<p><strong>Meta Platforms</strong>（META 2.30%）的股价在过去几周内受到的打击比大盘更为严重。该股自 2 月份创下历史高点以来已下跌近 30%，而 <strong>标准普尔 500 指数</strong> 下跌近 18%，<strong>纳斯达克综合指数</strong> 下跌近 23%，已明确进入熊市。然而，这家社交媒体公司的抛售可能被一些人视为买入机会。</p>
<p>Meta 拥有流行的应用程序 Facebook、Instagram、Threads、Messenger 和 WhatsApp，因此并未直接受到特朗普总统对几乎所有国家进口商品征收关税的影响。但考虑到其大部分收入来自广告，它是否仍可能成为这些关税的受害者呢？</p>
<h2>随着关税飙升，广告预算备受关注</h2>
<p>在当前环境下，Meta Platforms 的熊市案例主要与消费者情绪相关。如果关税、反关税和贸易战导致商品价格上涨，消费者的购买能力将下降。因此，公司可能会减少广告支出。广告通常是公司在经济衰退期间以及预期经济下滑时首先削减预算的领域。这种情况可能很快就会发生。</p>
<p>虽然我并不预测经济衰退，但关税将导致商品价格上涨，降低消费能力，并使消费者在花钱时更加谨慎。目前尚不清楚这些关税将对美国消费者产生多大影响。</p>
<p>但如果企业广告预算受到影响，Meta Platforms 可能会面临一些痛苦。在第四季度，Meta 的收入为 484 亿美元，其中 468 亿美元来自广告。此外，该部门的营业利润率非常出色。在第四季度，其应用家族部门的营业利润率达到了 61%。很少有公司能够匹敌这一点，但这并不是 Meta 的整体利润率。</p>
<p>Meta 正试图摆脱单一业务的局面，因此正在大力投资其 Reality Labs 部门，该部门包括智能眼镜、虚拟现实头盔以及许多将人工智能与常用物品结合的设备，以及公司的元宇宙平台。然而，该部门迄今为止一直是一个烧钱的坑。在第四季度，Reality Labs 的收入为 11 亿美元，营业亏损为 50 亿美元。</p>
<p>如果这些产品中的某一个成为热门，Reality Labs 可能会彻底改变投资者对 Meta 股票的看法。但截至目前，广告仍是其主要关注点。</p>
<p>那么，Meta 现在是一个值得购买的股票吗？还是投资者应该避免？</p>
<h2>Meta 的股票价格远低于一段时间以来的水平</h2>
<p>在抛售之后，Meta 的股票现在以相当有吸引力的估值交易。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d3dc8459ced8f67c0870868727e64ab6.png?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://media.ycharts.com/charts/d3dc8459ced8f67c0870868727e64ab6.png"/></p>
<p>META 市盈率数据来自 YCharts。</p>
<p>虽然我们距离 2023 年初该股交易的极低水平还有很长的路要走，但 21 倍的未来收益估值对 Meta 来说是一个有吸引力的估值。</p>
<p>如果其在尖端技术上的投资获得回报，并且考虑到其数字平台是广告商的主要投放场所之一，Meta 很可能会在这场贸易冲突中安然度过。虽然我现在不会急于购买该股票，尤其是在市场活动频繁的情况下，但我认为在几周后尘埃落定时，它将是一个值得长期持有的好股票，特别是如果我们看到一些国家与特朗普达成协议以解除关税。</p>

META

<p>Meta Platforms 的股票自 2 月份的高点以来已下跌近 30%，表现不及标准普尔 500 指数和纳斯达克。此下降引发了对广告预算的担忧，因为关税可能会影响消费者支出。尽管其广告部门的运营利润率强劲，但 Meta 的 Reality Labs 目前尚未盈利。然而，考虑到市盈率为 21，该股票被视为具有吸引力的估值。分析师建议，一旦市场条件稳定，它可能是一个不错的长期投资</p>

<p><strong>Meta Platforms</strong>' (META 2.30%) stock price has been beaten down even more severely than the broader market over the past few weeks. The stock is down nearly 30% from the all-time high it reached in February, while the <strong>S&amp;P 500</strong> is off by almost 18%, and the <strong>Nasdaq Composite</strong> is down almost 23%, firmly in bear market territory. But the social media company's sell-off may be seen by some as a buying opportunity.</p>
<div class="lb-trans"><p><strong>Meta Platforms</strong>（META 2.30%）的股价在过去几周内受到的打击比大盘更为严重。该股自 2 月份创下历史高点以来已下跌近 30%，而 <strong>标准普尔 500 指数</strong> 下跌近 18%，<strong>纳斯达克综合指数</strong> 下跌近 23%，已明确进入熊市。然而，这家社交媒体公司的抛售可能被一些人视为买入机会。</p>
</div><p>Meta owns the popular apps Facebook, Instagram, Threads, Messenger, and WhatsApp, so it isn't directly affected by the tariffs President Donald Trump has imposed on imported goods from nearly every country. But given that it derives most of its revenue from advertising, could it still wind up a victim of these tariffs?</p>
<div class="lb-trans"><p>Meta 拥有流行的应用程序 Facebook、Instagram、Threads、Messenger 和 WhatsApp，因此并未直接受到特朗普总统对几乎所有国家进口商品征收关税的影响。但考虑到其大部分收入来自广告，它是否仍可能成为这些关税的受害者呢？</p>
</div><h2>Advertising budgets are in focus as tariffs surge</h2>
<div class="lb-trans"><h2>随着关税飙升，广告预算备受关注</h2>
</div><p>The bear case for Meta Platforms in the current environment is mainly tied to consumer sentiment. If tariffs, counter-tariffs, and trade wars cause the prices of goods to rise, consumers won't be able to buy as much. As a result, companies may reduce their advertising spending. Advertising is notoriously one of the first places companies cut their budgets to streamline costs during recessions and even in anticipation of economic downturns. That may happen here soon.</p>
<div class="lb-trans"><p>在当前环境下，Meta Platforms 的熊市案例主要与消费者情绪相关。如果关税、反关税和贸易战导致商品价格上涨，消费者的购买能力将下降。因此，公司可能会减少广告支出。广告通常是公司在经济衰退期间以及预期经济下滑时首先削减预算的领域。这种情况可能很快就会发生。</p>
</div><p>While I'm not predicting a recession, tariffs will cause the price of goods to rise, decreasing spending power and having the same effect of leading consumers to be more conservative with their money. The jury is still out about how much these tariffs will affect the American consumer.</p>
<div class="lb-trans"><p>虽然我并不预测经济衰退，但关税将导致商品价格上涨，降低消费能力，并使消费者在花钱时更加谨慎。目前尚不清楚这些关税将对美国消费者产生多大影响。</p>
</div><p>But if corporate advertising budgets are affected, Meta Platforms could be in for some pain. In the fourth quarter, Meta generated $48.4 billion in revenue, $46.8 billion of which came from advertising. Additionally, the operating margin from this division is outstanding. In Q4, its Family of Apps division posted a 61% operating profit margin. Few companies can match this, but that's not Meta's overall profit margin.</p>
<div class="lb-trans"><p>但如果企业广告预算受到影响，Meta Platforms 可能会面临一些痛苦。在第四季度，Meta 的收入为 484 亿美元，其中 468 亿美元来自广告。此外，该部门的营业利润率非常出色。在第四季度，其应用家族部门的营业利润率达到了 61%。很少有公司能够匹敌这一点，但这并不是 Meta 的整体利润率。</p>
</div><p>Meta is trying to get away from being a one-trick pony, so it's heavily investing in its Reality Labs division, which includes smart glasses, virtual reality headsets, and many other devices that integrate AI with commonly used items, as well as the company's metaverse platforms. However, the segment has thus far been a money pit. In Q4, Reality Labs booked revenue of $1.1 billion and an operating loss of $5 billion.</p>
<div class="lb-trans"><p>Meta 正试图摆脱单一业务的局面，因此正在大力投资其 Reality Labs 部门，该部门包括智能眼镜、虚拟现实头盔以及许多将人工智能与常用物品结合的设备，以及公司的元宇宙平台。然而，该部门迄今为止一直是一个烧钱的坑。在第四季度，Reality Labs 的收入为 11 亿美元，营业亏损为 50 亿美元。</p>
</div><p>If one of these products becomes a hit, Reality Labs could completely transform how investors view Meta's stock. But as of now, advertising is its primary focus.</p>
<div class="lb-trans"><p>如果这些产品中的某一个成为热门，Reality Labs 可能会彻底改变投资者对 Meta 股票的看法。但截至目前，广告仍是其主要关注点。</p>
</div><p>So, is Meta a stock to buy now? Or should investors avoid it?</p>
<div class="lb-trans"><p>那么，Meta 现在是一个值得购买的股票吗？还是投资者应该避免？</p>
</div><h2>Meta's stock is far cheaper than it has been in some time</h2>
<div class="lb-trans"><h2>Meta 的股票价格远低于一段时间以来的水平</h2>
</div><p>Following the sell-off, Meta's stock now trades for a fairly attractive valuation.</p>
<div class="lb-trans"><p>在抛售之后，Meta 的股票现在以相当有吸引力的估值交易。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d3dc8459ced8f67c0870868727e64ab6.png" alt="" original-src="https://media.ycharts.com/charts/d3dc8459ced8f67c0870868727e64ab6.png"/></p>
<p>META PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>META 市盈率数据来自 YCharts。</p>
</div><p>While we're still a long way away from the dirt-cheap levels the stock was trading at in early 2023, 21 times forward earnings is an attractive valuation for Meta.</p>
<div class="lb-trans"><p>虽然我们距离 2023 年初该股交易的极低水平还有很长的路要走，但 21 倍的未来收益估值对 Meta 来说是一个有吸引力的估值。</p>
</div><p>Should its investments in cutting-edge technology pay off, and considering its digital platforms are some of the top places for advertisers, Meta will likely emerge just fine from this trade conflict. While I wouldn't be rushing to buy the stock right now with all of the activity in the market, I think it will be a great stock to pick up for the long haul in a few weeks once the dust settles, especially if we see some countries cut deals with Trump to get their tariffs lifted.</p>
<div class="lb-trans"><p>如果其在尖端技术上的投资获得回报，并且考虑到其数字平台是广告商的主要投放场所之一，Meta 很可能会在这场贸易冲突中安然度过。虽然我现在不会急于购买该股票，尤其是在市场活动频繁的情况下，但我认为在几周后尘埃落定时，它将是一个值得长期持有的好股票，特别是如果我们看到一些国家与特朗普达成协议以解除关税。</p>
</div>

Nasdaq Bear Market: Should You Buy Meta Platforms Stock on the Dip?

- Meta Platforms 股票价格近期下跌近 30%，表现逊色于大盘。  
- 广告支出可能因关税上升而受到影响，进而影响 Meta 收入。  
- 当前估值吸引，长期投资前景乐观，但短期内需谨慎。  

纳斯达克熊市：你应该在 Meta Platforms 股票下跌时买入吗？