Meta Platforms：三季度指引弱于预期，全力建设Meta AI

Investment Rating - The report maintains a "Buy" rating for Meta Platforms (META) with a target price of $600 [2][10]. Core Insights - The company reported Q2 2024 total revenue of $39.07 billion, a year-over-year increase of 22.1%, exceeding Bloomberg consensus expectations [3][5]. - The operating profit for the quarter was $14.85 billion, reflecting a 58.1% year-over-year growth, also surpassing expectations [3][5]. - The company has adjusted its capital expenditure guidance for 2024 to $37-40 billion, up from the previous $35-40 billion, driven by investments in AI infrastructure and employee costs [5][10]. - Meta AI is expected to enhance advertising efficiency, with the Advantage+ platform improving return on investment (ROI) for advertisers by 22% [8][10]. Summary by Sections Financial Performance - Q2 2024 revenue was $39.07 billion, with Family of Apps revenue at $38.72 billion and Reality Labs revenue at $350 million [3][5]. - The gross margin was 81.3%, with total costs amounting to $24.22 billion [3][5]. - GAAP net profit reached $13.47 billion, a 72.9% increase year-over-year, with diluted earnings per share at $5.16 [3][5]. Advertising and User Engagement - Daily Active Users (DAU) increased by 3 million to 3.27 billion, with average revenue per user (ARPU) at $11.9 [8]. - Advertising impressions grew by 17% year-over-year, with ad pricing increasing by 10% [6][8]. - The introduction of a unified video recommendation service is expected to enhance content engagement and advertising revenue [7][8]. AI and Future Growth - Meta AI's new version, supported by the Llama 3.1 model, is being monetized through short videos and ad content recommendations [8]. - The company plans to invest in AI models, with Llama 4 and Llama 5 on the roadmap, aiming to improve the practicality of Meta AI [8][10]. - The long-term growth rate is projected at 3.0%, with a compound annual growth rate (CAGR) of 20.6% for net profit from 2024 to 2026 [10].