计算机行业点评报告：Meta：广告业务持续高增，AI投入布局加速

Investment Rating - The report maintains a "Buy" recommendation for Meta, indicating a positive outlook for the company's stock performance relative to the market [12]. Core Insights - Meta's advertising business continues to show strong growth, with Q4 2024 revenue reaching $48.385 billion, a 21% year-over-year increase, and total annual revenue of $164.501 billion, up 22% [4]. - The company's net profit for Q4 2024 was $20.838 billion, reflecting a 49% increase, while the annual net profit reached $62.360 billion, a 59% rise [4]. - Meta's operating profit margin improved significantly from 35% in 2023 to 42% in 2024, showcasing enhanced operational efficiency [4][8]. - The Reality Labs division, focused on virtual and augmented reality, reported an operating loss of $4.967 billion in Q4 2024, with a total annual loss of $17.729 billion, indicating a 10% increase in losses compared to 2023 [7]. Summary by Sections Financial Performance - Q4 2024 revenue was $48.385 billion, up 21% year-over-year, while total revenue for 2024 was $164.501 billion, a 22% increase [4]. - Q4 2024 net profit was $20.838 billion, a 49% increase, and annual net profit was $62.360 billion, up 59% [4]. - Cash and cash equivalents reached $77.810 billion by the end of 2024, with free cash flow for the year at $52.103 billion [4]. Advertising Business - Advertising revenue for Q4 2024 was $46.783 billion, a 21% increase, and annual advertising revenue was $160.633 billion, also up 22% [5]. - Ad impressions grew by 6% year-over-year in Q4 and 11% for the full year, while the average price per ad increased by 14% in Q4 and 10% annually [5]. Cost and Efficiency - Total costs and expenses for Q4 2024 were $25.020 billion, a 5% increase, with annual costs at $95.121 billion, up 8% [8]. - Capital expenditures for Q4 were $14.840 billion, totaling $39.230 billion for the year, primarily for core business and AI project support [8]. - Operating profit margins for Q4 and the full year were 48% and 42%, respectively, showing significant improvement from the previous year [8]. AI and Future Outlook - The report highlights Meta's ongoing investments in AI and its integration into advertising and other business areas, which are expected to drive long-term growth [10].