<p><strong>Meta Platforms</strong>（META 0.43%）在周四因强劲的第一季度财报飙升 4.2%。该股在最近几周几乎抹去了年初至今的所有损失，截至本文撰写时，距离年初持平仅有几个百分点。</p>
<p>以下是公司最新业绩及管理层在财报电话会议上的评论如何强化其基本投资论点，以及为什么 Meta 是现在值得购买的顶级成长股。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NDIvYS1wZXJzb24tc21pbGluZy13aGlsZS1sYXlpbmctb24tYS1jb3VjaC1hbmQtd2VhcmluZy1oZWFkcGhvbmVzLWFuZC1ob2xkaW5nLWEtbW9iaWxlLXBob25lLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NDIvYS1wZXJzb24tc21pbGluZy13aGlsZS1sYXlpbmctb24tYS1jb3VjaC1hbmQtd2VhcmluZy1oZWFkcGhvbmVzLWFuZC1ob2xkaW5nLWEtbW9iaWxlLXBob25lLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>应用程序家族继续推动高利润增长</h2>
<p>Meta 的收入增长了 16%——但营业收入飙升了 27%，这得益于成本和费用仅增加了 9%。Meta 在本季度结束时的营业利润率高达 41%——这意味着它将每一美元收入中的 41 美分转化为营业收入。</p>
<p>可控的支出也导致净收入增长了 35%，稀释后每股收益（EPS）增长了 37%。</p>
<p>这种盈利能力证明了公司强大的商业模式。它推动了用户参与度，从而吸引了广告商。Meta 的参与度指标——家庭日活跃用户（DAP）——指的是其 “应用程序家族” 板块的日活跃用户，包括 Instagram、WhatsApp、Facebook、Messenger 和 Threads。DAP 同比增长了 6%，这支持了广告展示量增长 5% 和每个广告价格增长 10%。</p>
<p>下图显示了稀释后每股收益如何从疫情前水平增长了三倍以上，这得益于持续的收入增长和利润率扩张：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/569a351a538a92f79ae915272e684b68.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/569a351a538a92f79ae915272e684b68.png"/></p>
<p>META 收入（TTM）数据来源于 YCharts。</p>
<p>业绩非常出色，但公司的前景和对长期投资的信心无疑更令人鼓舞。</p>
<h2>加速人工智能支出</h2>
<p>Meta 预计 2025 年第二季度收入将在 425 亿美元到 455 亿美元之间。在中间值 440 亿美元的情况下，这将比 2024 年第二季度增长 12.6%——考虑到 2024 年第二季度的收入同比增长了 22%，这是一个艰难的可比基数。</p>
<p>公司将全年总支出的指导范围从 1140 亿美元至 1190 亿美元下调至 1130 亿美元至 1180 亿美元。但它将 2025 年全年的资本支出（capex）预期上调至 640 亿美元至 720 亿美元——高于之前的 600 亿美元至 650 亿美元的预期。</p>
<p>大部分资本支出将用于生成性人工智能（AI）和核心业务需求。Meta 正在投资基础设施改进（如建设数据中心），以扩大其 AI 服务，同时保持对运营的控制和灵活性，以便能够应对不断变化的客户偏好。管理层表示，通过提高工作负载的效率，AI 项目正在产生强劲的回报。例如，基于 AI 的动态信息流和视频推荐使 Facebook 的用户停留时间增加了 7%，Instagram 的用户停留时间增加了 6%。</p>
<p>人工智能对用户参与度产生了积极影响，并帮助广告商根据其目标和预算定制广告活动。在 Meta 发布财报的前一天，即 4 月 29 日，它推出了 Meta AI 应用程序，该应用程序利用其最新版本的大型语言模型——Llama 4。Meta AI 应用程序是一个独立工具，与 Instagram、Facebook 和 WhatsApp 中的嵌入式 AI 功能不同。该应用程序可以解决问题、回答问题、深入探讨主题等——这使其成为 ChatGPT 和 <strong>Alphabet</strong> 旗下 Google 搜索的竞争对手。</p>
<p>尽管面临艰难的可比基数和不确定的宏观环境，Meta 的持续增长和更高的资本支出充分说明了其商业模式的有效性以及对人工智能和其他研发长期投资的信心。</p>
<p>公司继续向其 Reality Labs 部门投入资金，该部门正在构建虚拟现实、增强现实、元宇宙及其他项目的设备和体验。尽管核心应用程序家族板块继续实现高利润增长，但 Reality Labs 却是一个资金黑洞——本季度营业亏损达 42 亿美元。2024 年，Reality Labs 的亏损高达 177.3 亿美元。尽管这一数字很高，但由于其应用程序家族的出色表现，Meta 能够承担这些亏损。</p>
<p>Reality Labs 也展现出一些亮点。例如，Ray-Ban Meta AI 眼镜的月活跃用户是去年同期的四倍。尽管有上升潜力，但 Reality Labs 仍然过于不成熟，无法纳入 Meta 的投资论点。</p>
<h2>向股东返还资本</h2>
<p>即使在其激进的资本支出和对亏损的 Reality Labs 部门的持续支持下，Meta 仍然能够向股东返还大量资本。在最新的季度中，它花费了 134 亿美元进行股票回购，并支付了 13.3 亿美元的股息。（Meta 去年开始支付股息。）</p>
<p>如果它能够在全年维持相同的股票回购和股息支付速度，它将向股东返还大约 4% 的市值。换句话说，如果 Meta 仅支付股息而不回购股票，其股息收益率将为 4%——这说明了其资本回报计划的庞大。</p>
<p>随着时间的推移，股票回购帮助公司实现了远快于净收入的盈利增长。尽管其股票薪酬较高，Meta 仍然实现了科技巨头中最激进的股本减少。在短短五年内，Meta 的股本减少了 11.4%，略高于 Alphabet 的 10.9% 减少，稍低于 <strong>Apple</strong> 的 12.8%。</p>
<p>稳定的股票回购和盈利增长帮助保持了该股票的估值合理，尽管其股价强劲。Meta 的股价在过去五年中飙升了 152%，但稀释每股收益的增长速度更快，因此市盈率实际上下降了。事实上，Meta 的市盈率仅为 22.4——对于一家行业领先、利润率高的公司来说，这个价格非常便宜。</p>
<p>更令人印象深刻的是，如果公司没有在 Reality Labs 每季度损失数十亿美元，盈利将会更高。从这个角度来看，Meta 的估值极其便宜。</p>
<h2>Meta Platforms 是一个高信心的买入机会</h2>
<p>Meta 符合现在购买的顶级成长股的所有标准。</p>
<p>核心业务持续高效运转，产生大量现金流用于更高的资本支出。Meta 在管理运营费用方面做得很好，以支持其长期投资，并帮助缓解 Reality Labs 损失带来的冲击。</p>
<p>公司继续以惊人的速度回购股票，严格控制其估值。其超强的资产负债表使其能够应对经济放缓或抓住收购机会。</p>
<p>综合考虑，Meta Platforms 是今天最好的买入之一：它可以在多元化投资组合中为成长型和价值型投资者发挥基础性作用。</p>

META

<p>Meta Platforms（META）在强劲的第一季度财报发布后，股价上涨了 4.2%，收入增长了 16%，营业收入飙升了 27%。该公司在人工智能和数据中心方面进行了大量投资，将 2025 年的资本支出预测提高至 640 亿至 720 亿美元。尽管其 Reality Labs 部门出现亏损，Meta 仍继续向股东返还资本，回购股票支出达 134 亿美元，分红支出为 13.3 亿美元。展望积极，预计 2025 年第二季度收入将在 425 亿至 455 亿美元之间，反映出对其商业模式和长期投资的信心</p>

<p><strong>Meta Platforms</strong>(META 0.43%) rocketed 4.2% higher on Thursday in response to strong first-quarter earnings. The stock has erased almost all of its year-to-date losses in recent weeks, and, at the time of this writing, it is just a couple of percentage points off from being even on the year.</p>
<div class="lb-trans"><p><strong>Meta Platforms</strong>（META 0.43%）在周四因强劲的第一季度财报飙升 4.2%。该股在最近几周几乎抹去了年初至今的所有损失，截至本文撰写时，距离年初持平仅有几个百分点。</p>
</div><p>Here's why the company's latest results -- and management commentary on the earnings call -- reinforce its underlying investment thesis, and why Meta is a top growth stock to buy now.</p>
<div class="lb-trans"><p>以下是公司最新业绩及管理层在财报电话会议上的评论如何强化其基本投资论点，以及为什么 Meta 是现在值得购买的顶级成长股。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NDIvYS1wZXJzb24tc21pbGluZy13aGlsZS1sYXlpbmctb24tYS1jb3VjaC1hbmQtd2VhcmluZy1oZWFkcGhvbmVzLWFuZC1ob2xkaW5nLWEtbW9iaWxlLXBob25lLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816942%2Fa-person-smiling-while-laying-on-a-couch-and-wearing-headphones-and-holding-a-mobile-phone.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 drive high-margin growth</h2>
<div class="lb-trans"><h2>应用程序家族继续推动高利润增长</h2>
</div><p>Meta delivered 16% higher revenue -- but operating income soared 27%, thanks to just a 9% increase in costs and expenses. Meta finished the quarter with a sky-high operating margin of 41% -- meaning it converted 41 cents of every dollar in revenue into operating income.</p>
<div class="lb-trans"><p>Meta 的收入增长了 16%——但营业收入飙升了 27%，这得益于成本和费用仅增加了 9%。Meta 在本季度结束时的营业利润率高达 41%——这意味着它将每一美元收入中的 41 美分转化为营业收入。</p>
</div><p>Manageable spending also led to a 35% increase in net income and a 37% jump in diluted earnings per share (EPS).</p>
<div class="lb-trans"><p>可控的支出也导致净收入增长了 35%，稀释后每股收益（EPS）增长了 37%。</p>
</div><p>This profitability is a testament to the company's strong business model. It's driving user engagement, which attracts advertisers. Meta's engagement metric -- family daily active people (DAP) -- refers to daily active people across its &#34;family of apps&#34; segment, which includes Instagram, WhatsApp, Facebook, Messenger, and Threads. DAP rose 6% year over year, which supported a 5% increase in ad impressions and a 10% increase in price per ad.</p>
<div class="lb-trans"><p>这种盈利能力证明了公司强大的商业模式。它推动了用户参与度，从而吸引了广告商。Meta 的参与度指标——家庭日活跃用户（DAP）——指的是其 “应用程序家族” 板块的日活跃用户，包括 Instagram、WhatsApp、Facebook、Messenger 和 Threads。DAP 同比增长了 6%，这支持了广告展示量增长 5% 和每个广告价格增长 10%。</p>
</div><p>The following chart shows how diluted EPS has more than tripled from pre-pandemic levels, thanks to consistent revenue growth and margin expansion:</p>
<div class="lb-trans"><p>下图显示了稀释后每股收益如何从疫情前水平增长了三倍以上，这得益于持续的收入增长和利润率扩张：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/569a351a538a92f79ae915272e684b68.png" alt="" original-src="https://media.ycharts.com/charts/569a351a538a92f79ae915272e684b68.png"/></p>
<p>META Revenue (TTM) data by YCharts.</p>
<div class="lb-trans"><p>META 收入（TTM）数据来源于 YCharts。</p>
</div><p>Results were excellent, but the company's outlook and confidence in its long-term investments were arguably even more encouraging.</p>
<div class="lb-trans"><p>业绩非常出色，但公司的前景和对长期投资的信心无疑更令人鼓舞。</p>
</div><h2>Accelerating AI spending</h2>
<div class="lb-trans"><h2>加速人工智能支出</h2>
</div><p>Meta is guiding for $42.5 billion to $45.5 billion in Q2 2025 revenue. At the midpoint of $44 billion, that would be a 12.6% jump from Q2 2024 -- which was a difficult comparable, considering Q2 2024 revenue was up 22% year over year.</p>
<div class="lb-trans"><p>Meta 预计 2025 年第二季度收入将在 425 亿美元到 455 亿美元之间。在中间值 440 亿美元的情况下，这将比 2024 年第二季度增长 12.6%——考虑到 2024 年第二季度的收入同比增长了 22%，这是一个艰难的可比基数。</p>
</div><p>The company is lowering its full-year guidance for total expenses from a range of $114 billion to $119 billion to a new range of $113 billion to $118 billion. But it's raising its full-year 2025 capital expenditures (capex) expectations to between $64 billion and $72 billion -- up from its prior outlook of $60 billion to $65 billion.</p>
<div class="lb-trans"><p>公司将全年总支出的指导范围从 1140 亿美元至 1190 亿美元下调至 1130 亿美元至 1180 亿美元。但它将 2025 年全年的资本支出（capex）预期上调至 640 亿美元至 720 亿美元——高于之前的 600 亿美元至 650 亿美元的预期。</p>
</div><p>Most of capex is going toward generative artificial intelligence (AI) and core business needs. Meta is investing in infrastructure improvements (like building data centers) to scale up its AI services, while maintaining control and flexibility of its operations so it can react to changing customer preferences. Management said that it's generating strong returns from its AI initiatives by increasing the efficiency of its workloads. For example, AI-driven feed and video recommendations delivered a 7% increase in time spent on Facebook and a 6% increase in time spent on Instagram.</p>
<div class="lb-trans"><p>大部分资本支出将用于生成性人工智能（AI）和核心业务需求。Meta 正在投资基础设施改进（如建设数据中心），以扩大其 AI 服务，同时保持对运营的控制和灵活性，以便能够应对不断变化的客户偏好。管理层表示，通过提高工作负载的效率，AI 项目正在产生强劲的回报。例如，基于 AI 的动态信息流和视频推荐使 Facebook 的用户停留时间增加了 7%，Instagram 的用户停留时间增加了 6%。</p>
</div><p>AI is favorably impacting user engagement and helping advertisers customize campaigns based on their objectives and budgets. On April 29, the day before Meta reported earnings, it released the Meta AI app, which leverages the latest version of its large language model -- Llama 4. The Meta AI app is a stand-alone tool, which is different from embedded AI functionality in Instagram, Facebook, and WhatsApp. The app can solve problems, answer questions, provide deep dives on topics, and more -- which makes it a competitor to ChatGPT and <strong>Alphabet</strong>-owned Google Search.</p>
<div class="lb-trans"><p>人工智能对用户参与度产生了积极影响，并帮助广告商根据其目标和预算定制广告活动。在 Meta 发布财报的前一天，即 4 月 29 日，它推出了 Meta AI 应用程序，该应用程序利用其最新版本的大型语言模型——Llama 4。Meta AI 应用程序是一个独立工具，与 Instagram、Facebook 和 WhatsApp 中的嵌入式 AI 功能不同。该应用程序可以解决问题、回答问题、深入探讨主题等——这使其成为 ChatGPT 和 <strong>Alphabet</strong> 旗下 Google 搜索的竞争对手。</p>
</div><p>Meta's sustained growth and higher capex, despite difficult comps and an uncertain macro environment, speak volumes about its business model's effectiveness and its belief in long-term investments in AI and other research and development.</p>
<div class="lb-trans"><p>尽管面临艰难的可比基数和不确定的宏观环境，Meta 的持续增长和更高的资本支出充分说明了其商业模式的有效性以及对人工智能和其他研发长期投资的信心。</p>
</div><p>The company continues to pour money into its Reality Labs division, which is building devices and experiences in virtual reality, augmented reality, the metaverse, and other efforts. And while the core family of apps segment continues to deliver high-margin growth, Reality Labs is a money pit -- posting an operating loss of $4.2 billion in the quarter. In 2024, Reality Labs lost a staggering $17.73 billion. As high as that figure is, Meta can afford it because of the impeccable performance of its family of apps.</p>
<div class="lb-trans"><p>公司继续向其 Reality Labs 部门投入资金，该部门正在构建虚拟现实、增强现实、元宇宙及其他项目的设备和体验。尽管核心应用程序家族板块继续实现高利润增长，但 Reality Labs 却是一个资金黑洞——本季度营业亏损达 42 亿美元。2024 年，Reality Labs 的亏损高达 177.3 亿美元。尽管这一数字很高，但由于其应用程序家族的出色表现，Meta 能够承担这些亏损。</p>
</div><p>Reality Labs has shown some bright spots. For example, Ray-Ban Meta AI glasses had four times as many monthly active users as a year ago. Despite the upside potential, Reality Labs is simply too unproven to factor into Meta's investment thesis.</p>
<div class="lb-trans"><p>Reality Labs 也展现出一些亮点。例如，Ray-Ban Meta AI 眼镜的月活跃用户是去年同期的四倍。尽管有上升潜力，但 Reality Labs 仍然过于不成熟，无法纳入 Meta 的投资论点。</p>
</div><h2>Returning capital to shareholders</h2>
<div class="lb-trans"><h2>向股东返还资本</h2>
</div><p>Even with its aggressive capex spending and ongoing support of the unprofitable Reality Labs division, Meta can still afford to return a significant amount of capital to shareholders. In its latest quarter, it spent $13.4 billion on buybacks and $1.33 billion on dividends. (Meta began paying dividends last year.)</p>
<div class="lb-trans"><p>即使在其激进的资本支出和对亏损的 Reality Labs 部门的持续支持下，Meta 仍然能够向股东返还大量资本。在最新的季度中，它花费了 134 亿美元进行股票回购，并支付了 13.3 亿美元的股息。（Meta 去年开始支付股息。）</p>
</div><p>If it were to sustain the same pace of buybacks and dividends for the whole year, it would return roughly 4% of its market cap to shareholders. Put another way, if Meta only paid dividends and didn't repurchase stock, it would have a dividend yield of 4% -- illustrating just how massive its capital return program is.</p>
<div class="lb-trans"><p>如果它能够在全年维持相同的股票回购和股息支付速度，它将向股东返还大约 4% 的市值。换句话说，如果 Meta 仅支付股息而不回购股票，其股息收益率将为 4%——这说明了其资本回报计划的庞大。</p>
</div><p>Over time, buybacks have helped the company grow earnings far faster than net income. Despite its high stock-based compensation, Meta has achieved one of the most aggressive share-count reductions of the megacap tech-focused companies. In just five years, Meta has reduced its share count by 11.4%, which is slightly more than Alphabet's 10.9% reduction and a bit shy of <strong>Apple</strong>'s 12.8%.</p>
<div class="lb-trans"><p>随着时间的推移，股票回购帮助公司实现了远快于净收入的盈利增长。尽管其股票薪酬较高，Meta 仍然实现了科技巨头中最激进的股本减少。在短短五年内，Meta 的股本减少了 11.4%，略高于 Alphabet 的 10.9% 减少，稍低于 <strong>Apple</strong> 的 12.8%。</p>
</div><p>Steady buybacks and earnings growth have helped keep the stock's valuation reasonable despite its strong share price. Meta's stock price has soared 152% in the last five years, but diluted EPS has grown even faster, so the price-to-earnings (P/E) ratio has actually fallen. In fact, Meta sports a P/E of just 22.4 -- which is dirt cheap for an industry-leading company with high margins.</p>
<div class="lb-trans"><p>稳定的股票回购和盈利增长帮助保持了该股票的估值合理，尽管其股价强劲。Meta 的股价在过去五年中飙升了 152%，但稀释每股收益的增长速度更快，因此市盈率实际上下降了。事实上，Meta 的市盈率仅为 22.4——对于一家行业领先、利润率高的公司来说，这个价格非常便宜。</p>
</div><p>What's even more impressive is that earnings would be even higher if the company weren't losing billions each quarter on Reality Labs. So from that perspective, Meta is beyond cheap.</p>
<div class="lb-trans"><p>更令人印象深刻的是，如果公司没有在 Reality Labs 每季度损失数十亿美元，盈利将会更高。从这个角度来看，Meta 的估值极其便宜。</p>
</div><h2>Meta Platforms is a high-conviction buy</h2>
<div class="lb-trans"><h2>Meta Platforms 是一个高信心的买入机会</h2>
</div><p>Meta checks all the boxes of a top growth stock to buy now.</p>
<div class="lb-trans"><p>Meta 符合现在购买的顶级成长股的所有标准。</p>
</div><p>The core business continues to fire on all cylinders and generate plenty of cash flow to use for higher capex. Meta has done a good job managing operating expenses to support its long-term investments and help cushion the blow from Reality Labs losses.</p>
<div class="lb-trans"><p>核心业务持续高效运转，产生大量现金流用于更高的资本支出。Meta 在管理运营费用方面做得很好，以支持其长期投资，并帮助缓解 Reality Labs 损失带来的冲击。</p>
</div><p>The company continues to repurchase stock at a breakneck pace, keeping a tight lid on its valuation. Its ultrastrong balance sheet allows it to navigate an economic slowdown or pounce on acquisition opportunities.</p>
<div class="lb-trans"><p>公司继续以惊人的速度回购股票，严格控制其估值。其超强的资产负债表使其能够应对经济放缓或抓住收购机会。</p>
</div><p>Add all that up, and Meta Platforms is one of the best buys today: It can play a foundational role in a diversified portfolio for growth and value investors alike.</p>
<div class="lb-trans"><p>综合考虑，Meta Platforms 是今天最好的买入之一：它可以在多元化投资组合中为成长型和价值型投资者发挥基础性作用。</p>
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Meta Platforms Is Ramping Up Data Center and AI Investments. Is the Growth Stock a Buy Now?

- Meta Platforms 第一季度营收增长 16%，运营收入飙升 27%。  
- 公司计划 Q2 2025 收入为 425 亿至 455 亿美元，资本支出上调至 640 亿至 720 亿美元。  
- Meta 继续回购股票并支付股息，显示出强劲的现金流和稳健的财务状况。  

Meta Platforms 正在加大对数据中心和人工智能的投资。现在这只成长股是否值得购买？