META ：上调至买入评级-强劲资本支出驱动未来增长Meta Platforms (META US)_ Upgrade to Buy_ strong capex-fuelled growth ahead

Q2 25 results strong: Meta revenues grew +21.6% y-o-y, driven by +21.5% in Advertising and beating Visible Alpha expectations by 6%. Operating income came in 19% above consensus, while EPS was up 38% y-o-y (21% beat). Guidance for Q3 25 indicates sales growing by 17-24%, before slowing down in Q4. The main surprise was Meta announcing a cUSD30bn capex increase in 2026 vs a guided range of USD66-72bn in 2025. Also, Meta guides for higher expense growth in 2026 vs 2025 (2025e: +22% at mid-range; pre results c ...