CONTENTS & DISCLOSURES   目录与披露
CONTENTS & DISCLOSURES
Key Elements
Key Elements
AUDIOCAST

Alphabet

Samsung-Perplexity reported deal talks could raise some new AI concerns
三星与 Perplexity 的报道交易谈判可能引发新的人工智能担忧

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Report Details
02 June 2025 Equity United States Internet/e-Commerce
2025 年 6 月 2 日 美国 股票 互联网/电子商务

Alphabet

Samsung-Perplexity reported deal talks could raise some new AI concerns

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Report Details
02 June 2025 Equity United States Internet/e-Commerce
displayAudiocast is false
Maintain Rating  维持评级
BUY   买入
Price  价格
169.25
USD   美元
Price Objective  目标价
200.00
USD   美元
Upside  上涨空间
18.2%
Market Cap  市值
2,101,239
USD(mn)   美元(百万)
Average Daily Value  平均日成交额
7071.65
USD(mn)   美元(百万)
all data as of 2 June 2025
所有数据截至 2025 年 6 月 2 日
Maintain Rating
BUY
Price
170.55
USD
Price Objective
200.00
USD
Upside
17.3%
all data as of 2 June 2025
Primary Ticker GOOGL US
Company Financials
Maintain Rating
BUY
Price
169.25
USD
Price Objective
200.00
USD
Upside
18.2%
Market Cap
2,101,239
USD(mn)
Average Daily Value
7071.65
USD(mn)
all data as of 2 June 2025


Secondary Ticker GOOG US
Company Financials
Maintain Rating
BUY
Price
170.55
USD
Price Objective
200.00
USD
Upside
17.3%
all data as of 2 June 2025



Key takeaways   主要观点
  • Samsung reportedly in deal talks with Perplexity, including strategic investment & plans to preload products on new devices.
    据报道,三星正在与 Perplexity 进行交易谈判,包括战略投资及计划在新设备上预装其产品。
  • Google brings significant assets to Android phones, not easy to remove or replace Google products.
    谷歌为安卓手机带来了重要资产,难以移除或替代谷歌产品。
  • Rising search competition a risk, but may benefit Google by resulting in less aggressive regulatory remedies.
    搜索竞争加剧存在风险,但可能使谷歌受益,因为这可能导致监管措施不那么严厉。

×
BofA - Alphabet

DOJ: Department of Justice

NT: Near-Term

3P: Third Party

SSP: Supply Side platform

AI: Artificial Intelligence

Gen-AI: Generative AI

I/O: Google I/O Event

TPU: Tensor Processing Unit

OS: Operating System

YT: YouTube

SMB: Small and Medium Businesses

CPC: Cost per Click

ROAS: Return on Ad Spend

MAU: Monthly Active Users

SOTP: Sum of the Parts

O/S: Operating System

SFV: Short form Video

OEM: Original Equipment Manufacturer

TAC: Traffic Acquisition Cost

 

 

BofA - Alphabet

Samsung in talks for strategic deal with Perplexity
三星正在与 Perplexity 洽谈战略合作

Per numerous press reports, Samsung is in discussions on a possible partnership with Perplexity AI. Key aspects could include: 1) Integration with Galaxy devices: Samsung plans to preload Perplexity's AI assistant & search app on upcoming Galaxy devices, starting with the Galaxy S26 series expected in early 2026, 2) AI Integration across core services: Including integrating Perplexity's technology into Samsung's Bixby assistant and Samsung Internet browser, 3) Strategic investment: Samsung reportedly plans to invest approx. $500mn in Perplexity AI, potentially becoming one of its largest investors and valuing the startup at around $14bn, and 4) AI operating system & Agent app: The partnership could also involve co-developing an AI-native operating system and an AI agent app, leveraging Perplexity's capabilities to enable deeper device-level intelligence. Our Take: Reported partnership discussions underscore the growing options available to device manufacturers enabled by AI technology. New options could reduce Google's bargaining power with Samsung and other Android OEMs. However, we note that Samsung Internet browser share is only 2.12% per Statcounter (vs. Chrome at ~66%), possibly limiting perceived search revenue impact for Google, or stock reaction to the news (stock down 1% vs flat S&P).
据多家媒体报道,三星正在与 Perplexity AI 商讨可能的合作伙伴关系。主要内容可能包括:1)与 Galaxy 设备的整合:三星计划在即将推出的 Galaxy 设备上预装 Perplexity 的 AI 助手和搜索应用,首批设备预计为 2026 年初发布的 Galaxy S26 系列;2)核心服务中的 AI 整合:包括将 Perplexity 的技术整合到三星的 Bixby 助手和三星互联网浏览器中;3)战略投资:据报道,三星计划向 Perplexity AI 投资约 5 亿美元,可能成为其最大投资者之一,估值约为 140 亿美元;4)AI 操作系统和代理应用:合作还可能涉及共同开发 AI 原生操作系统和 AI 代理应用,利用 Perplexity 的能力实现更深层次的设备级智能。我们的看法:报道中的合作讨论凸显了 AI 技术为设备制造商带来的更多选择。新选择可能削弱谷歌与三星及其他 Android OEM 厂商的议价能力。然而,我们注意到,根据 Statcounter 数据,三星互联网浏览器的市场份额仅为 2.12%(相比于... Chrome 约占 66%,可能限制了市场对谷歌搜索收入影响的预期,或对新闻的股价反应(股价下跌 1%,而标普指数持平)。

Google brings many assets to the table
谷歌带来了许多资产

We view Google's Android Strategy as both a carrot and stick for its Android OEM partners. Partners get a competitive and functional O/S without material license fees (at least for now), with the benefit of multiple popular apps (from Google and others), a strong app store, security, and other interoperability features, plus a small share of TAC revenue from Google searches. On the stick side, for Android partners choose a different partner, or modified O/S, they could face new license fees, loss of TAC, less functional app store, and/or a much more competitive Pixel phone from Google. Our Take: Moving away from Android or Google preinstalled products will likely not be seamless or easy, but if it does happen, would expect a much more aggressive Google with Pixel phones. Also, hardware partners may find it very difficult to keep up with smart glasses innovation from Apple and Meta without Google's help, in our view.
我们认为谷歌的 Android 战略对其 Android OEM 合作伙伴既有“胡萝卜”也有“大棒”。合作伙伴可以获得一个具有竞争力且功能完善的操作系统,且目前没有实质性的许可费用,享受来自谷歌及其他方的多款热门应用、强大的应用商店、安全性及其他互操作性功能的优势,同时还能从谷歌搜索中获得一小部分 TAC 收入。在“大棒”方面,如果 Android 合作伙伴选择不同的合作方或修改操作系统,可能面临新的许可费用、TAC 收入损失、功能较弱的应用商店,或者来自谷歌的 Pixel 手机更具竞争力。我们的观点是:脱离 Android 或谷歌预装产品可能不会顺利或轻松,但如果真的发生,预计谷歌将以更激进的 Pixel 手机应对。此外,我们认为硬件合作伙伴若没有谷歌的支持,将很难跟上苹果和 Meta 在智能眼镜创新方面的步伐。

Judge signals uncertainty on aggressive search remedies
法官对激进的搜索救济措施表示不确定

Separately, during closing arguments in the DOJ's search antitrust case, Judge Mehta reportedly (per Reuters) expressed skepticism toward the DOJ's proposed remedies, citing Gen-AI's rapidly evolving role in shaping search landscape. He questioned the practicality of DOJ proposed remedies and 10-year oversight plan that would require Google to share search data and cease paying partners like Apple to remain the default search engine. Judge Mehta said, "Ten years may seem like a short period, but in this space, a lot can change in weeks". He also suggested that future competition is more likely to emerge from AI platforms [likely referring to ChatGPT, Perplexity, etc.] offering fundamentally different user experiences than from traditional search engine rivals. Our Take: Intensifying competition in the search may have a silver lining for Google, potentially prompting less aggressive remedies than feared. Maintain Buy. A decision is expected by August, but we would expect significant change in the industry during the 18-month appeal process, which could impact the final outcome
另外,在 DOJ 搜索反垄断案的结案陈词中,据路透社报道,Mehta 法官对 DOJ 提出的补救措施表示怀疑,理由是生成式人工智能在塑造搜索格局中迅速发展的作用。他质疑 DOJ 提出的补救措施的可行性以及要求谷歌共享搜索数据并停止向苹果等合作伙伴支付费用以保持默认搜索引擎地位的十年监管计划。Mehta 法官表示:“十年看似很短,但在这个领域,几周内可能发生很多变化。”他还暗示,未来的竞争更可能来自提供根本不同用户体验的人工智能平台(可能指 ChatGPT、Perplexity 等),而非传统搜索引擎竞争对手。我们的观点:搜索领域竞争加剧可能对谷歌有利,可能促使补救措施不如预期激进。维持买入评级。预计裁决将在八月作出,但我们预计在 18 个月的上诉过程中行业将发生重大变化,这可能影响最终结果。
.

 

Stock Data

 

Price (NAS / NAS)  价格(纳斯达克 / 纳斯达克)

169.25 USD / 170.55 USD
169.25 美元 / 170.55 美元

Price Objective  目标价

200.00 USD / 200.00 USD
200.00 美元 / 200.00 美元

Date Established  成立日期

25-Apr-2025 / 25-Apr-2025
2025 年 4 月 25 日 / 2025 年 4 月 25 日

Investment Opinion  投资意见

B-1-7 / B-1-7

52-Week Range  52 周区间

140.53 USD - 207.05 USD
140.53 美元 - 207.05 美元

Market Value (mn)  市值(百万)

2,101,239 USD   2,101,239 美元

Free Float  自由流通股

99.7%

Average Daily Value  平均每日成交额

7071.65 USD   7071.65 美元

Shares Outstanding (mn)  流通股数(百万股)

12,415.0 / 12,415.0

BofA Ticker / Exchange  BofA 代码 / 交易所

GOOGL / NAS  GOOGL / 纳斯达克

BofA Ticker / Exchange  BofA 代码 / 交易所

GOOG / NAS  GOOG / 纳斯达克

Bloomberg / Reuters  彭博社 / 路透社

GOOGL US / GOOGL.OQ

ROE (2025E)  股本回报率(2025 年预估)

35.7%

Net Dbt to Eqty (Dec-2024A)
净负债与股本比率(2024 年 12 月实际)

 1.7%

 

 


 

BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
美银证券与其研究报告中覆盖的发行人有业务往来,并寻求开展相关业务。因此,投资者应意识到本公司可能存在影响本报告客观性的利益冲突。投资者应将本报告作为其投资决策的众多因素之一。

 

 

Click for important disclosures. Analyst Certification. Price Objective Basis & Risk.
点击查看重要披露。分析师认证。目标价依据及风险。

Alphabet (GOOGL / GOOG)  Alphabet(GOOGL / GOOG)

Our price objective of $200/$200 is based on 18x 2026E core Google GAAP EPS plus cash per share. Alphabet has traded at an average multiple of 22x GAAP P/E over the last ten years and we think our multiple is reasonable vs history given expectations for double-digit revenue growth, Cloud margin expansion, and opportunity to capitalize on strong AI assets.
我们的目标价为 200 美元/200 美元,基于 2026 年预期核心 Google GAAP 每股收益的 18 倍加上每股现金。Alphabet 在过去十年中平均交易市盈率为 22 倍 GAAP,我们认为鉴于对两位数收入增长、云业务利润率扩张以及利用强大 AI 资产机会的预期,我们的估值倍数相较历史是合理的。


Downside risks are: 1) loss of search traffic to AI tools from competitors, 2) LLM integration in search may take longer than expected or negatively impact search revenues, 3) revenue pressure from compliance with the EU Digital Markets Act (DMA), 4) adverse judge ruling on the ongoing Department of Justice (DOJ) search distribution trial, and 5) potential for increasing Capex and lower FCF-given AI investments.
下行风险包括:1)搜索流量被竞争对手的 AI 工具抢占,2)LLM 在搜索中的整合可能比预期更长,或对搜索收入产生负面影响,3)遵守欧盟数字市场法案(DMA)带来的收入压力,4)司法部(DOJ)关于搜索分发的持续审判中法官的不利裁决,5)由于 AI 投资,资本支出可能增加且自由现金流减少。

 

 

I, Justin Post, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject securities and issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or view expressed in this research report.
本人 Justin Post 特此证明,本研究报告中表达的观点准确反映了我对相关证券和发行人的个人看法。我还证明,我的薪酬没有且将来也不会直接或间接与本研究报告中表达的具体建议或观点相关。

 

 


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Justin Post +
Justin Post
Research Analyst   研究分析师
BofAS
+1 415 676 3547
Nitin Bansal, CFA  尼廷·班萨尔,CFA +
Nitin Bansal, CFA  尼廷·班萨尔,CFA
Research Analyst   研究分析师
BofAS
+1 415 676 3551
BofA - Alphabet

DOJ: Department of Justice
DOJ:司法部

NT: Near-Term  NT:近期

3P: Third Party  3P:第三方

SSP: Supply Side platform
SSP:供应方平台

AI: Artificial Intelligence
AI:人工智能

Gen-AI: Generative AI  生成式人工智能:生成式 AI

I/O: Google I/O Event  I/O:谷歌 I/O 大会

TPU: Tensor Processing Unit
TPU:张量处理单元

OS: Operating System  OS:操作系统

YT: YouTube  YT:YouTube

SMB: Small and Medium Businesses
SMB:中小企业

CPC: Cost per Click  CPC:每次点击费用

ROAS: Return on Ad Spend
ROAS:广告支出回报率

MAU: Monthly Active Users
MAU:月活跃用户

SOTP: Sum of the Parts
SOTP:部分和法

O/S: Operating System  O/S:操作系统

SFV: Short form Video  SFV:短视频

OEM: Original Equipment Manufacturer
OEM:原始设备制造商

TAC: Traffic Acquisition Cost
TAC:流量获取成本

 

 



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