计算机行业点评报告：AI赋能广告提效，资本开支继续扩张

Industry Investment Rating - The report maintains a "Buy" rating for Meta (META O) [1] Core Views - Meta's advertising business remains strong, driven by AI-powered ad efficiency and community growth [6] - Global advertising industry surpassed $1 trillion in 2024, with digital advertising expected to account for 72 9% of the market by 2025 [5] - Meta's capital expenditure continues to expand, with a focus on AI development and infrastructure [8] Market Performance - Computer industry (Shenwan) showed a 12-month performance of 16 6%, matching the CSI 300 index [2] - Meta's stock price was $612 77 as of January 20, 2025, with projected EPS growth from $14 87 in 2023 to $25 43 in 2025 [12] Advertising Business - Meta's Q3 2024 revenue reached $405 9 billion, a 18 9% YoY increase, with advertising revenue contributing $398 9 billion [6] - Digital advertising is the fastest-growing segment, with retail media expected to reach $176 9 billion by 2025 [5] - Meta's ad impressions grew by 7% YoY, with average ad price increasing by 11% due to AI enhancements [6] AI and Capital Expenditure - Meta's Q3 2024 capital expenditure was $9 2 billion, with a full-year target of $38-40 billion [8] - Meta AI has over 500 million monthly active users, with AI-driven features increasing user engagement on Facebook and Instagram by 8% and 6% respectively [8] - Meta is developing Llama 4, trained on over 100,000 H100 clusters, with a smaller model expected in early 2025 [8] Financial Performance - Meta's Q3 2024 net income was $15 69 billion, a 35 4% YoY increase [6] - Reality Labs revenue grew by 28 6% to $270 million, driven by hardware sales, but operating loss was $4 43 billion [7] - Total operating expenses for Q3 2024 were $15 9 billion, with R&D expenses increasing by 21% to $11 177 billion [9] Investment Recommendation - Meta's strong advertising business and AI advancements are expected to solidify its technical advantages in the advertising sector [10] - The report recommends focusing on Meta (META O) and Google (GOOGL O) due to their leading positions in AI hardware and future growth potential [10]