<p><strong>字母表</strong>(GOOG 1.83%)(GOOGL 1.69%) 公布了 2025 年第一季度的优秀财报。同时，它还将股息提高了 5%，这是字母表自去年开始派发股息以来的首次增加。</p>
<p>然而，字母表今年迄今为止仍然大幅下跌，表现不及 <strong>纳斯达克综合指数</strong>(^IXIC 1.51%) 及许多大型成长股同行。</p>
<p>以下是字母表最新业绩如何强化其基本投资论点，以及为什么字母表是现在值得购买的顶级成长股。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY3ODIvcGVyc29uLXNtaWxpbmctd2hpbGUtc2l0dGluZy1hdC1hLXRhYmxlLWFuZC10eXBpbmctb24tYS1sYXB0b3AtY29tcHV0ZXIuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY3ODIvcGVyc29uLXNtaWxpbmctd2hpbGUtc2l0dGluZy1hdC1hLXRhYmxlLWFuZC10eXBpbmctb24tYS1sYXB0b3AtY29tcHV0ZXIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>字母表的强劲季度</h2>
<p>字母表最新的财报有很多值得称道的地方。</p>
<p>收入增长了 12%，而营业收入增长了 20%，稀释后每股收益（EPS）飙升了 49%。</p>
<p>像 Google 搜索和 YouTube 这样的高利润率业务推动了收入的稳步增长，营业利润率达到了 10 年来的最高水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c2ae6d766b3d46228739b1f23ee72821.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c2ae6d766b3d46228739b1f23ee72821.png"/></p>
<p>GOOGL 收入（TTM）数据来自 YCharts</p>
<p>字母表将其业务分为两个部分：服务和 Google Cloud。</p>
<p>服务包括 Google 搜索、YouTube、Google 网络以及订阅、平台和设备。</p>
<p>服务在最近一个季度带来了 772.6 亿美元的收入，其中 507 亿美元来自 Google 搜索。该部分的营业收入高达 326.8 亿美元，营业利润率为 42.3%。</p>
<p>与此同时，Google Cloud 的收入为 122.6 亿美元，同比增长 28%。但其营业收入仅为 21.8 亿美元，营业利润率为 17.8%。当然，如果字母表不处于扩张模式，利润率可能会更高。但由于字母表正在投入资源试图从 <strong>亚马逊</strong> 云服务和 <strong>微软</strong>Azure 等竞争对手那里争夺市场份额，因此利润率较低。</p>
<h2>值得考虑的风险</h2>
<p>字母表的业绩非常出色，因此投资者可能会想知道为什么股价仍然低迷。可以说，主要原因有两个：字母表的支出增加以及对 Google 搜索可持续性的担忧。</p>
<p>字母表在最近一个季度的资本支出（capex）为 172 亿美元，比 2024 年第一季度增长了惊人的 43%。目前，字母表可以吸收更高的资本支出，因为它的收入和营业利润率增长速度非常快。但它需要保持这种增长速度，以证明更高支出的合理性。</p>
<p>问题的关键在于 Google 搜索。如前所述，Google 搜索的广告收入在最近一个季度超过了 500 亿美元，占总收入的 56.2%。但 Google 搜索正面临来自竞争信息资源的压力，如 ChatGPT 甚至 TikTok 和 <strong>Meta Platforms</strong> 的 Instagram，年轻一代越来越多地使用这些平台来搜索信息和内容。上周，Meta Platforms 发布了一款由 Llama 4 驱动的独立 AI 应用程序——这是其最新的大型语言模型。</p>
<p>总之，目前尚不清楚字母表的高资本支出是否会带来回报，或者 Google 搜索是否会继续保持数十年来的主导地位。换句话说，字母表似乎处于防守状态，而像 Meta 这样的同行则有更清晰的可持续增长轨迹。</p>
<h2>向股东返还大量资本</h2>
<p>字母表日益激烈的竞争不应掩盖其无可挑剔的资本回报计划。在最近一个季度，字母表在资本回报计划上花费了 175 亿美元，其中 150.7 亿美元用于股票回购，24.3 亿美元用于股息。字母表现在支付股息是件好事，但股票回购的规模仍然大得多。</p>
<p>资本回报计划的年化运行率约为 700 亿美元，约占字母表约 2 万亿美元市值的 3.5%。这意味着，如果字母表仅支付股息而不回购股票，股息收益率将为 3.5%。</p>
<p>股票回购在长期内具有重大影响，因为它减少了流通股数量，从而提高了每股收益。相比之下，股息是一种一次性收益，股东在非退休账户中必须为股息缴税。</p>
<p>在过去五年中，字母表的流通股数量减少了惊人的 10.9%。这几乎与 <strong>苹果</strong> 的 12.3% 减少相当，而苹果以其激进的股票回购而闻名。股票回购使字母表的每股收益增长速度远快于净收入，从而使字母表的估值极为便宜。</p>
<h2>便宜到不容忽视</h2>
<p>在 “七大奇迹” 公司中——苹果、微软、<strong>英伟达</strong>、亚马逊、字母表、Meta Platforms 和 <strong>特斯拉</strong>——字母表的市盈率（P/E）仅为 17.7，市盈率与自由现金流比率为 26.2，均为最低。</p>
<p>字母表的低估值反映了投资者对其相对于其他大型成长公司的人工智能变现能力的怀疑。但这种怀疑可以说已经体现在字母表的估值中。</p>
<p>17.7 的市盈率不仅低，而且对于一家持续以令人印象深刻的速度增长的高利润率公司来说，几乎是捡便宜的水平。作为对比，安全且稳健的派息公司 <strong>宝洁</strong> 的市盈率超过 25。这并不是对宝洁的贬低，因为它确实值得一个溢价估值。但宝洁没有字母表的增长前景或利润率。</p>
<h2>在引人注目的估值下的平衡买入</h2>
<p>字母表通常被视为成长股，但其收益倍数将其置于价值股的领域。0.5% 的股息收益率具有误导性，因为字母表在其资本回报计划中大部分资金用于股票回购。</p>
<p>字母表的定价仿佛注定要面临利润压缩和市场份额丧失，而其业绩却表明情况正好相反。投资者正获得一个绝佳机会，以便宜的价格购买字母表的股票。</p>
<p>然而，如果你购买字母表，值得密切关注其资本支出、从其他云竞争对手那里争夺市场份额的能力，以及在竞争加剧的情况下 Google 搜索的韧性。</p>

英伟达财报，一站看懂！

谷歌-C

谷歌-A

<p>Alphabet（谷歌）公布了 2025 年第一季度强劲的财报，收入增长 12%，并且首次自去年开始分红以来提高了 5% 的分红。尽管如此，股票年初至今下跌，原因归结为资本支出的增加和搜索市场的竞争。Alphabet 的资本回报计划依然强劲，最近在股票回购和分红上支出了 175 亿美元。其低市盈率 17.7 表明估值便宜，反映出投资者对其与同行相比的人工智能变现潜力的怀疑</p>

<p><strong>Alphabet</strong>(GOOG 1.83%)(GOOGL 1.69%) reported excellent first-quarter 2025 earnings. It also raised its dividend by 5%, marking the first raise since Alphabet initiated its dividend last year.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG 1.83%)(GOOGL 1.69%) 公布了 2025 年第一季度的优秀财报。同时，它还将股息提高了 5%，这是字母表自去年开始派发股息以来的首次增加。</p>
</div><p>And yet, Alphabet is still down big year to date -- underperforming the <strong>Nasdaq Composite</strong>(^IXIC 1.51%) and many of its megacap growth stock peers.</p>
<div class="lb-trans"><p>然而，字母表今年迄今为止仍然大幅下跌，表现不及 <strong>纳斯达克综合指数</strong>(^IXIC 1.51%) 及许多大型成长股同行。</p>
</div><p>Here's why Alphabet's latest results reinforce its underlying investment thesis and why Alphabet is a top growth stock to buy now.</p>
<div class="lb-trans"><p>以下是字母表最新业绩如何强化其基本投资论点，以及为什么字母表是现在值得购买的顶级成长股。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY3ODIvcGVyc29uLXNtaWxpbmctd2hpbGUtc2l0dGluZy1hdC1hLXRhYmxlLWFuZC10eXBpbmctb24tYS1sYXB0b3AtY29tcHV0ZXIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816782%2Fperson-smiling-while-sitting-at-a-table-and-typing-on-a-laptop-computer.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Alphabet's blowout quarter</h2>
<div class="lb-trans"><h2>字母表的强劲季度</h2>
</div><p>There was a lot to like from Alphabet's latest print.</p>
<div class="lb-trans"><p>字母表最新的财报有很多值得称道的地方。</p>
</div><p>Revenue jumped 12% while operating income grew by 20% and diluted earnings per share (EPS) skyrocketed 49%.</p>
<div class="lb-trans"><p>收入增长了 12%，而营业收入增长了 20%，稀释后每股收益（EPS）飙升了 49%。</p>
</div><p>High-margin segments like Google Search and YouTube have led to steadily rising revenue and a 10-year-high operating margin.</p>
<div class="lb-trans"><p>像 Google 搜索和 YouTube 这样的高利润率业务推动了收入的稳步增长，营业利润率达到了 10 年来的最高水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c2ae6d766b3d46228739b1f23ee72821.png" alt="" original-src="https://media.ycharts.com/charts/c2ae6d766b3d46228739b1f23ee72821.png"/></p>
<p>GOOGL Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>GOOGL 收入（TTM）数据来自 YCharts</p>
</div><p>Alphabet breaks up its business into two segments: services and Google Cloud.</p>
<div class="lb-trans"><p>字母表将其业务分为两个部分：服务和 Google Cloud。</p>
</div><p>Services include Google Search, YouTube, Google Network, and subscriptions, platforms, and devices.</p>
<div class="lb-trans"><p>服务包括 Google 搜索、YouTube、Google 网络以及订阅、平台和设备。</p>
</div><p>Services brought in $77.26 billion in revenue in the recent quarter, $50.7 billion of which was Google Search. The segment's operating income was a whopping $32.68 billion -- good for a 42.3% operating margin.</p>
<div class="lb-trans"><p>服务在最近一个季度带来了 772.6 亿美元的收入，其中 507 亿美元来自 Google 搜索。该部分的营业收入高达 326.8 亿美元，营业利润率为 42.3%。</p>
</div><p>Meanwhile, Google Cloud brought in $12.26 billion in revenue -- a 28% year-over-year increase. But it only booked $2.18 billion in operating income for an operating margin of 17.8%. Granted, margins could be a lot higher if Alphabet weren't in expansion mode. But margins are low because Alphabet is pouring resources to try to take market share from rivals like <strong>Amazon</strong> Web Services and <strong>Microsoft</strong> Azure.</p>
<div class="lb-trans"><p>与此同时，Google Cloud 的收入为 122.6 亿美元，同比增长 28%。但其营业收入仅为 21.8 亿美元，营业利润率为 17.8%。当然，如果字母表不处于扩张模式，利润率可能会更高。但由于字母表正在投入资源试图从 <strong>亚马逊</strong> 云服务和 <strong>微软</strong>Azure 等竞争对手那里争夺市场份额，因此利润率较低。</p>
</div><h2>Risks worth considering</h2>
<div class="lb-trans"><h2>值得考虑的风险</h2>
</div><p>Alphabet's results were excellent, so investors may be wondering why the stock price remains beaten down. Arguably, the two primary reasons are Alphabet's increased spending and uncertainty regarding the sustainability of Google Search.</p>
<div class="lb-trans"><p>字母表的业绩非常出色，因此投资者可能会想知道为什么股价仍然低迷。可以说，主要原因有两个：字母表的支出增加以及对 Google 搜索可持续性的担忧。</p>
</div><p>Alphabet's capital expenditures (capex) in the recent quarter were $17.2 billion -- a staggering 43% increase compared to the first quarter of 2024. For the time being, Alphabet can absorb higher capex since it is growing revenue and operating margins at such a strong pace. But it needs to keep up the pace to justify higher spending.</p>
<div class="lb-trans"><p>字母表在最近一个季度的资本支出（capex）为 172 亿美元，比 2024 年第一季度增长了惊人的 43%。目前，字母表可以吸收更高的资本支出，因为它的收入和营业利润率增长速度非常快。但它需要保持这种增长速度，以证明更高支出的合理性。</p>
</div><p>The elephant in the room is Google Search. As mentioned, Google Search ad revenue topped $50 billion in the recent quarter, or 56.2% of total revenue. But Google Search is under pressure from rival information resources like ChatGPT or even TikTok and <strong>Meta Platforms</strong>' Instagram, which younger generations are increasingly using to search for information and content. Last week, Meta Platforms released a stand-alone AI app powered by Llama 4 -- its latest large language model.</p>
<div class="lb-trans"><p>问题的关键在于 Google 搜索。如前所述，Google 搜索的广告收入在最近一个季度超过了 500 亿美元，占总收入的 56.2%。但 Google 搜索正面临来自竞争信息资源的压力，如 ChatGPT 甚至 TikTok 和 <strong>Meta Platforms</strong> 的 Instagram，年轻一代越来越多地使用这些平台来搜索信息和内容。上周，Meta Platforms 发布了一款由 Llama 4 驱动的独立 AI 应用程序——这是其最新的大型语言模型。</p>
</div><p>In sum, it's unclear if Alphabet's high capex will pay off or if Google Search will stay as dominant as it has been for decades. Or put another way, it seems Alphabet is on the defensive, whereas peers like Meta have a clearer trajectory toward sustainable growth.</p>
<div class="lb-trans"><p>总之，目前尚不清楚字母表的高资本支出是否会带来回报，或者 Google 搜索是否会继续保持数十年来的主导地位。换句话说，字母表似乎处于防守状态，而像 Meta 这样的同行则有更清晰的可持续增长轨迹。</p>
</div><h2>Returning tons of capital to shareholders</h2>
<div class="lb-trans"><h2>向股东返还大量资本</h2>
</div><p>Alphabet's increasing competition shouldn't overshadow its impeccable capital return program. In the recent quarter, Alphabet spent $17.5 billion on its capital return program -- consisting of $15.07 billion in buybacks and $2.43 billion in dividends. It's nice that Alphabet is now paying a dividend, but buybacks are still magnitudes larger.</p>
<div class="lb-trans"><p>字母表日益激烈的竞争不应掩盖其无可挑剔的资本回报计划。在最近一个季度，字母表在资本回报计划上花费了 175 亿美元，其中 150.7 亿美元用于股票回购，24.3 亿美元用于股息。字母表现在支付股息是件好事，但股票回购的规模仍然大得多。</p>
</div><p>The run rate of the capital return program for a full year is about $70 billion, or 3.5% of Alphabet's roughly $2 trillion market cap. Meaning that if Alphabet only paid dividends and didn't repurchase stock, it would yield 3.5%.</p>
<div class="lb-trans"><p>资本回报计划的年化运行率约为 700 亿美元，约占字母表约 2 万亿美元市值的 3.5%。这意味着，如果字母表仅支付股息而不回购股票，股息收益率将为 3.5%。</p>
</div><p>Buybacks have a major impact over time because they reduce the outstanding share count -- thereby increasing EPS. Dividends, by contrast, are a one-time benefit, and shareholders must pay taxes on dividends in non-retirement accounts.</p>
<div class="lb-trans"><p>股票回购在长期内具有重大影响，因为它减少了流通股数量，从而提高了每股收益。相比之下，股息是一种一次性收益，股东在非退休账户中必须为股息缴税。</p>
</div><p>Over the last five years, Alphabet has reduced its share count by a staggering 10.9%. That's nearly as much as <strong>Apple</strong>'s 12.3% reduction -- and Apple is known for its aggressive buybacks. Buybacks have allowed Alphabet's EPS to grow much faster than net income -- giving Alphabet a dirt cheap valuation.</p>
<div class="lb-trans"><p>在过去五年中，字母表的流通股数量减少了惊人的 10.9%。这几乎与 <strong>苹果</strong> 的 12.3% 减少相当，而苹果以其激进的股票回购而闻名。股票回购使字母表的每股收益增长速度远快于净收入，从而使字母表的估值极为便宜。</p>
</div><h2>Too cheap to ignore</h2>
<div class="lb-trans"><h2>便宜到不容忽视</h2>
</div><p>Out of the &#34;Magnificent Seven&#34; companies -- Apple, Microsoft, <strong>Nvidia</strong>, Amazon, Alphabet, Meta Platforms, and <strong>Tesla</strong>-- Alphabet has the lowest price-to-earnings (P/E) ratio at just 17.7 and price-to-free-cash-flow ratio at 26.2.</p>
<div class="lb-trans"><p>在 “七大奇迹” 公司中——苹果、微软、<strong>英伟达</strong>、亚马逊、字母表、Meta Platforms 和 <strong>特斯拉</strong>——字母表的市盈率（P/E）仅为 17.7，市盈率与自由现金流比率为 26.2，均为最低。</p>
</div><p>Alphabet's cheap valuation reflects investor skepticism on its ability to monetize artificial intelligence relative to other megacap growth companies. But that doubt is arguably baked into Alphabet's valuation.</p>
<div class="lb-trans"><p>字母表的低估值反映了投资者对其相对于其他大型成长公司的人工智能变现能力的怀疑。但这种怀疑可以说已经体现在字母表的估值中。</p>
</div><p>A 17.7 P/E ratio isn't just low -- it's a bargain-bin level for a high-margin company that continues to grow at an impressive rate. For context, safe and stodgy dividend-paying <strong>Procter &amp; Gamble</strong> has a P/E ratio over 25. That's no knock on P&amp;G, as it deserves a premium valuation. But P&amp;G doesn't have Alphabet's growth prospects or margins.</p>
<div class="lb-trans"><p>17.7 的市盈率不仅低，而且对于一家持续以令人印象深刻的速度增长的高利润率公司来说，几乎是捡便宜的水平。作为对比，安全且稳健的派息公司 <strong>宝洁</strong> 的市盈率超过 25。这并不是对宝洁的贬低，因为它确实值得一个溢价估值。但宝洁没有字母表的增长前景或利润率。</p>
</div><h2>A balanced buy at a compelling valuation</h2>
<div class="lb-trans"><h2>在引人注目的估值下的平衡买入</h2>
</div><p>Alphabet is typically viewed as a growth stock, but its earnings multiple puts it in value stock territory. The dividend yield of 0.5% is misleading, considering Alphabet spends the bulk of its capital return program on buybacks.</p>
<div class="lb-trans"><p>字母表通常被视为成长股，但其收益倍数将其置于价值股的领域。0.5% 的股息收益率具有误导性，因为字母表在其资本回报计划中大部分资金用于股票回购。</p>
</div><p>Alphabet is priced as if it is doomed to margin compression and lost market share -- when its results indicate the opposite. Investors are getting a phenomenal opportunity to scoop up shares of Alphabet while they are stuck in the bargain bin.</p>
<div class="lb-trans"><p>字母表的定价仿佛注定要面临利润压缩和市场份额丧失，而其业绩却表明情况正好相反。投资者正获得一个绝佳机会，以便宜的价格购买字母表的股票。</p>
</div><p>However, if you do buy Alphabet, it is worth keeping a tight watch over its capex, its ability to take market share from other cloud competitors, and the resiliency of Google Search in the face of mounting competition.</p>
<div class="lb-trans"><p>然而，如果你购买字母表，值得密切关注其资本支出、从其他云竞争对手那里争夺市场份额的能力，以及在竞争加剧的情况下 Google 搜索的韧性。</p>
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Do Strong Earnings Results and a Dividend Hike Make Alphabet a Growth Stock to Buy Right Now?

- Alphabet 第一季度 2025 财报表现优异，营收增长 12%。  
- 资本支出大幅增加至 172 亿美元，面临 Google Search 竞争压力。  
- 股票估值低，市盈率仅为 17.7，提供了良好的投资机会。

强劲的盈利结果和股息提升是否使 Alphabet 成为当前值得购买的成长股？