谷歌-A：收入利润和云业务均超预期，AI开始贡献收入增长

Investment Rating - The report maintains a "Buy" rating for Google with a target price raised to $207, reflecting a potential upside of 22% from the current price [2][19]. Core Insights - Google's revenue and profit exceeded market expectations, driven by strong performance in search advertising and cloud services, with AI beginning to contribute to revenue growth [1][6]. - The company reported Q2 2024 revenue of $84.7 billion (YoY +13.6%, QoQ +5.2%) and net profit of $23.6 billion (YoY +28.6%, QoQ -0.2%) [1][7]. - Google Cloud revenue reached $10.3 billion (YoY +28.8%, QoQ +8.1%), surpassing market expectations [1][9]. Revenue and Profit Overview - Google Services revenue was $73.9 billion (YoY +11.5%, QoQ +5.0%), with search and other advertising revenue at $48.5 billion (YoY +13.8%, QoQ +5.1%) [1][9]. - YouTube advertising revenue was $8.66 billion (YoY +12.9%, QoQ +7.1%), while subscription, platform, and device revenue totaled $9.31 billion (YoY +14.4%, QoQ +6.6%) [1][9]. - Operating cash flow for the quarter was $26.6 billion, with total cash and equivalents at $100.7 billion [1][7]. Cost and Capital Expenditure - The gross margin for Q2 2024 was 58.1% (YoY +0.9%, QoQ -0.04%), and operating margin was 32.4% (YoY +3.1%, QoQ +0.7%) [2][6]. - Capital expenditures for Q2 2024 were $13.2 billion (YoY +91%, QoQ +10%), primarily focused on technology infrastructure [2][15]. - The company expects capital expenditures to exceed $12 billion per quarter in 2024, totaling approximately $49 billion for the year [2][15]. Business Outlook - The report indicates a positive outlook for Google's advertising and cloud businesses, driven by AI advancements and infrastructure improvements [6][19]. - The company anticipates continued growth in search revenue and YouTube advertising, supported by increased user engagement and AI-driven efficiencies [17][18]. - Google Cloud is expected to maintain strong growth, with significant investments in AI solutions and infrastructure [18][19].