<p><strong>字母表</strong>(GOOG -1.74%)(GOOGL -1.51%) 並沒有獲得與其大型科技同行相同的尊重。這些股票的交易價格都高於市場水平，以 <strong>標準普爾 500 指數</strong>(SNPINDEX: ^GSPC) 為衡量標準，而字母表則沒有。人們對字母表的主要現金牛——谷歌搜索引擎可能失去主導地位感到悲觀，這威脅着我們今天所知的公司。</p>
<p>然而，數據並不支持這一觀點。谷歌搜索仍然佔據主導地位，並且賺取了大量利潤。由於字母表的財務狀況良好且股價便宜，現在是一個極好的買入時機。</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>圖片來源：Getty Images。</p>
<h2>字母表在搜索市場仍然佔據主導地位</h2>
<p>關於字母表失去市場份額的擔憂主要涉及用户轉向替代品，例如生成式人工智能模型。無論他們使用哪種模型，每當生成式人工智能模型被問到一個問題時，谷歌就失去了一個在用户面前展示廣告的機會。這威脅到公司的核心業務，因為它有 56% 的收入來自搜索。</p>
<p>我們看到谷歌的市場份額略有下降，今年早些時候首次跌破 90%。儘管如此，這並不意味着財務狀況朝着錯誤的方向發展，因為谷歌搜索的收入在第一季度同比增長了 10%。</p>
<p>幫助谷歌維持其地位的一件事是引入了人工智能搜索概述，這填補了傳統谷歌搜索與使用生成式人工智能模型之間的差距。管理層討論了這一功能的受歡迎程度，並將繼續開發它。</p>
<p>儘管對谷歌市場份額的預測並不特別樂觀，但它在業務上仍然表現出色。我認為市場低估了大多數消費者不會轉向谷歌以外的服務，除非推出了更好的替代品。這將保護字母表的品牌影響力，並確保它繼續產生穩健的業績。</p>
<p>第一季度的業績確實非常出色，並沒有顯示出公司在掙扎。</p>
<h2>儘管業績相似或更好，字母表的股票仍遠低於同行的價格</h2>
<p>在該季度，總收入同比增長 12%，稀釋後每股收益（EPS）同比增長 49%。如果我只展示這些增長率和估值，你會認為這是一隻極具低估的股票。但由於字母表的名字與這隻股票相關，它的交易價格相對於市場和同行來説有很大的折扣。</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）數據來源於 YCharts；市盈率 = 股價與收益的比率。</p>
<p>這隻股票的前瞻性市盈率僅為 18.6 倍，遠低於標準普爾 500 指數的 22.9 倍。與一些大型科技同行相比，這一結果更是令人矚目。</p>
<table>
<thead>
<tr>
<th></th>
<th>收入增長率</th>
<th>稀釋每股收益增長率</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>蘋果</strong></td>
<td>5.1%</td>
<td>7.8%</td>
<td>27.6</td>
</tr>
<tr>
<td><strong>微軟</strong></td>
<td>13.3%</td>
<td>17.7%</td>
<td>35.8</td>
</tr>
<tr>
<td><strong>亞馬遜</strong></td>
<td>8.6%</td>
<td>62.2%</td>
<td>34.8</td>
</tr>
</tbody>
</table>
<p>數據來源：YCharts。注意：所有增長率均取自各公司最近報告的季度。</p>
<p>字母表的業績與其他三家公司相似，但其交易價格卻大幅低於它們。這讓我得出兩個結論：其他大型科技股票被高估，或者字母表被低估。這兩者都有可能，但重要的是投資者如何運用他們的資金。</p>
<p>字母表現在是一隻很好的股票，因為它很好地結合了增長和價值。這種組合可能在未來帶來爆炸性的回報，使其成為我最推薦的買入股票之一。</p>

谷歌-C

谷歌-A

<p>作者提倡購買 Alphabet 股票，認為其相對於其他大型科技公司被低估，儘管對其搜索引擎主導地位存在擔憂。Alphabet 的 Google 搜索依然盈利，年收入增長 10%。該股票的前瞻市盈率為 18.6，顯著低於標準普爾 500 的 22.9。作者認為，憑藉強勁的財務業績，包括 12% 的收入增長和 49% 的每股收益增長，Alphabet 提供了一個結合了增長和價值的吸引人投資機會</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%) 並沒有獲得與其大型科技同行相同的尊重。這些股票的交易價格都高於市場水平，以 <strong>標準普爾 500 指數</strong>(SNPINDEX: ^GSPC) 為衡量標準，而字母表則沒有。人們對字母表的主要現金牛——谷歌搜索引擎可能失去主導地位感到悲觀，這威脅着我們今天所知的公司。</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，數據並不支持這一觀點。谷歌搜索仍然佔據主導地位，並且賺取了大量利潤。由於字母表的財務狀況良好且股價便宜，現在是一個極好的買入時機。</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>圖片來源：Getty Images。</p>
</div><h2>Alphabet is still dominant in the search market</h2>
<div class="lb-trans"><h2>字母表在搜索市場仍然佔據主導地位</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>關於字母表失去市場份額的擔憂主要涉及用户轉向替代品，例如生成式人工智能模型。無論他們使用哪種模型，每當生成式人工智能模型被問到一個問題時，谷歌就失去了一個在用户面前展示廣告的機會。這威脅到公司的核心業務，因為它有 56% 的收入來自搜索。</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>我們看到谷歌的市場份額略有下降，今年早些時候首次跌破 90%。儘管如此，這並不意味着財務狀況朝着錯誤的方向發展，因為谷歌搜索的收入在第一季度同比增長了 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>幫助谷歌維持其地位的一件事是引入了人工智能搜索概述，這填補了傳統谷歌搜索與使用生成式人工智能模型之間的差距。管理層討論了這一功能的受歡迎程度，並將繼續開發它。</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>儘管對谷歌市場份額的預測並不特別樂觀，但它在業務上仍然表現出色。我認為市場低估了大多數消費者不會轉向谷歌以外的服務，除非推出了更好的替代品。這將保護字母表的品牌影響力，並確保它繼續產生穩健的業績。</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>第一季度的業績確實非常出色，並沒有顯示出公司在掙扎。</p>
</div><h2>Alphabet's stock is far cheaper than its peers despite similar or better results</h2>
<div class="lb-trans"><h2>儘管業績相似或更好，字母表的股票仍遠低於同行的價格</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>在該季度，總收入同比增長 12%，稀釋後每股收益（EPS）同比增長 49%。如果我只展示這些增長率和估值，你會認為這是一隻極具低估的股票。但由於字母表的名字與這隻股票相關，它的交易價格相對於市場和同行來説有很大的折扣。</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）數據來源於 YCharts；市盈率 = 股價與收益的比率。</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>這隻股票的前瞻性市盈率僅為 18.6 倍，遠低於標準普爾 500 指數的 22.9 倍。與一些大型科技同行相比，這一結果更是令人矚目。</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>收入增長率</th>
<th>稀釋每股收益增長率</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>蘋果</strong></td>
<td>5.1%</td>
<td>7.8%</td>
<td>27.6</td>
</tr>
<tr>
<td><strong>微軟</strong></td>
<td>13.3%</td>
<td>17.7%</td>
<td>35.8</td>
</tr>
<tr>
<td><strong>亞馬遜</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>數據來源：YCharts。注意：所有增長率均取自各公司最近報告的季度。</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>字母表的業績與其他三家公司相似，但其交易價格卻大幅低於它們。這讓我得出兩個結論：其他大型科技股票被高估，或者字母表被低估。這兩者都有可能，但重要的是投資者如何運用他們的資金。</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>字母表現在是一隻很好的股票，因為它很好地結合了增長和價值。這種組合可能在未來帶來爆炸性的回報，使其成為我最推薦的買入股票之一。</p>
</div>

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

- Alphabet 的搜索引擎仍然佔據主導地位，第一季度收入同比增長 10%。  
- 儘管市場份額略有下降，Alphabet 的整體收入增長 12%，每股收益增長 49%。  
- 目前 Alphabet 的市盈率為 18.6，遠低於同行，顯示出其被低估的潛力。  

以下是我為何急於購買 Alphabet 股票的原因