<p><strong>Meta Platforms</strong>（META 0.43%）在週四因強勁的第一季度財報飆升 4.2%。該股在最近幾周幾乎抹去了年初至今的所有損失，截至本文撰寫時，距離年初持平僅有幾個百分點。</p>
<p>以下是公司最新業績及管理層在財報電話會議上的評論如何強化其基本投資論點，以及為什麼 Meta 是現在值得購買的頂級成長股。</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>圖片來源：Getty Images。</p>
<h2>應用程序家族繼續推動高利潤增長</h2>
<p>Meta 的收入增長了 16%——但營業收入飆升了 27%，這得益於成本和費用僅增加了 9%。Meta 在本季度結束時的營業利潤率高達 41%——這意味着它將每一美元收入中的 41 美分轉化為營業收入。</p>
<p>可控的支出也導致淨收入增長了 35%，稀釋後每股收益（EPS）增長了 37%。</p>
<p>這種盈利能力證明了公司強大的商業模式。它推動了用户參與度，從而吸引了廣告商。Meta 的參與度指標——家庭日活躍用户（DAP）——指的是其 “應用程序家族” 板塊的日活躍用户，包括 Instagram、WhatsApp、Facebook、Messenger 和 Threads。DAP 同比增長了 6%，這支持了廣告展示量增長 5% 和每個廣告價格增長 10%。</p>
<p>下圖顯示了稀釋後每股收益如何從疫情前水平增長了三倍以上，這得益於持續的收入增長和利潤率擴張：</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）數據來源於 YCharts。</p>
<p>業績非常出色，但公司的前景和對長期投資的信心無疑更令人鼓舞。</p>
<h2>加速人工智能支出</h2>
<p>Meta 預計 2025 年第二季度收入將在 425 億美元到 455 億美元之間。在中間值 440 億美元的情況下，這將比 2024 年第二季度增長 12.6%——考慮到 2024 年第二季度的收入同比增長了 22%，這是一個艱難的可比基數。</p>
<p>公司將全年總支出的指導範圍從 1140 億美元至 1190 億美元下調至 1130 億美元至 1180 億美元。但它將 2025 年全年的資本支出（capex）預期上調至 640 億美元至 720 億美元——高於之前的 600 億美元至 650 億美元的預期。</p>
<p>大部分資本支出將用於生成性人工智能（AI）和核心業務需求。Meta 正在投資基礎設施改進（如建設數據中心），以擴大其 AI 服務，同時保持對運營的控制和靈活性，以便能夠應對不斷變化的客户偏好。管理層表示，通過提高工作負載的效率，AI 項目正在產生強勁的回報。例如，基於 AI 的動態信息流和視頻推薦使 Facebook 的用户停留時間增加了 7%，Instagram 的用户停留時間增加了 6%。</p>
<p>人工智能對用户參與度產生了積極影響，並幫助廣告商根據其目標和預算定製廣告活動。在 Meta 發佈財報的前一天，即 4 月 29 日，它推出了 Meta AI 應用程序，該應用程序利用其最新版本的大型語言模型——Llama 4。Meta AI 應用程序是一個獨立工具，與 Instagram、Facebook 和 WhatsApp 中的嵌入式 AI 功能不同。該應用程序可以解決問題、回答問題、深入探討主題等——這使其成為 ChatGPT 和 <strong>Alphabet</strong> 旗下 Google 搜索的競爭對手。</p>
<p>儘管面臨艱難的可比基數和不確定的宏觀環境，Meta 的持續增長和更高的資本支出充分説明了其商業模式的有效性以及對人工智能和其他研發長期投資的信心。</p>
<p>公司繼續向其 Reality Labs 部門投入資金，該部門正在構建虛擬現實、增強現實、元宇宙及其他項目的設備和體驗。儘管核心應用程序家族板塊繼續實現高利潤增長，但 Reality Labs 卻是一個資金黑洞——本季度營業虧損達 42 億美元。2024 年，Reality Labs 的虧損高達 177.3 億美元。儘管這一數字很高，但由於其應用程序家族的出色表現，Meta 能夠承擔這些虧損。</p>
<p>Reality Labs 也展現出一些亮點。例如，Ray-Ban Meta AI 眼鏡的月活躍用户是去年同期的四倍。儘管有上升潛力，但 Reality Labs 仍然過於不成熟，無法納入 Meta 的投資論點。</p>
<h2>向股東返還資本</h2>
<p>即使在其激進的資本支出和對虧損的 Reality Labs 部門的持續支持下，Meta 仍然能夠向股東返還大量資本。在最新的季度中，它花費了 134 億美元進行股票回購，並支付了 13.3 億美元的股息。（Meta 去年開始支付股息。）</p>
<p>如果它能夠在全年維持相同的股票回購和股息支付速度，它將向股東返還大約 4% 的市值。換句話説，如果 Meta 僅支付股息而不回購股票，其股息收益率將為 4%——這説明了其資本回報計劃的龐大。</p>
<p>隨着時間的推移，股票回購幫助公司實現了遠快於淨收入的盈利增長。儘管其股票薪酬較高，Meta 仍然實現了科技巨頭中最激進的股本減少。在短短五年內，Meta 的股本減少了 11.4%，略高於 Alphabet 的 10.9% 減少，稍低於 <strong>Apple</strong> 的 12.8%。</p>
<p>穩定的股票回購和盈利增長幫助保持了該股票的估值合理，儘管其股價強勁。Meta 的股價在過去五年中飆升了 152%，但稀釋每股收益的增長速度更快，因此市盈率實際上下降了。事實上，Meta 的市盈率僅為 22.4——對於一家行業領先、利潤率高的公司來説，這個價格非常便宜。</p>
<p>更令人印象深刻的是，如果公司沒有在 Reality Labs 每季度損失數十億美元，盈利將會更高。從這個角度來看，Meta 的估值極其便宜。</p>
<h2>Meta Platforms 是一個高信心的買入機會</h2>
<p>Meta 符合現在購買的頂級成長股的所有標準。</p>
<p>核心業務持續高效運轉，產生大量現金流用於更高的資本支出。Meta 在管理運營費用方面做得很好，以支持其長期投資，並幫助緩解 Reality Labs 損失帶來的衝擊。</p>
<p>公司繼續以驚人的速度回購股票，嚴格控制其估值。其超強的資產負債表使其能夠應對經濟放緩或抓住收購機會。</p>
<p>綜合考慮，Meta Platforms 是今天最好的買入之一：它可以在多元化投資組合中為成長型和價值型投資者發揮基礎性作用。</p>

META

<p>Meta Platforms（META）在強勁的第一季度財報發佈後，股價上漲了 4.2%，收入增長了 16%，營業收入飆升了 27%。該公司在人工智能和數據中心方面進行了大量投資，將 2025 年的資本支出預測提高至 640 億至 720 億美元。儘管其 Reality Labs 部門出現虧損，Meta 仍繼續向股東返還資本，回購股票支出達 134 億美元，分紅支出為 13.3 億美元。展望積極，預計 2025 年第二季度收入將在 425 億至 455 億美元之間，反映出對其商業模式和長期投資的信心</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%）在週四因強勁的第一季度財報飆升 4.2%。該股在最近幾周幾乎抹去了年初至今的所有損失，截至本文撰寫時，距離年初持平僅有幾個百分點。</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>以下是公司最新業績及管理層在財報電話會議上的評論如何強化其基本投資論點，以及為什麼 Meta 是現在值得購買的頂級成長股。</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>圖片來源：Getty Images。</p>
</div><h2>Family of apps continues to drive high-margin growth</h2>
<div class="lb-trans"><h2>應用程序家族繼續推動高利潤增長</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 的收入增長了 16%——但營業收入飆升了 27%，這得益於成本和費用僅增加了 9%。Meta 在本季度結束時的營業利潤率高達 41%——這意味着它將每一美元收入中的 41 美分轉化為營業收入。</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>可控的支出也導致淨收入增長了 35%，稀釋後每股收益（EPS）增長了 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>這種盈利能力證明了公司強大的商業模式。它推動了用户參與度，從而吸引了廣告商。Meta 的參與度指標——家庭日活躍用户（DAP）——指的是其 “應用程序家族” 板塊的日活躍用户，包括 Instagram、WhatsApp、Facebook、Messenger 和 Threads。DAP 同比增長了 6%，這支持了廣告展示量增長 5% 和每個廣告價格增長 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>下圖顯示了稀釋後每股收益如何從疫情前水平增長了三倍以上，這得益於持續的收入增長和利潤率擴張：</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）數據來源於 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>業績非常出色，但公司的前景和對長期投資的信心無疑更令人鼓舞。</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 預計 2025 年第二季度收入將在 425 億美元到 455 億美元之間。在中間值 440 億美元的情況下，這將比 2024 年第二季度增長 12.6%——考慮到 2024 年第二季度的收入同比增長了 22%，這是一個艱難的可比基數。</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>公司將全年總支出的指導範圍從 1140 億美元至 1190 億美元下調至 1130 億美元至 1180 億美元。但它將 2025 年全年的資本支出（capex）預期上調至 640 億美元至 720 億美元——高於之前的 600 億美元至 650 億美元的預期。</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>大部分資本支出將用於生成性人工智能（AI）和核心業務需求。Meta 正在投資基礎設施改進（如建設數據中心），以擴大其 AI 服務，同時保持對運營的控制和靈活性，以便能夠應對不斷變化的客户偏好。管理層表示，通過提高工作負載的效率，AI 項目正在產生強勁的回報。例如，基於 AI 的動態信息流和視頻推薦使 Facebook 的用户停留時間增加了 7%，Instagram 的用户停留時間增加了 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>人工智能對用户參與度產生了積極影響，並幫助廣告商根據其目標和預算定製廣告活動。在 Meta 發佈財報的前一天，即 4 月 29 日，它推出了 Meta AI 應用程序，該應用程序利用其最新版本的大型語言模型——Llama 4。Meta AI 應用程序是一個獨立工具，與 Instagram、Facebook 和 WhatsApp 中的嵌入式 AI 功能不同。該應用程序可以解決問題、回答問題、深入探討主題等——這使其成為 ChatGPT 和 <strong>Alphabet</strong> 旗下 Google 搜索的競爭對手。</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>儘管面臨艱難的可比基數和不確定的宏觀環境，Meta 的持續增長和更高的資本支出充分説明了其商業模式的有效性以及對人工智能和其他研發長期投資的信心。</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>公司繼續向其 Reality Labs 部門投入資金，該部門正在構建虛擬現實、增強現實、元宇宙及其他項目的設備和體驗。儘管核心應用程序家族板塊繼續實現高利潤增長，但 Reality Labs 卻是一個資金黑洞——本季度營業虧損達 42 億美元。2024 年，Reality Labs 的虧損高達 177.3 億美元。儘管這一數字很高，但由於其應用程序家族的出色表現，Meta 能夠承擔這些虧損。</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 也展現出一些亮點。例如，Ray-Ban Meta AI 眼鏡的月活躍用户是去年同期的四倍。儘管有上升潛力，但 Reality Labs 仍然過於不成熟，無法納入 Meta 的投資論點。</p>
</div><h2>Returning capital to shareholders</h2>
<div class="lb-trans"><h2>向股東返還資本</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>即使在其激進的資本支出和對虧損的 Reality Labs 部門的持續支持下，Meta 仍然能夠向股東返還大量資本。在最新的季度中，它花費了 134 億美元進行股票回購，並支付了 13.3 億美元的股息。（Meta 去年開始支付股息。）</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>如果它能夠在全年維持相同的股票回購和股息支付速度，它將向股東返還大約 4% 的市值。換句話説，如果 Meta 僅支付股息而不回購股票，其股息收益率將為 4%——這説明了其資本回報計劃的龐大。</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>隨着時間的推移，股票回購幫助公司實現了遠快於淨收入的盈利增長。儘管其股票薪酬較高，Meta 仍然實現了科技巨頭中最激進的股本減少。在短短五年內，Meta 的股本減少了 11.4%，略高於 Alphabet 的 10.9% 減少，稍低於 <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>穩定的股票回購和盈利增長幫助保持了該股票的估值合理，儘管其股價強勁。Meta 的股價在過去五年中飆升了 152%，但稀釋每股收益的增長速度更快，因此市盈率實際上下降了。事實上，Meta 的市盈率僅為 22.4——對於一家行業領先、利潤率高的公司來説，這個價格非常便宜。</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，如果公司沒有在 Reality Labs 每季度損失數十億美元，盈利將會更高。從這個角度來看，Meta 的估值極其便宜。</p>
</div><h2>Meta Platforms is a high-conviction buy</h2>
<div class="lb-trans"><h2>Meta Platforms 是一個高信心的買入機會</h2>
</div><p>Meta checks all the boxes of a top growth stock to buy now.</p>
<div class="lb-trans"><p>Meta 符合現在購買的頂級成長股的所有標準。</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>核心業務持續高效運轉，產生大量現金流用於更高的資本支出。Meta 在管理運營費用方面做得很好，以支持其長期投資，並幫助緩解 Reality Labs 損失帶來的衝擊。</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>公司繼續以驚人的速度回購股票，嚴格控制其估值。其超強的資產負債表使其能夠應對經濟放緩或抓住收購機會。</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>綜合考慮，Meta Platforms 是今天最好的買入之一：它可以在多元化投資組合中為成長型和價值型投資者發揮基礎性作用。</p>
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Meta Platforms Is Ramping Up Data Center and AI Investments. Is the Growth Stock a Buy Now?

- Meta Platforms 第一季度營收增長 16%，運營收入飆升 27%。  
- 公司計劃 Q2 2025 收入為 425 億至 455 億美元，資本支出上調至 640 億至 720 億美元。  
- Meta 繼續回購股票並支付股息，顯示出強勁的現金流和穩健的財務狀況。  

Meta Platforms 正在加大對數據中心和人工智能的投資。現在這隻成長股是否值得購買？