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Meta Platforms：三季度指引弱于预期，全力建设Meta AI
第一上海·2024-08-09 14:27

Investment Rating - The report maintains a "Buy" rating for Meta Platforms (META) with a target price of 600[2][10].CoreInsights−ThecompanyreportedQ22024totalrevenueof600 [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 14.85billion,reflectinga58.114.85 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 35−40billion,drivenbyinvestmentsinAIinfrastructureandemployeecosts[5][10].−MetaAIisexpectedtoenhanceadvertisingefficiency,withtheAdvantage+platformimprovingreturnoninvestment(ROI)foradvertisersby2235-40 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 38.72billionandRealityLabsrevenueat38.72 billion and Reality Labs revenue at 350 million [3][5]. - The gross margin was 81.3%, with total costs amounting to 24.22billion[3][5].−GAAPnetprofitreached24.22 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].AdvertisingandUserEngagement−DailyActiveUsers(DAU)increasedby3millionto3.27billion,withaveragerevenueperuser(ARPU)at5.16 [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].