瑞银：Meta 平台_受益于消费者和广告商对人工智能的需求

Investment Rating - The report maintains a Buy rating on Meta Platforms (META) shares with a revised price target of $812, up from $683 [2][4]. Core Insights - The report highlights the increasing demand for AI products from both consumers and advertisers, which is expected to drive incremental revenue for Meta, particularly from Business Messaging and Meta AI [2]. - The report indicates that current forecasts reflect capital expenditures (CapEx) and operational expenditures (OpEx) but do not account for potential long-term revenue from AI initiatives [2]. - Meta is positioned to benefit from its own technology usage, reducing concerns about slower-than-expected enterprise AI spending [2]. Financial Summary - The price target is based on a 28x multiple of the revised full-year ending 2Q27 GAAP diluted EPS estimate of $28.79, up from a prior estimate of $27.99 [3][8]. - The report projects revenues to grow from $164.5 billion in 2024 to $184.7 billion in 2025, with a compound annual growth rate (CAGR) of 12% over the next two years [6][12]. - Net earnings are expected to increase from $62.4 billion in 2024 to $63.2 billion in 2025, with diluted EPS projected to rise from $23.86 to $24.80 [6][16]. Valuation Metrics - The report notes a market capitalization of $1,835 billion and a price-to-book value (P/BV) of 8.5x for the year ending December 2025 [4][17]. - The enterprise value (EV) is projected to be $1,751 billion for 2025, with an EV/EBITDA multiple of 16.3x [17]. - The report anticipates a dividend yield of 0.3% for 2025, with a forecasted stock return of 14.9% [18]. Scenario Analysis - The base case scenario estimates a valuation of $812, assuming a 12% revenue CAGR and a 36% operating margin [12]. - An upside scenario projects a valuation of $1,006, assuming a 14% revenue CAGR and a 42% operating margin [11]. - The downside scenario estimates a valuation of $525, with a 10% revenue CAGR and a 34% operating margin [13]. Company Overview - Meta Platforms Inc. operates platforms such as Facebook, Instagram, and WhatsApp, facilitating user engagement and communication, alongside Facebook Reality Labs, which focuses on augmented and virtual reality capabilities [19].