Alphabet(GOOGL) 浦银国际证券·2025-02-13 02:25Investment Rating - The report maintains a "Buy" rating for Alphabet with a target price raised to 186.5 [1][4][5] Core Insights - Alphabet's cloud business growth has slowed, but its advertising segment remains robust. The company reported Q4 2024 revenue of 26.54 billion, up 28% year-over-year, exceeding market expectations [1][2] - The core advertising business showed solid growth, with search ad revenue increasing by 13% and YouTube ad revenue by 14%. However, Google Cloud's growth rate has decelerated, with a 30% year-over-year revenue increase compared to 35% in the previous quarter [1][2] - The company plans to continue investing in AI and cloud computing, with capital expenditures expected to rise to 387.22 billion, a slight decrease of 0.7% from the previous estimate. The net profit forecast for 2025 has been raised to 225.85 billion and a net profit margin of 27.4% [3]