广告和云加速增长，持续探索AI应用

Investment Rating - The report maintains a "Buy" rating for Alphabet (GOOGL) [2] Core Insights - Alphabet's Q1 2024 revenue reached $80.5 billion, a year-over-year increase of 15%, exceeding market expectations. The net profit was $23.7 billion, up 57% year-over-year [1] - The company plans to maintain or increase its capital expenditures, expecting at least $48 billion for the year, a 49% increase year-over-year [1] - Google Cloud revenue grew by 28% year-over-year to $9.57 billion, with significant contributions from AI and Workspace growth [1] - Alphabet announced its first-ever cash dividend of $0.20 per share and plans to repurchase $70 billion of Class A and C shares [1] Revenue Breakdown - Google Services generated $70.4 billion, up 14% year-over-year - Google Cloud contributed $9.57 billion, up 28% year-over-year - Other Bets revenue was $0.5 billion, up 72% year-over-year [1] Financial Projections - Expected revenues for 2024, 2025, and 2026 are $344.8 billion, $380.0 billion, and $419.3 billion, respectively, with year-over-year growth rates of 12%, 10%, and 10% [1] - Projected net profits for the same years are $93.4 billion, $105.9 billion, and $116.4 billion, with growth rates of 27%, 13%, and 10% [1] Key Financial Metrics - The report indicates a reasonable market capitalization of $2.33 trillion, equating to $188 per share, corresponding to a P/E ratio of 25x for 2024 [1] - The company’s operating profit margin is projected to be around 31.8% by 2026 [7]