META PLATFORMS（META）：全球社交龙头的AI时代叙事

Investment Rating - The report initiates coverage on Meta Platforms with a "Buy" rating and a target price of $850, representing a potential upside of 19$736.67 [6][4]. Core Insights - Meta Platforms maintains a strong position as a global leader in social media, with 3.35 billion daily active users across its core products, accounting for approximately 60% of global internet users [2][10]. - The company's investment in AI is expected to enhance its social ecosystem and improve advertising efficiency, with significant growth anticipated in its AI-driven advertising solutions [3][4]. - Key developments to watch for in 2025 include increased penetration of Advantage+, commercialization progress of Reels and Threads, the release of the Llama 4 model, and the launch of new smart glasses [4][3]. Summary by Sections Company Overview - Meta Platforms, founded in 2004, has grown to become the largest social media platform globally, with its core products including Facebook, Instagram, WhatsApp, and Messenger, collectively known as the Family of Apps [17][10]. - As of Q4 2024, Meta's Family of Apps has a daily active user base of 3.35 billion, representing 60% of global internet users and 63% of global social media users [17][10]. Advertising Revenue - Advertising is the core business model for Meta, contributing approximately 98% of its revenue, with a significant focus on automated advertising solutions [3][12]. - The report forecasts a compound annual growth rate (CAGR) of 14% for advertising revenue over the next three years, driven by increased user engagement with Reels and the Advantage+ suite [3][14]. Financial Projections - Revenue is projected to grow from $134.9 billion in 2023 to$189.1 billion in 2025, with a year-on-year growth rate of 15% expected in 2025 [5][14]. - Net profit is anticipated to reach $67.1 billion in 2025, with a net profit margin of 35.5$850 reflects a strong outlook for Meta's advertising business and its investments in AI technology [4][6].