META PLATFORMS（META）：首次覆盖：广告量价齐升，MetaAI打开业绩想象空间

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The report highlights that AI is empowering the entire advertising business chain, leading to an increase in both volume and pricing of ads, which enhances Meta's revenue potential [4][6][29] - Meta is currently the leader in the global VR/AR device market, with a market share of 79% in Q4 2024, and is positioned well in the emerging AI glasses market [5] - The potential for Meta AI is vast, with projections indicating that subscription revenues could reach hundreds of billions annually in the long term [6] - Reels is experiencing rapid growth, with annual recurring revenue (ARR) surpassing $10 billion in Q2 2023, and Threads is expected to contribute significantly to advertising revenue in the future [7] Summary by Sections 1. Historical Stock Price & Valuation Review - Since its IPO in 2017, Meta's market value has been driven by performance, with a CAGR of 48% in revenue and 84% in GAAP net profit from 2014 to 2017 [16] 2. Business Line Overview - Meta's business is divided into two main lines: Family of Apps (FoA) and Reality Labs (RL), with FoA being the core revenue source, primarily through advertising [32] 3. Short-term Marginal Changes - AI is enhancing advertising efficiency, leading to increased CPM and overall revenue growth for Meta [40][54] - Reels is a significant growth driver for advertising, with plans to launch a standalone app to compete with TikTok [7][54] 4. Long-term Outlook - Meta is positioned as a leader in VR/AR and AI glasses, with expectations for substantial market growth as technology advances [5][6] - The long-term revenue potential from Meta AI is projected to be substantial, with a focus on commercialization strategies [6] 5. Earnings Forecast and Valuation - Revenue projections for 2025-2027 are $188.1 billion, $213.6 billion, and $238.5 billion, respectively, with corresponding net profits of $63.7 billion, $69.7 billion, and $77.9 billion [8][10]