光大证券Meta(META.US)25Q1业绩点评：AI驱动Meta广告收入超预期增长上调25年资本开支指引

智通财经2025-05-02

智通财经APP获悉，光大证券发布研究报告称，美国东部时间4月30日盘后，Meta(META.US)发布25Q1业绩公告。25Q1营收、净利润超预期，25Q2营收指引符合预期。25Q1公司广告收入413.9亿美元(vs一致预期+2.49%)，同比增长16.2%，占公司总收入的97.8%。系列APP DAP达34.3亿，同比增长5.9%；ARPP达12.4美元，同比增长10.4%。光大证券主要观点如下...

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href=http://www.zhitongcaijing.com/content/detail/1288845.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，光大证券发布研究报告称，美国东部时间4月30日盘后，Meta(META.US)发布25Q1业绩公告。25Q1营收、净利润超预期，25Q2营收指引符合预期。25Q1公司广告收入413.9亿美元(vs一致预期+2.49%)，同比增长16.2%，占公司总收入的97.8%。系列APP DAP达34.3亿，同比增长5.9%；ARPP达12.4美元，同比增长10.4%。光大证券主要观点如下...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1288845.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"META","symbol_name":"Meta Platforms, 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DAP达34.3亿，同比增长5.9%;ARPP达12.4美元，同比增长10.4%。根据25Q1业绩电话会：1)Reels新广告推荐模型使转化率提高5%，生成式广告推荐架构使广告效率提升两倍，使用AI创意工具的广告主增加30%;2)改进推荐系统使Facebook和Instagram用户使用时长增加7%和6%;Thread推荐系统引入Llama后用户使用时长增加4%。Reality Lab收入同比下滑。25Q1 Reality Lab收入4.12亿美元，同比下降6.4%，营业亏损42.1亿美元。Meta AI、AI眼镜等战略商业化逐步落地。1)Meta AI：25Q1 Meta AI MAU达10亿，公司发布Meta AI独立应用程序，构筑基于AI的社交信息流。公司预计26年仍将致力于用户拓展，但长期有望在Meta AI中进行增值付费和展示推荐广告。2)AI眼镜：24年Ray Ban Meta AI眼镜销量增长了两倍。上调25年资本支出指引。25Q1 Meta资本支出136.9亿美元(vs一致预期-3.86%)，同比增长103.7%，25年资本支出指引从600-650亿美元上调至640-720亿美元，同比增长64.9%-85.6%，主要用于数据中心投资。欧盟监管对欧洲业务造成风险。欧盟委员会近期裁定Meta违反《数字市场法案》。公司需要调整模型，可能对25Q3欧洲地区收入造成冲击。盈利预测、估值与评级：考虑到全球宏观经济不确定性和欧盟监管风险，但长期AI广告和推荐算法优化有望驱动公司广告收入加速增长，调整25-27年营收预测至1863/2104/2390亿美元(相比上次预测-0.8%/-0.8%/+0.5%);公司资本开支对公司成本压力可控，但考虑到AI相关研发费用率有所提升，下调25-27净利润预测至637/717/837亿美元(相比上次预测-0.6%/-4.4%/-2.8%)，现价对应PE 22x/19x/17x，维持“买入”评级。风险提示：宏观经济不及预期、关税政策不确定性、欧盟监管风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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光大证券Meta(META.US)25Q1业绩点评：AI驱动Meta广告收入超预期增长 上调25年资本开支指引

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光大证券Meta(META.US)25Q1业绩点评：AI驱动Meta广告收入超预期增长上调25年资本开支指引