Meta Platforms Inc-A：广告收入增长强劲，2025年继续加大资本开支

Investment Rating - The report upgrades the target price for Meta to $892 and maintains a "Buy" rating [3][5]. Core Insights - Meta's overall performance exceeded expectations, with strong advertising revenue growth. The company reported Q4 2024 revenue of$ 48.39 billion, a 21% year-over-year increase, and a net profit of $20.84 billion, up 49% year-over-year, significantly surpassing market expectations [3]. - Advertising revenue grew by 21% year-over-year, while Reality Labs revenue remained flat. The guidance for Q1 2025 indicates a 12% year-over-year revenue growth, with capital expenditures expected to rise to$ 60-65 billion in 2025 [3]. - The report adjusts the 2025 revenue forecast to $187.5 billion and net profit to$ 62.63 billion, reflecting strong growth in advertising and the potential for AI to enhance advertising efficiency [3][4]. Financial Projections - The updated financial projections for 2025 include: - Revenue: $187.5 billion (previously$ 187.6 billion, change: 0.0%) - Gross Profit: $150.94 billion (previously$ 151.68 billion, change: -0.5%) - Operating Profit: $72.83 billion (previously$ 76.85 billion, change: -5.2%) - Net Profit: $62.63 billion (previously$ 66.09 billion, change: -5.2%) [4].