<p>当大多数人想到 <strong>亚马逊</strong>(AMZN -4.19%) 时，首先想到的是该公司的庞大电子商务业务。毕竟，这正是其收入的主要来源。但是，为了在价格上与其他零售商（无论是在线还是实体店）竞争，其利润率需要非常薄。这意味着该业务领域的利润并不大。</p>
<p>尽管该公司通过其在线商店产生了数千亿美元的收入，但带来其运营利润大部分的却是其业务中一个规模较小的部分。这也是增长型投资者通常最感兴趣的部分：亚马逊网络服务（AWS）。</p>
<h2>AWS 的强大利润率助力公司的底线增长</h2>
<p>亚马逊的云计算业务 AWS 是公司增长的关键部分。但可能让你感到惊讶的是，它对公司底线的重要性甚至更大。</p>
<p>AWS 的销售在九月份的季度中增长了 19%，总计 275 亿美元。这大约占公司该期间总收入的 17%——1589 亿美元。得益于其出色的利润率，AWS 在公司运营利润的增长中发挥了巨大作用。</p>
<p>以下是亚马逊主要业务板块的细分，以及它们在上个季度的表现。</p>
<table>
<thead>
<tr>
<th>板块</th>
<th>收入</th>
<th>收入增长</th>
<th>运营收入</th>
<th>运营利润率</th>
</tr>
</thead>
<tbody>
<tr>
<td>北美</td>
<td>955 亿美元</td>
<td>8.7%</td>
<td>57 亿美元</td>
<td>5.9%</td>
</tr>
<tr>
<td>国际</td>
<td>359 亿美元</td>
<td>11.7%</td>
<td>13 亿美元</td>
<td>3.6%</td>
</tr>
<tr>
<td>AWS</td>
<td>275 亿美元</td>
<td>19.1%</td>
<td>104 亿美元</td>
<td>38.1%</td>
</tr>
</tbody>
</table>
<p>数据来源：亚马逊财报。表格由作者制作。</p>
<p>公司的北美和国际板块主要反映了来自这些地区的电子商务、广告和订阅收入，而 AWS 主要由其云计算和存储业务组成。</p>
<p>总体而言，亚马逊的运营收入同比增长了 56%，达到了 174 亿美元。在这 62 亿美元的增长中，有 35 亿美元是由于 AWS 的贡献。</p>
<h2>AWS 未来有更多增长机会</h2>
<p>未来，AWS 可能在亚马逊整体运营中扮演更重要的角色，因为云计算领域蕴藏着巨大的机会。随着越来越多的企业在云中开展业务并致力于开发下一代技术，对可信云平台的需求将保持高位。而 AWS 在云平台中占据领先市场份额，甚至比 <strong>微软</strong> 的 Azure 和 <strong>Alphabet</strong> 的 Google Cloud 更受欢迎。</p>
<p>根据 Grand View Research 的分析师，全球云计算市场到 2030 年将价值近 2.4 万亿美元——是目前规模（7520 亿美元）的三倍多。对于亚马逊来说，这意味着其业务将有更多利润增长的空间。快速增长云业务比扩展低利润率的电子商务业务更为关键。</p>
<h2>你今天应该买入亚马逊股票吗？</h2>
<p>截至目前，亚马逊的股票自年初以来上涨了约 35%。尽管围绕该业务的反垄断担忧可能会给投资者带来一些不确定性，但很难预测这些问题将如何发展，而且它们似乎并没有对股票造成压力——在这个阶段也不应该。</p>
<p>但无论在这方面发生什么，亚马逊看起来在可预见的未来将继续成为一个增长巨头，因为它在多个领域都在增长。AWS 是其业务和成功的重要组成部分，凭借强大的利润率，其增长可以使公司在长期内获得更高的估值，因为云计算领域存在丰富的机会。</p>
<p>以 34 的前瞻市盈率（基于分析师预期）来看，该股票的交易溢价低于其过去的平均水平，这意味着现在可能是将其加入投资组合的绝佳时机。</p>

亚马逊

<p>亚马逊的电子商务业务产生了可观的收入，但其营业利润主要来自亚马逊网络服务（AWS），后者占其营业收入的 60%。AWS 在 9 月份的季度销售额增长了 19%，总计 245 亿美元，营业利润率为 38.1%。随着云计算市场预计将显著增长，AWS 有望实现进一步的利润增长。尽管面临反垄断担忧，亚马逊的股票今年上涨了 35%，其当前估值可能为投资者提供了良好的买入机会</p>

<p>When most people think of <strong>Amazon</strong>(AMZN -4.19%), it's the company's vast e-commerce business that comes to mind. That is, after all, what generates the bulk of its revenue. But to compete on price with other retailers (both online and brick-and-mortar stores), its margins need to be razor-thin. And that means its profits from that area of its operations aren't huge.</p>
<div class="lb-trans"><p>当大多数人想到 <strong>亚马逊</strong>(AMZN -4.19%) 时，首先想到的是该公司的庞大电子商务业务。毕竟，这正是其收入的主要来源。但是，为了在价格上与其他零售商（无论是在线还是实体店）竞争，其利润率需要非常薄。这意味着该业务领域的利润并不大。</p>
</div><p>Even though the company generates hundreds of billions of dollars in revenue thanks to its online stores, it's a much smaller segment of its business that brings in the lion's share of its operating profit. It's also the segment that growth investors are often most excited about: Amazon Web Services (AWS).</p>
<div class="lb-trans"><p>尽管该公司通过其在线商店产生了数千亿美元的收入，但带来其运营利润大部分的却是其业务中一个规模较小的部分。这也是增长型投资者通常最感兴趣的部分：亚马逊网络服务（AWS）。</p>
</div><h2>AWS's strong margins help fuel the company's bottom-line growth</h2>
<div class="lb-trans"><h2>AWS 的强大利润率助力公司的底线增长</h2>
</div><p>Amazon's cloud computing business, AWS, is a key part of the company's growth. But what may surprise you is that it's an even more important part of its bottom line.</p>
<div class="lb-trans"><p>亚马逊的云计算业务 AWS 是公司增长的关键部分。但可能让你感到惊讶的是，它对公司底线的重要性甚至更大。</p>
</div><p>AWS sales rose by 19% in the September quarter, totaling $27.5 billion. That represents approximately 17% of the company's total revenue for the period -- $158.9 billion. And thanks to its fantastic margins, AWS played a huge role in growing the company's operating profits.</p>
<div class="lb-trans"><p>AWS 的销售在九月份的季度中增长了 19%，总计 275 亿美元。这大约占公司该期间总收入的 17%——1589 亿美元。得益于其出色的利润率，AWS 在公司运营利润的增长中发挥了巨大作用。</p>
</div><p>Here's a breakdown of Amazon's main segments, and how they performed last quarter.</p>
<div class="lb-trans"><p>以下是亚马逊主要业务板块的细分，以及它们在上个季度的表现。</p>
</div><table>
<thead>
<tr>
<th>Segment</th>
<th>Revenue</th>
<th>Revenue Growth</th>
<th>Operating Income</th>
<th>Operating Margin</th>
</tr>
</thead>
<tbody>
<tr>
<td>North America</td>
<td>$95.5 billion</td>
<td>8.7%</td>
<td>$5.7 billion</td>
<td>5.9%</td>
</tr>
<tr>
<td>International</td>
<td>$35.9 billion</td>
<td>11.7%</td>
<td>$1.3 billion</td>
<td>3.6%</td>
</tr>
<tr>
<td>AWS</td>
<td>$27.5 billion</td>
<td>19.1%</td>
<td>$10.4 billion</td>
<td>38.1%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>板块</th>
<th>收入</th>
<th>收入增长</th>
<th>运营收入</th>
<th>运营利润率</th>
</tr>
</thead>
<tbody>
<tr>
<td>北美</td>
<td>955 亿美元</td>
<td>8.7%</td>
<td>57 亿美元</td>
<td>5.9%</td>
</tr>
<tr>
<td>国际</td>
<td>359 亿美元</td>
<td>11.7%</td>
<td>13 亿美元</td>
<td>3.6%</td>
</tr>
<tr>
<td>AWS</td>
<td>275 亿美元</td>
<td>19.1%</td>
<td>104 亿美元</td>
<td>38.1%</td>
</tr>
</tbody>
</table>
</div><p>Data source: Amazon earnings report. Table by author.</p>
<div class="lb-trans"><p>数据来源：亚马逊财报。表格由作者制作。</p>
</div><p>The company's North America and International segments primarily reflect e-commerce, advertising, and subscription revenue from those parts of the world, whereas AWS is comprised mainly of its cloud computing and storage operations.</p>
<div class="lb-trans"><p>公司的北美和国际板块主要反映了来自这些地区的电子商务、广告和订阅收入，而 AWS 主要由其云计算和存储业务组成。</p>
</div><p>Overall, Amazon's operating income rose by 56% year over year, to $17.4 billion. And of the $6.2 billion increase, $3.5 billion of that was due to AWS.</p>
<div class="lb-trans"><p>总体而言，亚马逊的运营收入同比增长了 56%，达到了 174 亿美元。在这 62 亿美元的增长中，有 35 亿美元是由于 AWS 的贡献。</p>
</div><h2>More growth opportunities ahead for AWS</h2>
<div class="lb-trans"><h2>AWS 未来有更多增长机会</h2>
</div><p>In the future, AWS is likely to play an even large part of Amazon's overall operations, due to the massive opportunities that lay ahead in cloud computing. As more businesses conduct their operations in the cloud and work on developing next-gen technologies, the need for a trusted cloud platform will remain high. And AWS has a leading market share among cloud platforms, proving to be even more popular than <strong>Microsoft</strong> Azure and <strong>Alphabet</strong>'s Google Cloud.</p>
<div class="lb-trans"><p>未来，AWS 可能在亚马逊整体运营中扮演更重要的角色，因为云计算领域蕴藏着巨大的机会。随着越来越多的企业在云中开展业务并致力于开发下一代技术，对可信云平台的需求将保持高位。而 AWS 在云平台中占据领先市场份额，甚至比 <strong>微软</strong> 的 Azure 和 <strong>Alphabet</strong> 的 Google Cloud 更受欢迎。</p>
</div><p>According to analysts at Grand View Research, the global cloud computing market will be worth nearly $2.4 <em>trillion</em> by 2030 -- more than three times its size right now ($752 billion). For Amazon, this means there is going to be room for much more profit growth on the horizon for the business. Growing its cloud business at a fast rate is more crucial than expanding its lower-margin e-commerce operations.</p>
<div class="lb-trans"><p>根据 Grand View Research 的分析师，全球云计算市场到 2030 年将价值近 2.4 万亿美元——是目前规模（7520 亿美元）的三倍多。对于亚马逊来说，这意味着其业务将有更多利润增长的空间。快速增长云业务比扩展低利润率的电子商务业务更为关键。</p>
</div><h2>Should you buy Amazon stock today?</h2>
<div class="lb-trans"><h2>你今天应该买入亚马逊股票吗？</h2>
</div><p>Shares of Amazon have risen by around 35% since the start of the year as of this writing. While there are looming antitrust concerns around the business that can create some uncertainty for investors, it can be difficult to predict how those issues will play out, and they don't appear to be weighing down the stock -- nor should they at this stage.</p>
<div class="lb-trans"><p>截至目前，亚马逊的股票自年初以来上涨了约 35%。尽管围绕该业务的反垄断担忧可能会给投资者带来一些不确定性，但很难预测这些问题将如何发展，而且它们似乎并没有对股票造成压力——在这个阶段也不应该。</p>
</div><p>But regardless of what happens on that front, Amazon looks to continue to be a growth beast for the foreseeable future, as it is growing on multiple fronts. AWS is a huge part of its business and success, and with strong margins, its growth can enable the business to rise to a higher valuation in the long run, given the plentiful opportunities which exist in cloud computing.</p>
<div class="lb-trans"><p>但无论在这方面发生什么，亚马逊看起来在可预见的未来将继续成为一个增长巨头，因为它在多个领域都在增长。AWS 是其业务和成功的重要组成部分，凭借强大的利润率，其增长可以使公司在长期内获得更高的估值，因为云计算领域存在丰富的机会。</p>
</div><p>At a forward price-to-earnings multiple of 34 (based on analyst expectations), the stock is trading at a cheaper premium than what it has averaged in the past, meaning now can be an excellent time to add it to your portfolio.</p>
<div class="lb-trans"><p>以 34 的前瞻市盈率（基于分析师预期）来看，该股票的交易溢价低于其过去的平均水平，这意味着现在可能是将其加入投资组合的绝佳时机。</p>
</div>

Amazon Is an E-Commerce Beast, but This Much Smaller Segment Makes Up 60% of Its Operating Profit

- 亚马逊的云计算业务 AWS 是其主要利润来源，销售额增长 19%。  
- AWS 占公司总收入的约 17%，推动整体运营利润增长 56%。  
- 未来云计算市场将持续扩张，AWS 有望进一步提升亚马逊的盈利能力。  

亚马逊是一家电子商务巨头，但一个小得多的部门却贡献了其 60% 的营业利润