<p><strong>字母表</strong>(GOOG -1.74%)(GOOGL -1.51%) 并没有获得与其大型科技同行相同的尊重。这些股票的交易价格都高于市场水平，以 <strong>标准普尔 500 指数</strong>(SNPINDEX: ^GSPC) 为衡量标准，而字母表则没有。人们对字母表的主要现金牛——谷歌搜索引擎可能失去主导地位感到悲观，这威胁着我们今天所知的公司。</p>
<p>然而，数据并不支持这一观点。谷歌搜索仍然占据主导地位，并且赚取了大量利润。由于字母表的财务状况良好且股价便宜，现在是一个极好的买入时机。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE5MzgvcGVyc29uLWxheWluZy1vbi10aGUtZ3JvdW5kLXVzaW5nLXRoZWlyLXBob25lLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE5MzgvcGVyc29uLWxheWluZy1vbi10aGUtZ3JvdW5kLXVzaW5nLXRoZWlyLXBob25lLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>字母表在搜索市场仍然占据主导地位</h2>
<p>关于字母表失去市场份额的担忧主要涉及用户转向替代品，例如生成式人工智能模型。无论他们使用哪种模型，每当生成式人工智能模型被问到一个问题时，谷歌就失去了一个在用户面前展示广告的机会。这威胁到公司的核心业务，因为它有 56% 的收入来自搜索。</p>
<p>我们看到谷歌的市场份额略有下降，今年早些时候首次跌破 90%。尽管如此，这并不意味着财务状况朝着错误的方向发展，因为谷歌搜索的收入在第一季度同比增长了 10%。</p>
<p>帮助谷歌维持其地位的一件事是引入了人工智能搜索概述，这填补了传统谷歌搜索与使用生成式人工智能模型之间的差距。管理层讨论了这一功能的受欢迎程度，并将继续开发它。</p>
<p>尽管对谷歌市场份额的预测并不特别乐观，但它在业务上仍然表现出色。我认为市场低估了大多数消费者不会转向谷歌以外的服务，除非推出了更好的替代品。这将保护字母表的品牌影响力，并确保它继续产生稳健的业绩。</p>
<p>第一季度的业绩确实非常出色，并没有显示出公司在挣扎。</p>
<h2>尽管业绩相似或更好，字母表的股票仍远低于同行的价格</h2>
<p>在该季度，总收入同比增长 12%，稀释后每股收益（EPS）同比增长 49%。如果我只展示这些增长率和估值，你会认为这是一只极具低估的股票。但由于字母表的名字与这只股票相关，它的交易价格相对于市场和同行来说有很大的折扣。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/142cb2ebf5780963efaeb2cc153d6cdc.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/142cb2ebf5780963efaeb2cc153d6cdc.png"/></p>
<p>GOOG 市盈率（前瞻性）数据来源于 YCharts；市盈率 = 股价与收益的比率。</p>
<p>这只股票的前瞻性市盈率仅为 18.6 倍，远低于标准普尔 500 指数的 22.9 倍。与一些大型科技同行相比，这一结果更是令人瞩目。</p>
<table>
<thead>
<tr>
<th></th>
<th>收入增长率</th>
<th>稀释每股收益增长率</th>
<th>前瞻市盈率</th>
</tr>
</thead>
<tbody>
<tr>
<td>字母表</td>
<td>12%</td>
<td>49%</td>
<td>18.6</td>
</tr>
<tr>
<td><strong>苹果</strong></td>
<td>5.1%</td>
<td>7.8%</td>
<td>27.6</td>
</tr>
<tr>
<td><strong>微软</strong></td>
<td>13.3%</td>
<td>17.7%</td>
<td>35.8</td>
</tr>
<tr>
<td><strong>亚马逊</strong></td>
<td>8.6%</td>
<td>62.2%</td>
<td>34.8</td>
</tr>
</tbody>
</table>
<p>数据来源：YCharts。注意：所有增长率均取自各公司最近报告的季度。</p>
<p>字母表的业绩与其他三家公司相似，但其交易价格却大幅低于它们。这让我得出两个结论：其他大型科技股票被高估，或者字母表被低估。这两者都有可能，但重要的是投资者如何运用他们的资金。</p>
<p>字母表现在是一只很好的股票，因为它很好地结合了增长和价值。这种组合可能在未来带来爆炸性的回报，使其成为我最推荐的买入股票之一。</p>

谷歌-C

谷歌-A

<p>作者提倡购买 Alphabet 股票，认为其相对于其他大型科技公司被低估，尽管对其搜索引擎主导地位存在担忧。Alphabet 的 Google 搜索依然盈利，年收入增长 10%。该股票的前瞻市盈率为 18.6，显著低于标准普尔 500 的 22.9。作者认为，凭借强劲的财务业绩，包括 12% 的收入增长和 49% 的每股收益增长，Alphabet 提供了一个结合了增长和价值的吸引人投资机会</p>

<p><strong>Alphabet</strong>(GOOG -1.74%)(GOOGL -1.51%) doesn't get the same respect as its big tech peers. These stocks all trade at a premium to the market, as measured by the <strong>S&amp;P 500</strong>(SNPINDEX: ^GSPC), while Alphabet does not. There is a lot of pessimism that Alphabet's primary cash cow, the Google search engine, could be losing its dominance, threatening the company as we know it today.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG -1.74%)(GOOGL -1.51%) 并没有获得与其大型科技同行相同的尊重。这些股票的交易价格都高于市场水平，以 <strong>标准普尔 500 指数</strong>(SNPINDEX: ^GSPC) 为衡量标准，而字母表则没有。人们对字母表的主要现金牛——谷歌搜索引擎可能失去主导地位感到悲观，这威胁着我们今天所知的公司。</p>
</div><p>However, the numbers don't back this up. Google Search is still dominant and making a ton of money. Because of Alphabet's strong financial picture and cheap price, it's an excellent stock to load up on right now.</p>
<div class="lb-trans"><p>然而，数据并不支持这一观点。谷歌搜索仍然占据主导地位，并且赚取了大量利润。由于字母表的财务状况良好且股价便宜，现在是一个极好的买入时机。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE5MzgvcGVyc29uLWxheWluZy1vbi10aGUtZ3JvdW5kLXVzaW5nLXRoZWlyLXBob25lLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821938%2Fperson-laying-on-the-ground-using-their-phone.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 is still dominant in the search market</h2>
<div class="lb-trans"><h2>字母表在搜索市场仍然占据主导地位</h2>
</div><p>Most of the concern about Alphabet losing market share involves users switching to alternatives, such as generative AI models. Regardless of which one they use, each time a generative AI model is asked a question, it is one time that Google isn't able to place ads in front of a user. This threatens a core part of the company's business because it gets 56% of its revenue from search.</p>
<div class="lb-trans"><p>关于字母表失去市场份额的担忧主要涉及用户转向替代品，例如生成式人工智能模型。无论他们使用哪种模型，每当生成式人工智能模型被问到一个问题时，谷歌就失去了一个在用户面前展示广告的机会。这威胁到公司的核心业务，因为它有 56% 的收入来自搜索。</p>
</div><p>We've seen Google's market share slip a bit, dropping below 90% for the first time since 2015 earlier this year. Still, this doesn't mean the financial picture is trending in the wrong direction, as Google Search revenue rose 10% year over year in the first quarter.</p>
<div class="lb-trans"><p>我们看到谷歌的市场份额略有下降，今年早些时候首次跌破 90%。尽管如此，这并不意味着财务状况朝着错误的方向发展，因为谷歌搜索的收入在第一季度同比增长了 10%。</p>
</div><p>One thing helping Google maintain its position is the introduction of AI search overviews, which bridge the gap between a traditional Google search and using a generative AI model. Management has discussed how popular the feature is, and it is going to continue developing it.</p>
<div class="lb-trans"><p>帮助谷歌维持其地位的一件事是引入了人工智能搜索概述，这填补了传统谷歌搜索与使用生成式人工智能模型之间的差距。管理层讨论了这一功能的受欢迎程度，并将继续开发它。</p>
</div><p>Although the forecast for Google's market share isn't particularly great, it's still doing an excellent job with its business. I think the market is underestimating the fact that most consumers aren't going to switch away from Google unless something much better is launched. This will protect Alphabet's mindshare and ensure that it continues producing solid results.</p>
<div class="lb-trans"><p>尽管对谷歌市场份额的预测并不特别乐观，但它在业务上仍然表现出色。我认为市场低估了大多数消费者不会转向谷歌以外的服务，除非推出了更好的替代品。这将保护字母表的品牌影响力，并确保它继续产生稳健的业绩。</p>
</div><p>The first quarter's results were truly fantastic and did not indicate a company that was struggling at all.</p>
<div class="lb-trans"><p>第一季度的业绩确实非常出色，并没有显示出公司在挣扎。</p>
</div><h2>Alphabet's stock is far cheaper than its peers despite similar or better results</h2>
<div class="lb-trans"><h2>尽管业绩相似或更好，字母表的股票仍远低于同行的价格</h2>
</div><p>In that quarter, overall revenue increased 12% year over year, and diluted earnings per share (EPS) increased 49% year over year. If all I presented were those growth rates and its valuation, you would think it's an incredibly undervalued stock. But because Alphabet's name is attached to the stock, it trades at a hefty discount to the market and its peers.</p>
<div class="lb-trans"><p>在该季度，总收入同比增长 12%，稀释后每股收益（EPS）同比增长 49%。如果我只展示这些增长率和估值，你会认为这是一只极具低估的股票。但由于字母表的名字与这只股票相关，它的交易价格相对于市场和同行来说有很大的折扣。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/142cb2ebf5780963efaeb2cc153d6cdc.png" alt="" original-src="https://media.ycharts.com/charts/142cb2ebf5780963efaeb2cc153d6cdc.png"/></p>
<p>GOOG PE Ratio (Forward) data by YCharts; PE = price to earnings.</p>
<div class="lb-trans"><p>GOOG 市盈率（前瞻性）数据来源于 YCharts；市盈率 = 股价与收益的比率。</p>
</div><p>With the stock trading at a mere 18.6 times forward earnings, it's far cheaper than the S&amp;P 500, which trades at 22.9 times forward earnings. The results become even more eye-opening compared to some of its peers in big tech.</p>
<div class="lb-trans"><p>这只股票的前瞻性市盈率仅为 18.6 倍，远低于标准普尔 500 指数的 22.9 倍。与一些大型科技同行相比，这一结果更是令人瞩目。</p>
</div><table>
<thead>
<tr>
<th></th>
<th>Revenue Growth Rate</th>
<th>Diluted EPS Growth Rate</th>
<th>Forward P/E</th>
</tr>
</thead>
<tbody>
<tr>
<td>Alphabet</td>
<td>12%</td>
<td>49%</td>
<td>18.6</td>
</tr>
<tr>
<td><strong>Apple</strong></td>
<td>5.1%</td>
<td>7.8%</td>
<td>27.6</td>
</tr>
<tr>
<td><strong>Microsoft</strong></td>
<td>13.3%</td>
<td>17.7%</td>
<td>35.8</td>
</tr>
<tr>
<td><strong>Amazon</strong></td>
<td>8.6%</td>
<td>62.2%</td>
<td>34.8</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th>收入增长率</th>
<th>稀释每股收益增长率</th>
<th>前瞻市盈率</th>
</tr>
</thead>
<tbody>
<tr>
<td>字母表</td>
<td>12%</td>
<td>49%</td>
<td>18.6</td>
</tr>
<tr>
<td><strong>苹果</strong></td>
<td>5.1%</td>
<td>7.8%</td>
<td>27.6</td>
</tr>
<tr>
<td><strong>微软</strong></td>
<td>13.3%</td>
<td>17.7%</td>
<td>35.8</td>
</tr>
<tr>
<td><strong>亚马逊</strong></td>
<td>8.6%</td>
<td>62.2%</td>
<td>34.8</td>
</tr>
</tbody>
</table>
</div><p>Data source: YCharts. Note: All growth rates were taken from each company's last reported quarters.</p>
<div class="lb-trans"><p>数据来源：YCharts。注意：所有增长率均取自各公司最近报告的季度。</p>
</div><p>Alphabet is posting results similar to these other three, yet it trades for a massive discount compared to them. This makes me conclude one of two things: The other big tech stocks are overvalued, or Alphabet is undervalued. Both can be true, but what matters is what investors do with their money.</p>
<div class="lb-trans"><p>字母表的业绩与其他三家公司相似，但其交易价格却大幅低于它们。这让我得出两个结论：其他大型科技股票被高估，或者字母表被低估。这两者都有可能，但重要的是投资者如何运用他们的资金。</p>
</div><p>Alphabet is a great stock right now, as it combines growth and value well. This combination could provide explosive returns in the future, making it one of my best stocks to buy.</p>
<div class="lb-trans"><p>字母表现在是一只很好的股票，因为它很好地结合了增长和价值。这种组合可能在未来带来爆炸性的回报，使其成为我最推荐的买入股票之一。</p>
</div>

Here's Why I'm Buying Alphabet Stock Like There's No Tomorrow

- Alphabet 的搜索引擎仍然占据主导地位，第一季度收入同比增长 10%。  
- 尽管市场份额略有下降，Alphabet 的整体收入增长 12%，每股收益增长 49%。  
- 目前 Alphabet 的市盈率为 18.6，远低于同行，显示出其被低估的潜力。  

以下是我为何急于购买 Alphabet 股票的原因