谷歌-A：广告和云强劲增长，持续探索AI应用

Investment Rating - The report maintains a "Buy" rating for Alphabet (GOOGL) [1][3]. Core Insights - Alphabet's revenue for Q2 2024 reached $84.74 billion, representing a year-over-year growth of 14%. The segments of Google Services, Google Cloud, and Other Bets generated revenues of $73.93 billion, $10.35 billion, and $370 million, respectively, with year-over-year growth rates of 11.5%, 28.8%, and 28.1% [1]. - The net profit for Q2 2024 was $23.62 billion, reflecting a year-over-year increase of 28.6% [1]. - Google Cloud's revenue surpassed $10 billion for the first time in a single quarter, driven by significant growth in GCP and contributions from AI applications [1]. - The report projects revenues for 2024, 2025, and 2026 to be $346.1 billion, $379.7 billion, and $419.6 billion, respectively, with year-over-year growth rates of 13%, 10%, and 10.5% [1]. Financial Summary - For the fiscal years 2022A to 2026E, the projected operating revenues are $282.84 billion, $307.39 billion, $346.09 billion, $379.67 billion, and $419.64 billion, with corresponding growth rates of 9.8%, 8.7%, 12.6%, 9.7%, and 10.5% [2]. - The net profit for the same period is expected to be $59.97 billion, $73.80 billion, $96.51 billion, $107.21 billion, and $118.09 billion, with growth rates of -21.1%, 23.0%, 30.8%, 11.1%, and 10.2% [2]. - The report indicates an expected EPS of $4.9, $6.0, $7.8, $8.7, and $9.6 for the years 2022A to 2026E [2]. Valuation Metrics - The report estimates a fair market value for Alphabet at $2.41 trillion, equating to $196 per share, based on a P/E ratio of 25x for 2024 [1]. - The projected P/E ratios for 2024E, 2025E, and 2026E are 23.2, 20.9, and 19.0, respectively [2].