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《大行》招商證券國際:Meta(META.US)業績強勁 升目標價至866美元 行業首推股
阿思達克 08-01 10:47
招商證券國際研究報告指出,Meta(META.US)二季度收入按年增長22%,盈利按年增長38%,三季度收入指引下限高於市場共識。此外,Meta用戶增長強勁,日活躍用戶增長6%,AI驅動廣告效果增強,帶動廣告展示量和平均廣告價格增長。該行將Meta設為行業首推股票,將折現現金流目標價從759美元上調至866美元,分別對應2025、2026財年24倍、22倍市盈率,以及22倍、19倍企業價值倍數(EV)/EBITDA,評級「增持」 。 招商證券國際表示,集團二季度收入為475億美元,按年增長22%,超預期6%;經營利潤達204億美元,超預期19%。強勁增長主要由Family of Apps的廣告收入推動,日活躍用戶按年增長6%達34.8億,廣告曝光量按年增長11%,平均每廣告價格按年增長9%,得益於AI優化廣告定位、推薦系統及用戶參與度。此外,美國和歐洲市場是主要驅動力,貢獻了年按年增量收入67%。 對於三季度指引,該行表示,Meta收入預期為475億至505億美元(中點按年增21%),下限高於市場共識,扭轉上一季度因宏觀、貿易戰對二季度的謹慎展望。管理層指引2026年資本支出增量與2025年相似(約300億美元),意味2026年資本支出約為1,000億美元。此外,AI持續為Meta的廣告業務帶來增量效益,旗下AI眼鏡增長勢頭強勁。 招商證券國際表示,鑑於業績的強勁增長,Meta當前估值為19倍2025財年非GAAP市盈率,對比行業均值31倍,及同行亞馬遜(AMZN.US)27倍和微軟(MSFT.US)37倍相對具有吸引力。
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