was 11.3%, with year-on-year increases of 6.4 and 1.9 percentage points, surpassing the overall operating profit margin growth of the company [1] - Capital expenditures for Q2 2024 were $13.19 billion, with year-on-year growth rates of 91.4% and 9.8%, exceeding Bloomberg consensus expectations and the company's previous guidance. The company believes that the risk of under-investment in AI is significantly higher than the risk of over-investment [1] - The monetization path for Google's AI is becoming clearer, with a positive cycle being established where computing power investments precede AI as a service (AIaaS) profitability. The company expects quarterly capital expenditures to remain at or above $12 billion for the year [1] - Google has over 1.5 million developers using its Gemini applications, and its AI products are enhancing the capabilities of over 2 billion monthly active users across six products. Specific examples include conversational AI assisting clients like Best Buy and Wolt, and Gemini for Workspace helping in targeted digital therapy [1] - Google's self-developed TPU and unique ASIC architecture, along with the OCS all-optical switch, are expected to significantly reduce communication hardware costs and power consumption [1] Summary by Sections Company Valuation and Financial Analysis - NewEase (300502.SZ) has a current price of CNY 101.06, with a "Buy" rating and a reasonable value of CNY 87.83. The projected EPS for 2024 and 2025 are 2.20 and 3.14 respectively, with PE ratios of 45.94 and 32.18 for the same years [2] - Tianfu Communication (300394.SZ) has a current price of CNY 93.68, also rated "Buy," with a reasonable value of CNY 189.23. The projected EPS for 2024 and 2025 are 3.44 and 5.14 respectively, with PE ratios of 27.23 and 18.23 for the same years [2]