Core Viewpoint - Meta reported strong first-quarter earnings, with revenue of $42.3 billion, a year-over-year increase of 16.1%, exceeding analyst expectations by $952.6 million [1] - The company’s diluted earnings per share (EPS) reached $6.43, up 36.5% year-over-year, also surpassing analyst forecasts by $1.22 [1] - Management provided a robust outlook, projecting second-quarter revenue between $42.5 billion and $45.5 billion, significantly higher than previous estimates [1] Financial Performance - First-quarter revenue was $42.3 billion, a 16.1% increase year-over-year [1] - Diluted EPS was $6.43, reflecting a 36.5% year-over-year growth [1] - Operating margin improved to 41%, up 300 basis points [1] - Free cash flow generated was $10.3 billion, with cash and cash equivalents at $28.75 billion at the end of the quarter [1] Capital Expenditure and AI Investment - Management raised the 2025 capital expenditure guidance to between $64 billion and $72 billion, up from $60 billion to $65 billion [2] - The company’s advertising business remained resilient, attributed to investments in artificial intelligence, with a 10% year-over-year increase in revenue per user [2][4] - The number of advertisers using AI creative tools grew by 30% in the first quarter [4] User Engagement and Product Performance - User engagement on Facebook, Instagram, and Threads increased by 7%, 6%, and 35% respectively [4] - Threads currently has 350 million monthly active users, showcasing the effectiveness of AI in enhancing user engagement [4] - Sales of the Ray-Ban Meta AI glasses doubled, indicating strong performance in the hardware segment [4] Future Growth Potential - Reality Labs is expected to continue incurring losses in the short term, but the Ray-Ban Meta AI glasses are projected to catalyze profitability and growth in the long term [5] - The newly launched independent Meta AI application is anticipated to compete with ChatGPT and other agents, potentially enhancing the company’s market position [5] Valuation and Market Position - Meta's expected EPS for fiscal year 2025 is $25.39, with a potential increase to $26.74, representing a 12.1% year-over-year growth [6] - The current forward P/E ratio is 22.1, ranking second among the "Big Six" tech giants [7][8] - The average target price for Meta is $703, indicating a potential upside of approximately 20% from current levels [9] Risks and Challenges - Regulatory challenges, particularly from the Digital Markets Act, may negatively impact revenue from Europe [9] - Ongoing litigation and potential FTC actions could pose significant risks to the company’s operations and profitability [9]

风险提示：关税影响传导至内需，国内经济表现超预期 >>以上内容节选自国泰海通证券已经发布的研究报告： 五一消费：出行高增，服务偏强 ，具体分析内容（包括风险提示等） 请详见完 整版报告。 【策略 】 重要转折之后：中国股市有望进一步走高 大势研判：中国 A/H 股市有望进一步走高。 国泰海通策略在 4 月 7 日市场低点，旗帜鲜明判断"中国股 市进入击球区"、"继续看多中国股市"、"中国股市的升势远未结束"。 节前上证指数接近 3300 点，五一 期间恒生科技单日大涨 3.1% ，收复"对等关税"失地。 我们认为， 3-4 月股市的调整与有力的修复，是 继 924 后再一次的重要转折。其表明， 投资者关于中美竞争的严峻性与对决策层扭转形势决心的疑虑消 减，既是风险释放也是试金石。 展望下一阶段，我们维持对中国股市的乐观看法： 1 ） 遍历冲击后，投 资人对经济形势的认识已然充分，包括交易结构的出清，是股市好转的重要前提。 2 ）美国"对等关税"落 地后，总体上进入拉锯与谈判的窗口期，尽管仍有不确定性，但第一阶段的激烈摩擦告一段落，形成有利 的做多窗口。 3 ）既然中美的竞争是长期性的，由此，股市预期的关键"在 ...