谷歌-A：AI筑牢搜索壁垒，云业务打造第二增长曲线

Investment Rating - The report assigns an "Overweight" rating to Google (GOOGL.O) in its first coverage [1] Core Views - Google's search dominance remains strong, with Gen AI enhancing search and advertising growth [1] - Google Cloud is positioned as the second growth curve, with SaaS as a key strength and MaaS potential for breakthroughs [1] - AI infrastructure investments are yielding results, with the company entering a profit release phase [1] - Gemini integration into Workspace is driving new growth opportunities [1] Business Analysis Search and Advertising - Google maintains control over desktop and mobile search channels through Chrome and Android, with high market share [1] - Gen AI-powered search features like SGE and AI Overviews are enhancing user experience and search value [1] - AI-driven advertising innovations, such as Gen AI-enabled ad tools, are improving ad efficiency and conversion rates [1] - YouTube's market share in social media continues to rise, supported by AI-driven creator tools [1][29] Google Cloud - Google Cloud's SaaS business, particularly Workspace, holds a higher market share than Microsoft Office in productivity software [1][48] - GCP, part of IaaS and PaaS, has room for growth, with MaaS potential due to strong in-house model development capabilities [1][48] - Capital expenditure on infrastructure is declining as a percentage of cloud revenue, with OPM turning positive [1][49] - Gemini's integration into Workspace is driving new growth, with AI becoming a key revenue driver [1][52] AI and Infrastructure - Google's AI infrastructure investments are paying off, with the company now in a profit release phase [1] - Gemini 1.5 Pro offers a 200K token context window, outperforming competitors like GPT-4 and Claude 3 in long-context processing [63][64] - Google's Vertex AI platform provides a unified environment for AI development, supporting both first-party and third-party models [69][70] Financial Projections - Revenue is projected to grow from $347.66 billion in 2024 to$431.04 billion in 2026, with a CAGR of 10.8% [2] - Net income is expected to increase from $96.39 billion in 2024 to$116.00 billion in 2026, with a CAGR of 10.2% [2]