谷歌-A（GOOGL）：利润超预期，全年CapEx维持750亿美元

Investment Rating - Investment rating: Buy (maintained) [2] Core Views - The company reported Q1 2025 earnings that significantly exceeded expectations, with total revenue of $90.2 billion (yoy +12%), GAAP operating profit of $30.6 billion (yoy +20%), and GAAP net profit of $34.5 billion (yoy +46%) [5] - The company maintains a capital expenditure (CapEx) guidance of $75 billion for the year, with Q1 CapEx rising to $17.2 billion, up from $12 billion in the same period last year [6] - Revenue from Google services reached $77.3 billion (yoy +9.75%), with search revenue at $50.7 billion (yoy +9.85%) and YouTube ad revenue at $8.9 billion (yoy +10.35%) [5][6] - Cloud revenue was reported at $12.3 billion (yoy +28.06%), slightly below expectations [5][6] Financial Summary - Projected revenues for 2025-2027 are $385.1 billion, $427.8 billion, and $473.1 billion, with year-on-year growth rates of +10%, +11%, and +11% respectively [7] - Projected net profits for the same period are $114.0 billion, $115.2 billion, and $127.9 billion, with year-on-year growth rates of +13.8%, +1.1%, and +11% respectively [7] - Earnings per share (EPS) are expected to be $9.31, $9.50, and $11.42 for 2025, 2026, and 2027 respectively [10]