<p>当前的股市调整影响了许多公司，包括 <strong>亚马逊</strong>（AMZN 2.09%）。亚马逊的股价距离历史最高点下跌近 20%，实际上现在的股价是基于市盈率（P/E）计算的历史最低水平。这一关键指标的估值在过去二十年中从未如此之低。这是一个大事件，投资者应该考虑现在买入股票，因为这可能是一个难得的机会，可以在很少打折的股票上获利。</p>
<h2>亚马逊有两个主要业务部门推动其利润增长</h2>
<p>亚马逊的电子商务平台是消费者与公司互动最多的部分。然而，亚马逊还有更多的业务，其其他部门提供了更具吸引力的投资理由。在第四季度，亚马逊的在线商店部门销售额增长了 7%，达到了 756 亿美元，因此它是按收入计算的最大业务部分，但也是增长最慢的部分。此外，电子商务的利润率 notoriously 低，因此可以安全地假设亚马逊并没有从这些销售中获得大量利润。</p>
<p>另外两个部门占据了亚马逊利润的绝大部分：广告和亚马逊网络服务（AWS）。公司在报告利润时将广告归入其商业部门类别，因此投资者无法看到该部门的确切利润率。然而，通过观察其他专注于数字广告的公司与专注于零售的公司，可以安全地假设这对亚马逊来说是一个极其盈利的业务。在第四季度，其广告收入同比增长了 18%，达到了 173 亿美元。虽然这占亚马逊在线商店收入的 23%，如果我们假设在线商店部门的运营利润率与 <strong>沃尔玛</strong>（4.3%）大致相同，而数字广告部门的利润率与 <strong>字母表</strong>（32%）相当，那么我们可以得出结论，在线商店部门的运营利润大约为 32.5 亿美元，而广告部门的运营利润大约为 55.4 亿美元。</p>
<p>确实，这些假设是基于类似业务的利润率（因为亚马逊并未公开所有业务部门的运营利润率），但它们说明了数字广告对亚马逊的重要性。</p>
<p>然而，公司确实公布了 AWS 的运营利润率，而这些利润率远高于其以商业为重点的部门的利润率。</p>
<p>在第四季度，云计算部门的运营利润率为 37%。这远远超过了亚马逊整体的运营利润率 11.3%。此外，全年 AWS 贡献了亚马逊 58% 的运营利润，因此从底线的角度来看，这是公司最重要的业务部门。</p>
<p>投资者应该记住，即使美国进入经济衰退，亚马逊的最大利润驱动部分也不会像其更以消费者为中心的部门那样受到严重影响。在这种情况下，他们可能会更容易为今天购买股票辩护。</p>
<h2>亚马逊从未如此便宜过</h2>
<p>亚马逊的股票现在以 35.5 倍的过去收益交易；它很少如此便宜。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f1c11b50666fdc776f72fe18a88d22dc.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/f1c11b50666fdc776f72fe18a88d22dc.png"/></p>
<p>AMZN 市盈率数据来自 YCharts。</p>
<p>确实，上一次亚马逊的估值如此之低是在 2000 年代中期，当时其业务与今天大相径庭。因此，我认为这次股价下滑提供了一个很好的买入机会，因为从长远来看，AWS 和数字广告可能会推动亚马逊的收益——以及股价——大幅上涨。</p>
<p><strong>斯科舍银行</strong> 的分析师 Nat Schindler 给出了类似的理由，支持他在一月份对亚马逊股票设定的 306 美元的 12 个月目标价。这将比当前价格上涨超过 50%——一个巨大的潜在收益。</p>
<p>虽然我不知道亚马逊的股票今年是否会增长这么多，但我认为 Schindler 在这里的想法总体上是正确的。因此，我认为现在是购买亚马逊股票的绝佳时机。</p>

亚马逊

<p>亚马逊的股票目前比历史最高点下跌近 20%，根据市盈率来看，这是二十年来最便宜的股票之一。尽管其电子商务部门增长缓慢，但亚马逊的广告和 AWS 业务正在推动利润，其中 AWS 贡献了 58% 的营业利润。分析师 Nat Schindler 预测 12 个月的目标价为 306 美元，暗示潜在收益超过 50%。这一股价下跌为投资者提供了一个重要的买入机会</p>

<p>The current stock market correction has affected many companies, including <strong>Amazon</strong>(AMZN 2.09%). Amazon is down nearly 20% from its all-time high, and is actually near the cheapest the stock has ever been based on its price-to-earnings (P/E) ratio. The tech giant's valuation on that key metric hasn't been this low in two decades. This is a big deal, and investors should consider scooping up shares right now, as this could be a golden opportunity to cash in on a stock that's rarely discounted.</p>
<div class="lb-trans"><p>当前的股市调整影响了许多公司，包括 <strong>亚马逊</strong>（AMZN 2.09%）。亚马逊的股价距离历史最高点下跌近 20%，实际上现在的股价是基于市盈率（P/E）计算的历史最低水平。这一关键指标的估值在过去二十年中从未如此之低。这是一个大事件，投资者应该考虑现在买入股票，因为这可能是一个难得的机会，可以在很少打折的股票上获利。</p>
</div><h2>Amazon has two major business units pushing its profits higher</h2>
<div class="lb-trans"><h2>亚马逊有两个主要业务部门推动其利润增长</h2>
</div><p>Amazon's e-commerce platform is the part of the company that most consumers interact with. However, there's a lot more to Amazon, and its other units offer far more compelling reasons to invest. In Q4, Amazon's online stores unit grew sales by 7% to $75.6 billion, so it's the largest part of the business by revenue, but also the slowest-growing one. Furthermore, e-commerce has notoriously low margins, so it's safe to assume that Amazon isn't generating a ton of profit from those sales.</p>
<div class="lb-trans"><p>亚马逊的电子商务平台是消费者与公司互动最多的部分。然而，亚马逊还有更多的业务，其其他部门提供了更具吸引力的投资理由。在第四季度，亚马逊的在线商店部门销售额增长了 7%，达到了 756 亿美元，因此它是按收入计算的最大业务部分，但也是增长最慢的部分。此外，电子商务的利润率 notoriously 低，因此可以安全地假设亚马逊并没有从这些销售中获得大量利润。</p>
</div><p>Two other units account for the lion's share of Amazon's profits: advertising and Amazon Web Services (AWS). The company groups advertising into its commerce division categories when it reports profits, so investors can't see the exact margins this unit is putting up. However, by looking at other companies focused on digital advertising versus those focusing on retail, it's safe to assume that this is an incredibly profitable business for Amazon. In Q4, its advertising revenue rose 18% year over year to $17.3 billion. While that's 23% of the revenue of Amazon's online stores, if we assume that the online stores segment had about the same operating profit margin as <strong>Walmart</strong>(4.3%) and that the digital advertising segment had a margin comparable to that of <strong>Alphabet</strong>(32%), then we'd conclude that online stores segment would have generated about $3.25 billion in operating profits while advertising generated about $5.54 billion.</p>
<div class="lb-trans"><p>另外两个部门占据了亚马逊利润的绝大部分：广告和亚马逊网络服务（AWS）。公司在报告利润时将广告归入其商业部门类别，因此投资者无法看到该部门的确切利润率。然而，通过观察其他专注于数字广告的公司与专注于零售的公司，可以安全地假设这对亚马逊来说是一个极其盈利的业务。在第四季度，其广告收入同比增长了 18%，达到了 173 亿美元。虽然这占亚马逊在线商店收入的 23%，如果我们假设在线商店部门的运营利润率与 <strong>沃尔玛</strong>（4.3%）大致相同，而数字广告部门的利润率与 <strong>字母表</strong>（32%）相当，那么我们可以得出结论，在线商店部门的运营利润大约为 32.5 亿美元，而广告部门的运营利润大约为 55.4 亿美元。</p>
</div><p>True, those are assumptions based on the margins of similar businesses (because Amazon doesn't publicize the operating margins of all of its business units), but they illustrate how important digital advertising is to Amazon.</p>
<div class="lb-trans"><p>确实，这些假设是基于类似业务的利润率（因为亚马逊并未公开所有业务部门的运营利润率），但它们说明了数字广告对亚马逊的重要性。</p>
</div><p>The company, does, however, break out its operating margins for AWS, and they are much higher than the margins of its commerce-focused segments.</p>
<div class="lb-trans"><p>然而，公司确实公布了 AWS 的运营利润率，而这些利润率远高于其以商业为重点的部门的利润率。</p>
</div><p>In Q4, the cloud computing segment had an operating margin of 37%. This far exceeds Amazon's companywide operating margin of 11.3%. Moreover, for the full year, AWS provided 58% of Amazon's operating profits, so from a bottom-line perspective, it's the company's most important business unit.</p>
<div class="lb-trans"><p>在第四季度，云计算部门的运营利润率为 37%。这远远超过了亚马逊整体的运营利润率 11.3%。此外，全年 AWS 贡献了亚马逊 58% 的运营利润，因此从底线的角度来看，这是公司最重要的业务部门。</p>
</div><p>Investors should keep in mind that even if the U.S. enters an economic downturn, the part of Amazon's business that is its biggest profit driver will not be as heavily affected as its more consumer-focused units. In that light, they may find it easier to justify buying the stock today.</p>
<div class="lb-trans"><p>投资者应该记住，即使美国进入经济衰退，亚马逊的最大利润驱动部分也不会像其更以消费者为中心的部门那样受到严重影响。在这种情况下，他们可能会更容易为今天购买股票辩护。</p>
</div><h2>Amazon has never been this cheap before</h2>
<div class="lb-trans"><h2>亚马逊从未如此便宜过</h2>
</div><p>Amazon's stock now trades at 35.5 times trailing earnings; it has seldom been this cheap.</p>
<div class="lb-trans"><p>亚马逊的股票现在以 35.5 倍的过去收益交易；它很少如此便宜。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f1c11b50666fdc776f72fe18a88d22dc.png" alt="" original-src="https://media.ycharts.com/charts/f1c11b50666fdc776f72fe18a88d22dc.png"/></p>
<p>AMZN PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>AMZN 市盈率数据来自 YCharts。</p>
</div><p>Indeed, the last time Amazon's valuation was this low was in the mid-2000s, when its business looked far different from what it looks like today. As a result, I think this share price slide presents a great buying opportunity, as in the longer term, AWS and digital advertising are likely to push Amazon's earnings -- and the stock price -- much higher.</p>
<div class="lb-trans"><p>确实，上一次亚马逊的估值如此之低是在 2000 年代中期，当时其业务与今天大相径庭。因此，我认为这次股价下滑提供了一个很好的买入机会，因为从长远来看，AWS 和数字广告可能会推动亚马逊的收益——以及股价——大幅上涨。</p>
</div><p>Analyst Nat Schindler at <strong>Scotiabank</strong> gave similar reasons to support the $306 12-month price target he put on Amazon's stock in January. That would amount to a rise of more than 50% from the current price -- a massive potential gain.</p>
<div class="lb-trans"><p><strong>斯科舍银行</strong> 的分析师 Nat Schindler 给出了类似的理由，支持他在一月份对亚马逊股票设定的 306 美元的 12 个月目标价。这将比当前价格上涨超过 50%——一个巨大的潜在收益。</p>
</div><p>While I don't know if Amazon's stock will grow that much this year, I think Schindler generally has the right idea here. As a result, I think right now would be an excellent time to buy Amazon stock.</p>
<div class="lb-trans"><p>虽然我不知道亚马逊的股票今年是否会增长这么多，但我认为 Schindler 在这里的想法总体上是正确的。因此，我认为现在是购买亚马逊股票的绝佳时机。</p>
</div>

Amazon's Stock Has Rarely Been This Cheap. Here's Why 1 Analyst Thinks It Could Soar by More Than 50%.

- 亚马逊股价下跌近 20%，市盈率处于 20 年来的低点。  
- 广告和 AWS 是亚马逊主要利润来源，Q4 广告收入增长 18%。  
- 分析师预测亚马逊股价有 50% 的上涨潜力，当前是买入良机。

亚马逊的股票很少有这么便宜的时候。以下是一位分析师认为它可能上涨超过 50% 的原因