<p><strong>Meta</strong> <strong>Platforms</strong>（META -4.22%）的股票在过去两年经历了显著的波动，自 2022 年触底以来表现出色。</p>
<p>得益于其成功的转型努力，这家社交媒体巨头在 2023 年实现了又一个稳健的业绩，保持了良好的势头。不出所料，其稳健的表现推动股价在 2024 年创下新高。</p>
<p>但投资者现在可能面临其他困境。现在是买入股票的时机吗？或者，对于那些已经持有股票的人来说，现在是卖出的好时机吗？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTI1NzMvZ2FtaW5nLTQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTI1NzMvZ2FtaW5nLTQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>应用家族继续兑现承诺</h2>
<p>去年，Meta 的核心广告业务再次表现出色。收入增长了 22%，运营收入跃升 39%。</p>
<p>这样的表现令人瞩目，考虑到 Meta 在 2023 年已经创造了 1330 亿美元的收入和 630 亿美元的运营利润。如果考虑到这家科技巨头在 2022 年面临的巨大挑战，包括收入停滞和利润下降，这一表现更显得令人印象深刻。换句话说，它从一个问题儿童变成了在收入和利润上都达到新高的公司。</p>
<p>Meta 的强劲复苏反映了其商业模式的优势。Meta 拥有 33.5 亿日活跃用户（DAU），是最大的社交媒体网络公司——它拥有 Facebook、Messenger、Instagram 和 WhatsApp。更好的是，这一数字持续增长——在最新的季度中同比增长了 5%。</p>
<p>作为最大的社交网络的拥有者，Meta 为用户提供了一个令人信服的服务，使他们能够与朋友和家人保持联系。作为回报，用户与其服务保持高度互动，使这家科技巨头能够随着时间的推移不断扩大其广告业务。在 2024 年，广告展示量和广告价格分别上涨了 11% 和 10%，进一步凸显了这一业务的吸引力。</p>
<p>Meta 不断致力于提升其产品，以取悦用户，最新的举措是将人工智能（AI）融入其应用程序。例如，公司通过采用最新的 AI 技术来改善用户的内容推送，确保用户获得合适的内容以保持他们的参与度。它还预计，Meta AI 这一高度智能化和个性化的助手将在不久的将来到达用户。</p>
<p>假设它兑现了 AI 的承诺，Meta 在未来将更有可能保持其用户基础的高度参与。这反过来应该会使其广告业务在一段时间内保持强劲（并持续增长）。</p>
<h2>Reality Labs 仍然深陷亏损</h2>
<p>尽管 Meta 的核心业务持续强劲，但其对元宇宙业务的投资仍然是一个问号。</p>
<p>在 2024 年，该业务继续亏损，运营亏损从 160 亿美元增加到 180 亿美元。尽管亏损在增加，收入几乎保持不变，仍为 20 亿美元。这一糟糕的表现表明，这家科技公司在实现该业务的盈利方面面临挑战。</p>
<p>一方面，公司对这一行业的未来持乐观态度，理由充分。根据 Statista 的数据，元宇宙市场规模到 2030 年可能达到 5080 亿美元。Meta 提前投资以将自己定位为潜在赢家是有道理的。此外，元宇宙与公司的现有社交网络业务相辅相成，特别是如果用户选择在未来的元宇宙环境中与朋友互动。</p>
<p>缺点是，元宇宙何时会达到主流市场，以及可寻址市场规模最终会有多大，仍然没有确定性。毕竟，半万亿美元的市场规模只是一个预测。如果市场机会未能实现，每年投入的数百亿美元将会造成价值损失。</p>
<h2>Meta 股票估值概述</h2>
<p>投资者在对 Meta 股票做出任何决策之前，还应考虑其估值。截至目前，该股票的市盈率（P/E）为 28，处于过去五年范围的高端。</p>
<p>虽然考虑到广告业务的质量，股票以高倍数交易并不不合理，但投资者在当前估值下购买股票并没有获得任何便宜。</p>
<h2>这对投资者意味着什么</h2>
<p>Meta 在 2024 年以辉煌的表现结束，因为其广告业务回到了历史增长轨迹。随着公司对其应用家族进行货币化，未来几个季度可能会持续增长。</p>
<p>缺点是其对 Reality Labs 的投资仍然深陷亏损，消耗了广告业务的巨大利润。此外，Meta 的股票并未以便宜的价格交易，因此投资者没有获得太多的安全边际。</p>
<p>虽然 Meta 的股票并不是卖出，但现在很难主张买入。对于已经持有股票的人来说，最好是继续持有，而潜在投资者则应等待更好的入场时机。</p>

META

<p>Meta Platforms 表现强劲，2023 年收入增长 22%，营业收入增长 39%，导致 2024 年股价创下历史新高。然而，其在元宇宙的投资仍然造成重大亏损，引发了对未来盈利能力的担忧。该股票当前的市盈率为 28，表明其并不便宜，因此在此时很难推荐购买。虽然并不是卖出，但现有投资者可能希望在更清晰的价值出现之前暂缓新购</p>

<p><strong>Meta</strong> <strong>Platforms</strong>' (META -4.22%) shares have been through a remarkable ride over the last two years after hitting a low in 2022.</p>
<div class="lb-trans"><p><strong>Meta</strong> <strong>Platforms</strong>（META -4.22%）的股票在过去两年经历了显著的波动，自 2022 年触底以来表现出色。</p>
</div><p>Thanks to its successful turnaround efforts, the social media giant has delivered another year of solid performance, sustaining the momentum achieved in 2023. Unsurprisingly, its solid performance drove the stock price to a new all-time high in 2024.</p>
<div class="lb-trans"><p>得益于其成功的转型努力，这家社交媒体巨头在 2023 年实现了又一个稳健的业绩，保持了良好的势头。不出所料，其稳健的表现推动股价在 2024 年创下新高。</p>
</div><p>But investors might now be facing other dilemmas. Is now the time to buy the stock? Or, for those who already own the stock, is now a good time to sell?</p>
<div class="lb-trans"><p>但投资者现在可能面临其他困境。现在是买入股票的时机吗？或者，对于那些已经持有股票的人来说，现在是卖出的好时机吗？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTI1NzMvZ2FtaW5nLTQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F812573%2Fgaming-4.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Family of Apps continues to deliver on its promises</h2>
<div class="lb-trans"><h2>应用家族继续兑现承诺</h2>
</div><p>Last year marked another period of solid performance by Meta's core advertising business. Revenue grew by 22%, while income from operations jumped 39%.</p>
<div class="lb-trans"><p>去年，Meta 的核心广告业务再次表现出色。收入增长了 22%，运营收入跃升 39%。</p>
</div><p>Such a performance was remarkable, considering that Meta was already generating $133 billion in revenue and $63 billion in operating profit in 2023. It's even more impressive if we consider that the tech giant faced huge challenges with stagnant revenue and falling profits in 2022. In other words, it went from being a problem child to reaching new heights in both revenue and profits.</p>
<div class="lb-trans"><p>这样的表现令人瞩目，考虑到 Meta 在 2023 年已经创造了 1330 亿美元的收入和 630 亿美元的运营利润。如果考虑到这家科技巨头在 2022 年面临的巨大挑战，包括收入停滞和利润下降，这一表现更显得令人印象深刻。换句话说，它从一个问题儿童变成了在收入和利润上都达到新高的公司。</p>
</div><p>Meta's solid comeback reflects the strength of its business model. With 3.35 billion daily active users (DAU), Meta is the biggest social media networking company -- it owns Facebook, Messenger, Instagram, and WhatsApp. Better still, this number continues to grow -- it expanded by 5% year over year in the latest quarter.</p>
<div class="lb-trans"><p>Meta 的强劲复苏反映了其商业模式的优势。Meta 拥有 33.5 亿日活跃用户（DAU），是最大的社交媒体网络公司——它拥有 Facebook、Messenger、Instagram 和 WhatsApp。更好的是，这一数字持续增长——在最新的季度中同比增长了 5%。</p>
</div><p>As owner of the largest social network, Meta offers a compelling service for users to stay connected with friends and family. In return, users remain highly engaged with its services, enabling the tech giant to grow its advertising business over time. In 2024, ad impressions and ad pricing rose by 11% and 10%, respectively, underscoring the attractiveness of this business.</p>
<div class="lb-trans"><p>作为最大的社交网络的拥有者，Meta 为用户提供了一个令人信服的服务，使他们能够与朋友和家人保持联系。作为回报，用户与其服务保持高度互动，使这家科技巨头能够随着时间的推移不断扩大其广告业务。在 2024 年，广告展示量和广告价格分别上涨了 11% 和 10%，进一步凸显了这一业务的吸引力。</p>
</div><p>Meta has continuously worked on its product offerings to delight its users, the latest being incorporating artificial intelligence (AI) into its apps. For instance, the company improves its content feed to users by employing the latest AI technology, making sure users get the right content to keep them engaged. It also expects that Meta AI, a highly intelligent and personalized assistant, will reach its users in the near future.</p>
<div class="lb-trans"><p>Meta 不断致力于提升其产品，以取悦用户，最新的举措是将人工智能（AI）融入其应用程序。例如，公司通过采用最新的 AI 技术来改善用户的内容推送，确保用户获得合适的内容以保持他们的参与度。它还预计，Meta AI 这一高度智能化和个性化的助手将在不久的将来到达用户。</p>
</div><p>Assuming that it delivers on its AI promises, Meta is well-positioned to keep its user base even more engaged in the near future. That, in turn, should keep its advertising business robust (and growing) for a while.</p>
<div class="lb-trans"><p>假设它兑现了 AI 的承诺，Meta 在未来将更有可能保持其用户基础的高度参与。这反过来应该会使其广告业务在一段时间内保持强劲（并持续增长）。</p>
</div><h2>Reality Labs remains deeply in the red</h2>
<div class="lb-trans"><h2>Reality Labs 仍然深陷亏损</h2>
</div><p>While Meta's core business continues to fire on all cylinders, its investment in the metaverse business remains a question mark.</p>
<div class="lb-trans"><p>尽管 Meta 的核心业务持续强劲，但其对元宇宙业务的投资仍然是一个问号。</p>
</div><p>In 2024, this business continued to bleed cash as its operating losses grew from $16 billion to $18 billion. Despite its growing losses, revenue remained almost unchanged at $2 billion. This poor performance suggests that the tech company faces challenges in monetizing this business.</p>
<div class="lb-trans"><p>在 2024 年，该业务继续亏损，运营亏损从 160 亿美元增加到 180 亿美元。尽管亏损在增加，收入几乎保持不变，仍为 20 亿美元。这一糟糕的表现表明，这家科技公司在实现该业务的盈利方面面临挑战。</p>
</div><p>On one hand, the company remains optimistic about the future of this industry, and for good reason. According to Statista, the metaverse market size could reach $508 billion by 2030. It makes sense for Meta to invest early on to position itself as a potential winner. Besides, the metaverse complements the company's existing social networking business, especially if users choose to engage with their friends in the metaverse environment in the future.</p>
<div class="lb-trans"><p>一方面，公司对这一行业的未来持乐观态度，理由充分。根据 Statista 的数据，元宇宙市场规模到 2030 年可能达到 5080 亿美元。Meta 提前投资以将自己定位为潜在赢家是有道理的。此外，元宇宙与公司的现有社交网络业务相辅相成，特别是如果用户选择在未来的元宇宙环境中与朋友互动。</p>
</div><p>The downside is that there is no certainty as to when the metaverse will reach mainstream or how big the addressable market size will eventually be. After all, the half-trillion-dollar market size is just a prediction. If the market opportunity fails to materialize, the tens of billions of dollars invested (yearly) would be value-destroying.</p>
<div class="lb-trans"><p>缺点是，元宇宙何时会达到主流市场，以及可寻址市场规模最终会有多大，仍然没有确定性。毕竟，半万亿美元的市场规模只是一个预测。如果市场机会未能实现，每年投入的数百亿美元将会造成价值损失。</p>
</div><h2>An overview of Meta's stock valuation</h2>
<div class="lb-trans"><h2>Meta 股票估值概述</h2>
</div><p>Another aspect that investors should consider before making any move on Meta's stock is its valuation. As of this writing, the stock has a price-to-earnings (P/E) ratio of 28, which is on the higher end of its range in the last five years.</p>
<div class="lb-trans"><p>投资者在对 Meta 股票做出任何决策之前，还应考虑其估值。截至目前，该股票的市盈率（P/E）为 28，处于过去五年范围的高端。</p>
</div><p>While it's not unreasonable for the stock to trade at a rich multiple, considering the quality of the advertising business, investors are not getting any bargains in buying the stock at its current valuation.</p>
<div class="lb-trans"><p>虽然考虑到广告业务的质量，股票以高倍数交易并不不合理，但投资者在当前估值下购买股票并没有获得任何便宜。</p>
</div><h2>What it all means for investors</h2>
<div class="lb-trans"><h2>这对投资者意味着什么</h2>
</div><p>Meta ended 2024 with a bang as its advertising business returned to its historical growth trajectory. As the company monetizes its app family, it could sustain growth in the coming quarters.</p>
<div class="lb-trans"><p>Meta 在 2024 年以辉煌的表现结束，因为其广告业务回到了历史增长轨迹。随着公司对其应用家族进行货币化，未来几个季度可能会持续增长。</p>
</div><p>The downside is that its investment in Reality Labs remains deeply in the red, consuming enormous profits from its advertising business. Besides, Meta's stock doesn't trade at a bargain price, so investors don't get much of a margin of safety.</p>
<div class="lb-trans"><p>缺点是其对 Reality Labs 的投资仍然深陷亏损，消耗了广告业务的巨大利润。此外，Meta 的股票并未以便宜的价格交易，因此投资者没有获得太多的安全边际。</p>
</div><p>While Meta stock is not a sell, it's hard to advocate buying it right now. It's best for those who already own the stock to hold on to it, while potential investors should wait for a better entry point.</p>
<div class="lb-trans"><p>虽然 Meta 的股票并不是卖出，但现在很难主张买入。对于已经持有股票的人来说，最好是继续持有，而潜在投资者则应等待更好的入场时机。</p>
</div>

Meta Platforms Stock: Buy, Hold, or Sell?

- Meta Platforms 在 2024 年实现广告业务强劲增长，收入增长 22%。  
- 然而，Reality Labs 业务持续亏损，2024 年运营损失达 180 亿美元。  
- 当前股票估值较高，投资者应谨慎决策，建议持有现有股票。

Meta Platforms 股票：是买入、持有还是卖出？