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META PLATFORMS(META):2025Q2财报点评:AI驱动业绩超预期,资本开支全球领跑

Investment Rating - The report maintains a "Buy" rating for the company [1][12][13] Core Insights - The company's Q2 2025 revenue and profit exceeded market expectations, driven by AI-enhanced core advertising business, achieving $47.516 billion in revenue (YoY +22%) and $18.337 billion in net profit (YoY +36%) [2][3] - AI significantly improved user engagement and advertising monetization capabilities, with core advertising revenue reaching $46.563 billion (YoY +21%) and daily active users (DAU) increasing to 3.48 billion (YoY +6%) [4][5] - The company has outlined five main focuses for AI: advertising efficiency, user experience enhancement, enterprise services, large models, and smart hardware, with capital expenditures projected to be between $66 billion and $72 billion for 2025 [5][12] Financial Performance - For Q2 2025, the company reported revenue of $47.516 billion, surpassing Bloomberg's consensus estimate of $44.832 billion by 6%, and net profit of $18.337 billion, exceeding the estimate of $15.166 billion by 21% [3][4] - The company expects Q3 2025 revenue to be between $47 billion and $50.5 billion, representing a YoY growth of 17% to 24% [3] - The forecast for 2025-2027 projects revenues of $194.6 billion, $223.2 billion, and $251.2 billion, with net profits of $71 billion, $76.8 billion, and $86.9 billion respectively [11][12] Market Data - As of August 7, 2025, the company's stock price is $771.99, with a market capitalization of approximately $193.93 billion [8] - The stock has a P/E ratio projected to decrease from 32.36 in 2024 to 22.52 in 2027, indicating potential value appreciation [11][12]