谷歌-A：资本开支大幅超预期增长，搜索广告业务基本盘稳固

Investment Rating - The report maintains a "Buy" rating for Alphabet Inc (GOOGL/GOOG) and raises the target price to $250, reflecting a potential upside of 35$185 [4][6][32]. Core Insights - The report highlights strong growth in Google's advertising business, particularly in search and YouTube, while noting a slowdown in the cloud business growth rate. Despite this, the overall profitability remains robust due to effective cost control measures [10][18][32]. - A significant increase in capital expenditures is projected, with an expected investment of $75 billion in 2025, which is substantially higher than the market expectation of$61 billion. This investment is primarily aimed at enhancing technical infrastructure, including AI and cloud services [10][26][30]. Financial Performance Summary - For the fiscal year ending December 31, 2023, total revenue is reported at $307.394 billion, with a year-over-year growth of 8.7$350.018 billion, $392.763 billion, and$438.011 billion, respectively, reflecting growth rates of 13.9%, 12.2%, and 11.5% [4][8]. - Net income for 2023 is reported at $73.795 billion, with projections of$100.118 billion for 2024, $110.001 billion for 2025, and$123.527 billion for 2026, indicating growth rates of 23.0%, 35.7%, and 9.9% respectively [7][35]. - Operating profit margin (OPM) is stable at 37.9%, benefiting from stringent cost management practices [10][18]. Business Segment Performance - Google's advertising revenue reached $65.517 billion in Q4 2024, with a year-over-year increase of 12.5$12.2 billion, reflecting a year-over-year growth of 30.1%, although this was below market expectations of over 32% [10][18]. - YouTube advertising revenue also showed recovery, reaching $10.5 billion, with a year-over-year growth of 13.8$14 billion, with a total expected expenditure of $75 billion for 2025, primarily focused on technical infrastructure to support growth in AI and cloud services [10][26][30]. - The management emphasizes the importance of balancing investments in AI and cloud services with cost control to enhance shareholder value [11][30].