Meta（Meta.O）：广告主业稳健增长，AI与可再生生态协同驱动长期价值提升

Investment Rating - The report maintains a "Buy" recommendation for Meta, indicating a positive outlook for the company's performance in the industry [10]. Core Insights - Meta's advertising business shows robust growth, with Q1 2025 revenue reaching $42.31 billion, a 16% year-over-year increase, and net profit soaring 35% to $16.64 billion, reflecting strong profitability and growth momentum [5][10]. - The global social media user base continues to grow, reaching approximately 5.24 billion users by April 2025, which is 63.9% of the global population, with Meta's platforms leading in user engagement [3][4]. - Meta is significantly investing in AI infrastructure, raising its capital expenditure budget for 2025 to between $64 billion and $72 billion, focusing on enhancing model training capabilities and low-latency inference performance [9][10]. Summary by Sections Industry Performance - As of April 2025, the global social media user count has increased by about 24 million users compared to the same period in 2024, with Meta's Facebook leading with 3.07 billion monthly active users [3]. - The average user engages with 6.8 different social media platforms for approximately 2 hours and 21 minutes daily [3]. Advertising Business - Meta's advertising revenue for Q1 2025 was $41.39 billion, up 16% year-over-year, with ad impressions increasing by 5% and average ad prices rising by 10% [8][10]. - The fastest-growing regions for advertising revenue were "Other Regions" and North America, with growth rates of 19% and 18%, respectively [8]. AI and Product Ecosystem - Meta's AI assistant has nearly 1 billion monthly active users, making it one of the largest AI interaction systems globally, integrated across its core platforms [9][10]. - The company is also collaborating with EssilorLuxottica to launch a new generation of AI glasses in late 2025, enhancing its product ecosystem [9]. Clean Energy Initiatives - Meta has signed new agreements for 2,600 megawatts of wind and solar energy, enhancing its clean energy supply for AI data centers [9]. - The company has achieved net-zero emissions for its global data centers and office facilities, with 100% of its electricity sourced from renewable energy [9].