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《大行》花旗:Alphabet(GOOG.US)表現超預期 獲利能力持續擴張 目標價203美元 維持「買入」評級
阿思達克 07-24 12:02
花旗研究報告指出,在搜尋和雲端業務帶動下,Alphabet(GOOG.US)今年第二季財報表現超出預期,收入及獲利均表現優異。總收入達到964億美元,按年增長13%,較市場預期高出3%;其中搜尋收入年增12%,雲端業務收入年增32%。帶動營運收入達313億美元(利潤率約32.4%),較市場預期高1%。一般公認會計原則(GAAP)每股盈餘為2.31美元,高於市場預期的2.18美元。在盈利能力方面,Google服務營運利潤率達40.1%(與去年同期持平,基於總收入),雲端利潤率達20.7%(年增940個基點),高於該行預測。Alphabet並將2025年資本支出預期上調至約850億美元(先前為750億美元)。 花旗表示,谷歌搜尋和YouTube表現超預期,凸顯需求穩健,其中搜尋及其他收入為542億美元(年增12%),高於共識約2%,花旗認為,這凸顯了谷歌搜尋廣告業務的持久性。YouTube廣告收入為98億美元(年增13%),高於共識約2%。谷歌服務總收入為825億美元(年增12%),高於共識約3%,谷歌服務GAAP營運利潤率達40.1%,高於共識約1.5%。 花旗指出,基於2026年預估GAAP每股盈利10.24美元的約20倍市盈率,將該股目標價定為203美元。此外,花旗認為,谷歌halo的15款產品擁有超過5億月活躍用戶,7款產品擁有超過20億月活躍用戶,能夠持續推動搜尋使用率;並對Gemini 2.5 Pro及擴展版AI模式印象深刻,維持對該股的「買入」評級。
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