计算机行业点评报告：Meta：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 - The computer industry has shown varied performance over different time frames, with a 1-month increase of 2.1% and a 12-month increase of 28% [1]. User Growth - As of April 2025, Meta's platforms, including Facebook, Instagram, and WhatsApp, maintain high user engagement, with Facebook alone having 3.07 billion monthly active users [3][4]. Advertising Business - Meta's advertising revenue for Q1 2025 was $41.39 billion, up 16% year-over-year, with an increase in ad pricing by 10% and a 5% rise in ad impressions [8][10]. AI Strategy - Meta's AI assistant has nearly 1 billion monthly active users, making it one of the largest AI interaction systems globally, and the company is expanding its AI capabilities across its platforms [9][10]. Clean Energy Initiatives - Meta has secured new agreements for 2,600 megawatts of wind and solar energy, enhancing its clean energy supply for AI data centers and achieving net-zero emissions across its global facilities [9].