谷歌（GOOGL/GOOG） 更新报告 买入 2025 年 7 月 30 日 业绩全面超预期，Token 消耗量爆发式增长 ➢ 风险提示：美国宏观经济增速放缓、AI 商业化变现、云业务增长不及预期等。 | 盈利摘要 | | | | | | 股价表现 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 截至12月31日止财政年度 | 2023实际 | 2024实际 | 2025预测 | 2026预测 | 2027预测 | 250.0 | | | | | | | | | | | 总营业收入（百万美元） | 307,394 | 350,018 | 394,069 | 439,183 | 490,388 | 200.0 | | | | | | | | | | | 变动 | 8.7% | 13.9% | 12.6% | 11.4% | 11.7% | 150.0 | | | | | | | | | | | 净利润 | 73,795 | ...