<p>投资者可能会想，购买 <strong>亚马逊</strong>（AMZN -0.64%）的时机是否已经过去。尽管该公司在电子商务和云计算行业中发挥了关键作用，但其市值现在约为 2.1 万亿美元。考虑到其庞大的规模，投资者可能会合理地怀疑，相对较小的成长型股票现在是否会成为更好的投资选择。</p>
<p>然而，进一步的研究表明，投资者不应将亚马逊视为成熟的、缓慢增长的股票。三个因素表明，尽管其规模庞大，亚马逊仍然能够提供超越市场的回报。</p>
<h2>1. 亚马逊的增长业务</h2>
<p>首先，投资者应该明白，他们不应期待亚马逊的在线销售业务会快速扩张。在过去几个季度，该部分业务的收入增长仅为个位数百分比，因此可能并未推动亚马逊股票的上涨。</p>
<p>亚马逊网络服务（AWS）则是另一回事。它继续在云基础设施行业中保持领先地位。此外，它在应用人工智能（AI）和运行 AI 工作负载方面的能力，使其在当今科技行业中扮演着关键角色。</p>
<p>此外，2024 年前三季度的收入增长了 18%，达到了 790 亿美元，超过了公司整体 10% 的增长。最重要的是，62% 的亚马逊运营收入来自 AWS，这表明它无疑是公司增长故事中最关键的部分。</p>
<p>然而，这可能并不是唯一的部分。在其北美和国际业务中，亚马逊运营着数字广告业务、第三方卖家服务和订阅服务，这些业务的收入以两位数的百分比增长。尽管亚马逊并未披露这些业务的单独运营收入，但它们可能在推动公司的增长方面发挥了作用。</p>
<h2>2. 资产负债表</h2>
<p>毫不奇怪，亚马逊增长业务的好处也体现在其资产负债表上。公司的流动性高达 880 亿美元，这一水平在其他公司中几乎没有匹敌者。</p>
<p>诚然，亚马逊持有的 580 亿美元长期债务在一定程度上削弱了这一流动性。然而，这些债务大多是低利率的，且到期日远在未来。因此，可以假设亚马逊可能会从其现金及现金等价物的储备中获得超过其支付利率的回报，这将进一步增强其资产负债表。</p>
<p>此外，亚马逊在过去 12 个月中产生了 480 亿美元的自由现金流。这一水平的现金流为其提供了巨大的灵活性，可以在不减少流动性的情况下投资于其企业或收购新业务。因此，亚马逊能够在云计算和人工智能领域保持领导地位，同时继续在与电子商务相关的业务中进行创新。</p>
<h2>3. 估值</h2>
<p>尽管它继续进行创新，但公司可能开始成熟的一个迹象是其估值。亚马逊股票历史上以较高的市盈率交易，因为它要么遭受损失，要么接受降低盈利能力以将更多资本投资回其业务。因此，习惯于亚马逊以 50 到 120 之间的市盈率交易的投资者，可能会惊讶地发现其盈利倍数已降至约 43。</p>
<p>而且，这一变化发生在公司正在收获其投资成果的时期。在 2024 年前九个月，公司净收入为 390 亿美元，几乎是去年同期 200 亿美元利润的两倍。</p>
<p>分析师认为，其净收入增长将在 2025 年放缓至 20%。尽管如此，考虑到亚马逊高估值的历史，投资者可能希望通过增加持股来利用今天较低的盈利倍数。</p>
<h2>投资亚马逊股票</h2>
<p>最终，投资者不应将亚马逊庞大的市值视为将其视为价值股的理由，而应继续购买亚马逊以追求增长。</p>
<p>尽管整体规模庞大，亚马逊包括 AWS 和许多相对较小的增长业务，这些业务可以保持其收入增长在两位数百分比。此外，其惊人的流动性和自由现金流应有助于保持这些业务以及其未来追求的任何企业的活力。</p>
<p>最后，亚马逊的估值相较于过去的市盈率有所下降。随着其收入和盈利增长预计将保持强劲，增长型投资者仍然可以通过购买和持有亚马逊股票来超越市场。</p>

亚马逊

<p>投资者被鼓励考虑购买亚马逊股票，原因有三个关键因素：1）亚马逊网络服务（AWS）在云基础设施领域持续领先，为运营收入做出了重要贡献；2）公司拥有强大的流动性和自由现金流，能够持续进行投资和创新；3）亚马逊的估值已下降，为成长型投资者提供了潜在的机会。尽管对其规模存在担忧，但亚马逊多样化的增长领域和财务健康状况表明，它仍然能够提供超越市场的回报</p>

<p>Investors may wonder whether the time to buy <strong>Amazon</strong>(AMZN -0.64%) has come and gone. While the company played key roles in pioneering the e-commerce and cloud computing industries, its market cap is now around $2.1 trillion. Given its massive size, investors could reasonably wonder whether relatively smaller growth stocks would make better investments now.</p>
<div class="lb-trans"><p>投资者可能会想，购买 <strong>亚马逊</strong>（AMZN -0.64%）的时机是否已经过去。尽管该公司在电子商务和云计算行业中发挥了关键作用，但其市值现在约为 2.1 万亿美元。考虑到其庞大的规模，投资者可能会合理地怀疑，相对较小的成长型股票现在是否会成为更好的投资选择。</p>
</div><p>Yet further research shows why investors should not write Amazon off as a mature, slow-growth stock just yet. Three factors indicate that it can still deliver market-beating returns despite its size.</p>
<div class="lb-trans"><p>然而，进一步的研究表明，投资者不应将亚马逊视为成熟的、缓慢增长的股票。三个因素表明，尽管其规模庞大，亚马逊仍然能够提供超越市场的回报。</p>
</div><h2>1. Amazon's growth businesses</h2>
<div class="lb-trans"><h2>1. 亚马逊的增长业务</h2>
</div><p>First, investors should understand that they should not look to Amazon's online sales business for rapid expansion. With that part of the business logging single-digit percentage revenue growth for the past several quarters, it is likely not driving increases in Amazon stock.</p>
<div class="lb-trans"><p>首先，投资者应该明白，他们不应期待亚马逊的在线销售业务会快速扩张。在过去几个季度，该部分业务的收入增长仅为个位数百分比，因此可能并未推动亚马逊股票的上涨。</p>
</div><p>Amazon Web Services (AWS) is a different story. It continues to be the cloud infrastructure industry's leader. Additionally, its ability to apply artificial intelligence (AI) and run AI workloads gives it a critical role in today's tech industry.</p>
<div class="lb-trans"><p>亚马逊网络服务（AWS）则是另一回事。它继续在云基础设施行业中保持领先地位。此外，它在应用人工智能（AI）和运行 AI 工作负载方面的能力，使其在当今科技行业中扮演着关键角色。</p>
</div><p>Moreover, its revenue for the first three quarters of 2024 grew by 18% to $79 billion, outpacing the company's 10% overall growth. Most importantly, 62% of Amazon's operating income came from AWS, demonstrating why it's arguably the most critical segment to the company's growth story.</p>
<div class="lb-trans"><p>此外，2024 年前三季度的收入增长了 18%，达到了 790 亿美元，超过了公司整体 10% 的增长。最重要的是，62% 的亚马逊运营收入来自 AWS，这表明它无疑是公司增长故事中最关键的部分。</p>
</div><p>Nonetheless, it is likely not the only part. Within its North America and international segments, it operates digital advertising businesses, third-party seller services, and subscription services that are growing revenues at double-digit percentage levels. Although Amazon does not reveal the separate operating incomes of these businesses, they are likely helping to drive the company's growth.</p>
<div class="lb-trans"><p>然而，这可能并不是唯一的部分。在其北美和国际业务中，亚马逊运营着数字广告业务、第三方卖家服务和订阅服务，这些业务的收入以两位数的百分比增长。尽管亚马逊并未披露这些业务的单独运营收入，但它们可能在推动公司的增长方面发挥了作用。</p>
</div><h2>2. The balance sheet</h2>
<div class="lb-trans"><h2>2. 资产负债表</h2>
</div><p>Not surprisingly, the benefits of Amazon's growth businesses extend to its balance sheet. The company's liquidity is a staggering $88 billion, a level matched by few other companies.</p>
<div class="lb-trans"><p>毫不奇怪，亚马逊增长业务的好处也体现在其资产负债表上。公司的流动性高达 880 亿美元，这一水平在其他公司中几乎没有匹敌者。</p>
</div><p>Admittedly, the $58 billion Amazon carries in long-term debt diminishes that liquidity somewhat. Still, it is largely low-interest debt with maturity dates decades into the future. Thus, one can assume that Amazon will probably earn returns from its cash and equivalents stockpile that exceed the interest rates it's paying, which should further bolster its balance sheet.</p>
<div class="lb-trans"><p>诚然，亚马逊持有的 580 亿美元长期债务在一定程度上削弱了这一流动性。然而，这些债务大多是低利率的，且到期日远在未来。因此，可以假设亚马逊可能会从其现金及现金等价物的储备中获得超过其支付利率的回报，这将进一步增强其资产负债表。</p>
</div><p>Moreover, Amazon generated $48 billion in free cash flow over the last 12 months. Cash flows at those levels give it tremendous flexibility to invest in its enterprises or buy new businesses without diminishing its liquidity. Thus, Amazon can afford to maintain its leadership positions in the cloud and AI while it continues to innovate in the businesses tied to e-commerce.</p>
<div class="lb-trans"><p>此外，亚马逊在过去 12 个月中产生了 480 亿美元的自由现金流。这一水平的现金流为其提供了巨大的灵活性，可以在不减少流动性的情况下投资于其企业或收购新业务。因此，亚马逊能够在云计算和人工智能领域保持领导地位，同时继续在与电子商务相关的业务中进行创新。</p>
</div><h2>3. Valuation</h2>
<div class="lb-trans"><h2>3. 估值</h2>
</div><p>While it continues to innovate, one sign that the company may have begun to mature is its valuation. Amazon stock historically traded at elevated P/E ratios as it either took losses or accepted reduced profitability to invest more capital back into its businesses. So investors used to Amazon trading at P/E ratios of between 50 and 120 may be surprised to find that its earnings multiple has fallen to about 43.</p>
<div class="lb-trans"><p>尽管它继续进行创新，但公司可能开始成熟的一个迹象是其估值。亚马逊股票历史上以较高的市盈率交易，因为它要么遭受损失，要么接受降低盈利能力以将更多资本投资回其业务。因此，习惯于亚马逊以 50 到 120 之间的市盈率交易的投资者，可能会惊讶地发现其盈利倍数已降至约 43。</p>
</div><p>Moreover, that has happened during a period when the company is reaping the benefits of its investments. In the first nine months of 2024, the company's net income was $39 billion, almost twice as much as its profit of $20 billion during the same period last year.</p>
<div class="lb-trans"><p>而且，这一变化发生在公司正在收获其投资成果的时期。在 2024 年前九个月，公司净收入为 390 亿美元，几乎是去年同期 200 亿美元利润的两倍。</p>
</div><p>Analysts believe its net income growth will slow to 20% in 2025. Still, given Amazon's history of high valuations, investors may want to capitalize on today's lower earnings multiple by adding shares.</p>
<div class="lb-trans"><p>分析师认为，其净收入增长将在 2025 年放缓至 20%。尽管如此，考虑到亚马逊高估值的历史，投资者可能希望通过增加持股来利用今天较低的盈利倍数。</p>
</div><h2>Investing in Amazon stock</h2>
<div class="lb-trans"><h2>投资亚马逊股票</h2>
</div><p>Ultimately, instead of viewing Amazon's massive market cap as a reason to treat it as a value stock, investors should continue to buy Amazon for growth.</p>
<div class="lb-trans"><p>最终，投资者不应将亚马逊庞大的市值视为将其视为价值股的理由，而应继续购买亚马逊以追求增长。</p>
</div><p>Despite its overall size, Amazon includes AWS and many comparatively smaller growth businesses that can keep its revenue growth in the double-digit percentages. Moreover, its staggering liquidity and free cash flow should help keep these businesses and any future enterprises it pursues vibrant.</p>
<div class="lb-trans"><p>尽管整体规模庞大，亚马逊包括 AWS 和许多相对较小的增长业务，这些业务可以保持其收入增长在两位数百分比。此外，其惊人的流动性和自由现金流应有助于保持这些业务以及其未来追求的任何企业的活力。</p>
</div><p>Finally, Amazon's valuation has fallen relative to its P/E ratios of the past. With its revenue and earnings growth expected to remain robust, growth investors can likely still beat the market by buying and holding Amazon stock.</p>
<div class="lb-trans"><p>最后，亚马逊的估值相较于过去的市盈率有所下降。随着其收入和盈利增长预计将保持强劲，增长型投资者仍然可以通过购买和持有亚马逊股票来超越市场。</p>
</div>

The Bull Market Keeps Growing: 3 Reasons to Buy Amazon Stock Like There's No Tomorrow

- 亚马逊的市场价值约为 1 万亿美元，投资者对其增长潜力存疑。  
- 尽管在线销售增长缓慢，AWS 和其他业务仍推动公司增长。  
- 亚马逊的流动性和自由现金流强劲，估值相对历史水平下降。  

牛市持续增长：3 个理由让你像没有明天一样购买亚马逊股票