Alphabet-谷歌-A：利润略超预期，云业务小幅miss

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company's Q4 2024 performance showed revenue of $96.5 billion, a year-over-year increase of 11.8%, slightly below Bloomberg consensus expectations by 0.16% [6] - Operating profit reached$ 30.97 billion, up 30.7% year-over-year, slightly exceeding Bloomberg expectations by 0.81% [6] - GAAP net profit was $26.5 billion, reflecting a year-over-year increase of 28.3%, also slightly above Bloomberg expectations by 1.54% [6] - Capital expenditures (CAPEX) for Q4 were$ 14.3 billion, exceeding Bloomberg expectations by 8.04% [6] - Google Services revenue was $84.1 billion, a year-over-year increase of 10.2%, slightly above expectations by 0.43% [6] - Cloud business revenue was$ 11.96 billion, a year-over-year increase of 30.1%, but below Bloomberg consensus expectations by 1.94% [6] - The company anticipates a significant increase in CAPEX for 2025, projected at $75 billion, which is over 40% higher year-over-year [6] - The company indicated that the slowdown in cloud revenue growth is due to capacity constraints, with AI-related demand exceeding current capacity [6] Financial Projections - Revenue projections for 2025-2027 are$ 391.5 billion, $434.5 billion, and$ 481.4 billion, representing year-over-year growth rates of 11.9%, 11.0%, and 10.8% respectively [7] - Net profit projections for the same period are $111.4 billion,$ 127.6 billion, and $142.4 billion, with year-over-year growth rates of 11.3%, 14.5%, and 11.5% respectively [7] - Earnings per share (EPS) are expected to be$ 9.11, $10.53, and$ 12.72 for 2025, 2026, and 2027 respectively [9]