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《大行》招銀國際:Alphabet(GOOGL.US)次季業績超預期 升目標價至221美元
阿思達克 07-25 12:26
招銀國際研究報告指出,Alphabet(GOOGL.US)今年次季總收入按年增長14%至964億美元,純利按年增長19%至282億美元,兩者均超出市場共識預期。對於下半年預測,該行預計,因金融垂直行業的強勁表現,以及2024年下半年美國總統選舉的影響,廣告收入將面臨較高基數承壓,而Google雲收入增長應保持強勁,因今年下半年將部署更多運算資源以滿足其強大需求。 招銀國際表示,鑑於Google雲的強勁需求且表現出色,Alphabet管理層上調2025財年資本支出指引至850億美元(此前為750億美元),並預計2026財年資本支出將進一步增加。基於該項業務的強勁前景,招銀國際上調該公司2025至2027年總收入預測1%至2%,並基於2025年預測22倍市盈率,目標價從218美元上調至221美元,維持「買入」評級。 該行也表示,受零售及金融服務垂直行業的強勁表現推動,Alphabet搜索業務動能持續,Google搜索及其他收入,在今年次季按年增長12%至542億美元,超出市場共識預期3%。商業查詢及付費點擊在今年次季均按年增長,緩解了對AI競爭者及搜索行為改變的擔憂。 招銀國際指出,AI Overviews現有20億月活躍用戶,較今年首季增加5億,推動該類查詢增長超10%,貨幣化率與非AI搜索相近。公司亦推出新AI工具提升搜索廣告活動,包括AI Max及Search提升搜索廣告活動轉換率14%;Smart Bidding Exploration(AI競價工具)平均提升轉換率19%。超過200萬廣告主現使用Google的AI賦能資產生成工具於廣告活動,按年增長50%。YouTube廣告收入於今年次季按年增長13%至98億美元。
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