《大行報告》中金首予Meta(META.US)「跑贏行業」評級 目標價332美元
中金發表報告指出,首次覆蓋Meta(META.US),認為公司受惠於廣告收入觸底反彈、利潤加速增長,以及來自TikTok的競爭減弱,Meta股價自2022年底以來出現顯著反彈。
該行稱,Meta廣告業務收入在去年按年下跌,但自今年首季以來逐季度加快復甦,主要由於宏觀經濟復甦推動廣告商預期改善。同時,公司加速Reels商業化,穩步推進發送訊息廣告,並利用人工智能為廣告產品提供動力,相信可對其廣告收入增長提供助力。該行預計,Meta今年廣告收入將按年增長14%至1,296億美元,明年料按年增長10.7%至1,434億美元。
此外,該行指Meta從去年下半年起重點降低成本並提高效率,公司今年第二季淨利潤率較去年第四季反彈9.8個百分點至24.3%,但仍低於2020年33.9%的高位。隨著收入增長加快和費用優化,該行預計Meta今年純利將按年增長49.5%至347億美元,明年將按年增長19.1%至413億美元。來自TikTok的競爭減退,料短期內提振市場對Meta社交網絡基本面的信心。
該行預期,隨著市場對Meta面臨的競爭、新廣告廣告辨識碼(IDFA)政策,以及宏觀不確定性的憂慮消退,料Meta短期收入加速復甦,盈利增長勢頭強勁。該行首予Meta「跑贏行業」評級,目標價332美元,相當於2024年預測市盈率21倍。
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