<p>有什么比在 <strong>亚马逊</strong>(AMZN -1.01%) 上进行一次大促销更好的呢？那就是公司的股票正在打折。</p>
<p>亚马逊在最近的市场抛售中受到影响，截至目前，该电商巨头的股价已从高点下跌近 30%。</p>
<p>让我们来看一下投资者为何应该考虑在此时买入的三个理由。</p>
<h2>股票估值处于多年来的最低点</h2>
<p>亚马逊的股票不仅从高点回落，而且其估值也处于历史最低水平之一。目前，该股票的市盈率（P/E）为 31，前瞻市盈率为 27。</p>
<p>为了更好地理解这一点，在过去 10 年中，亚马逊的平均市盈率为 137，三年的平均市盈率接近 84。这部分是由于投资期间盈利转为负数。然而，当其产生盈利时，市盈率往往超过 50 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d876034b841238d7b61ac7cab98e0dcd.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/d876034b841238d7b61ac7cab98e0dcd.png"/></p>
<p>AMZN 市盈率（前瞻）数据来自 YCharts。</p>
<p>尽管关税的影响带来了一些不确定性，并可能影响其业绩，但这仍然是以如此低的估值购买亚马逊股票的罕见机会。不要让短期噪音遮蔽了股票的长期机会。</p>
<h2>亚马逊在投资周期后蓬勃发展</h2>
<p>亚马逊从不吝啬于花费资金来投资和发展其业务。这种激进的支出帮助公司从一个在线书商转变为全球最大的电子商务市场和物流公司。</p>
<p>这也帮助其创建了基础设施即服务模型，并成为全球最大的云计算公司。</p>
<p>在这些投资期间，投资者和分析师常常质疑其支出。然而，这种支出始终在长期内惠及公司及其股东，尽管在短期内可能会影响利润。<strong>高盛</strong> 分析师在 2017 年强调了这一趋势，指出在过去的大规模亚马逊投资周期中，股票在公司增加资本支出（capex）预算后表现优于市场。</p>
<p>如今，亚马逊正在大力投资人工智能（AI）及其所需的数据中心基础设施。到 2025 年，它计划在 AI 数据中心投资 1000 亿美元，以满足日益增长的客户对 AI 工作负载的需求。去年，它在资本支出上花费了 830 亿美元，其中第四季度为 278 亿美元。</p>
<p>在给股东的年度信中，亚马逊称 AI 为 “我们所知的一切的千载难逢的重塑”，并表示 “需求与我们之前见过的任何东西都不同。” 它表示，客户和股东都将从其激进的支出中受益。它还强调了其投资的长期有效性以及它们所产生的有吸引力的长期自由现金流和投资资本回报率（ROIC）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTUwOTAvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTUwOTAvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>两个市场领先的业务</h2>
<p>通过投资亚马逊，投资者获得了两个市场领先的业务。该公司仍然是全球最大的电子商务和物流公司。这个业务仍然是一个稳健的低双位数收入增长业务，但它正在看到强劲的运营杠杆。这帮助其北美和国际业务的合并运营收入在上个季度飙升了 74%。</p>
<p>这种运营杠杆是由 AI 和其高利润广告业务的结合驱动的。通过 AI，它能够创建更高效的司机路线，并使用 AI 机器人在发货前识别损坏的物品，从而节省退货成本。它还利用 AI 帮助保持热门商品的库存，并识别常被退货的商品，在客户购买之前提醒他们。</p>
<p>与此同时，该公司在其赞助广告业务上也看到了强劲的增长。上个季度，其广告服务收入增长了 18%，达到了 173 亿美元，这得益于其亚马逊营销云，广告商可以利用该平台分析数据以创建更好的营销活动。该公司已将其广告业务发展成为全球第三大数字广告商。</p>
<p>不过，亚马逊盈利能力最高的业务是其亚马逊网络服务（AWS）云计算业务。这也是其增长最快的业务，上个季度收入增长了 19%。AWS 受益于客户在其平台上运行 AI 工作负载。它还看到由其 AI 服务（如 Bedrock 和 SageMaker）驱动的增长，这些服务可以帮助客户开发自己的 AI 模型和应用程序。Bedrock 提供客户可以用作起点的基础模型，而 SageMaker 则提供更全面的解决方案。</p>
<p>亚马逊还通过其 Annapurna Labs 子公司开发了自己的定制 AI 芯片。这些芯片可以提供更好的性能并消耗更少的电力，相比于图形处理单元（GPU），帮助亚马逊获得成本优势。</p>
<p>尽管关税可能对其业务造成一些短期干扰，但这两个市场领先的业务使亚马逊成为一个优秀的长期投资。</p>

亚马逊

<p>亚马逊的股票从高点下跌了近 30%，这为投资者提供了潜在的买入机会。该股票目前的交易估值是多年来的最低水平，市盈率为 31，而 10 年的平均市盈率为 137。亚马逊在人工智能和基础设施方面的积极投资预计将推动长期增长，计划到 2025 年在人工智能数据中心投资 1000 亿美元。尽管短期市场波动，该公司在电子商务和云计算领域仍然保持领先地位，两个领域的收入增长强劲，使其成为一个引人注目的长期投资</p>

<p>What's better than a good sale on <strong>Amazon</strong>(AMZN -1.01%)? How about the company's stock being on sale?</p>
<div class="lb-trans"><p>有什么比在 <strong>亚马逊</strong>(AMZN -1.01%) 上进行一次大促销更好的呢？那就是公司的股票正在打折。</p>
</div><p>Amazon has been caught in the recent market sell-off, with the e-commerce behemoth's shares down nearly 30% off its highs as of this writing.</p>
<div class="lb-trans"><p>亚马逊在最近的市场抛售中受到影响，截至目前，该电商巨头的股价已从高点下跌近 30%。</p>
</div><p>Let's look at three reasons why investors should consider buying the dip.</p>
<div class="lb-trans"><p>让我们来看一下投资者为何应该考虑在此时买入的三个理由。</p>
</div><h2>The stock's cheapest valuation in years</h2>
<div class="lb-trans"><h2>股票估值处于多年来的最低点</h2>
</div><p>Amazon's stock is not only off its highs, it is also trading at one of the cheapest valuations in its history. The stock currently has a trailing price-to-earnings (P/E) ratio of 31 and a forward P/E of 27.</p>
<div class="lb-trans"><p>亚马逊的股票不仅从高点回落，而且其估值也处于历史最低水平之一。目前，该股票的市盈率（P/E）为 31，前瞻市盈率为 27。</p>
</div><p>To put that in perspective, over the past 10 years, Amazon has had an average trailing P/E of 137, and its three-year average is nearly 84. Some of this is due to periods of investments where earnings have turned negative. However, when it has been generating earnings, its trailing P/E has often been above 50 times.</p>
<div class="lb-trans"><p>为了更好地理解这一点，在过去 10 年中，亚马逊的平均市盈率为 137，三年的平均市盈率接近 84。这部分是由于投资期间盈利转为负数。然而，当其产生盈利时，市盈率往往超过 50 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d876034b841238d7b61ac7cab98e0dcd.png" alt="" original-src="https://media.ycharts.com/charts/d876034b841238d7b61ac7cab98e0dcd.png"/></p>
<p>AMZN PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>AMZN 市盈率（前瞻）数据来自 YCharts。</p>
</div><p>While the effect of tariffs creates some uncertainty and could affect its results, this is still a rare opportunity to buy Amazon's stock at a valuation this low. Don't let the short-term noise cloud the long-term opportunity in the stock.</p>
<div class="lb-trans"><p>尽管关税的影响带来了一些不确定性，并可能影响其业绩，但这仍然是以如此低的估值购买亚马逊股票的罕见机会。不要让短期噪音遮蔽了股票的长期机会。</p>
</div><h2>Amazon thrives following investment periods</h2>
<div class="lb-trans"><h2>亚马逊在投资周期后蓬勃发展</h2>
</div><p>Amazon has never been shy about spending to invest and grow its business. This aggressive spending helped transform the company from an online book seller into the largest e-commerce marketplace and logistics company in the world.</p>
<div class="lb-trans"><p>亚马逊从不吝啬于花费资金来投资和发展其业务。这种激进的支出帮助公司从一个在线书商转变为全球最大的电子商务市场和物流公司。</p>
</div><p>It also helped it create the infrastructure-as-a-service model and become the largest cloud computing company on the planet.</p>
<div class="lb-trans"><p>这也帮助其创建了基础设施即服务模型，并成为全球最大的云计算公司。</p>
</div><p>During these investment periods, investors and analysts would often question its spending. However, this spending has always benefited the company and its shareholders over the long run, even while it may have hurt profits in the near term. <strong>Goldman Sachs</strong> analysts highlighted this trend in 2017, noting that during past large Amazon investment cycles, the stock outperformed after the company increased its capital expenditure (capex) budget.</p>
<div class="lb-trans"><p>在这些投资期间，投资者和分析师常常质疑其支出。然而，这种支出始终在长期内惠及公司及其股东，尽管在短期内可能会影响利润。<strong>高盛</strong> 分析师在 2017 年强调了这一趋势，指出在过去的大规模亚马逊投资周期中，股票在公司增加资本支出（capex）预算后表现优于市场。</p>
</div><p>Today, Amazon is investing big in artificial intelligence (AI) and the data center infrastructure needed to support it. In 2025, it plans to invest $100 billion in AI data centers to meet growing customer demand for AI workloads. Last year, it spent $83 billion in capex, including $27.8 billion in the fourth quarter.</p>
<div class="lb-trans"><p>如今，亚马逊正在大力投资人工智能（AI）及其所需的数据中心基础设施。到 2025 年，它计划在 AI 数据中心投资 1000 亿美元，以满足日益增长的客户对 AI 工作负载的需求。去年，它在资本支出上花费了 830 亿美元，其中第四季度为 278 亿美元。</p>
</div><p>In its annual letter to shareholders, Amazon called AI &#34;a once-in-a-lifetime reinvention of everything we know,&#34; and said that &#34;the demand is unlike anything we've seen before.&#34; It said that both its customers and shareholders will benefit from its aggressive spending. It also highlighted the long useful lives of its investments and the attractive long-term free cash flow and return on invested capital (ROIC) they generate.</p>
<div class="lb-trans"><p>在给股东的年度信中，亚马逊称 AI 为 “我们所知的一切的千载难逢的重塑”，并表示 “需求与我们之前见过的任何东西都不同。” 它表示，客户和股东都将从其激进的支出中受益。它还强调了其投资的长期有效性以及它们所产生的有吸引力的长期自由现金流和投资资本回报率（ROIC）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTUwOTAvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F815090%2Fgettyimages-1809660148.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Two market-leading businesses</h2>
<div class="lb-trans"><h2>两个市场领先的业务</h2>
</div><p>With an investment in Amazon, investors are getting two market-leading businesses. The company remains the largest e-commerce and logistics company in the world. This business remains a solid low double-digit revenue growth business, but it's seeing strong operating leverage. This helped its combined North American and International segment operating income to soar 74% last quarter.</p>
<div class="lb-trans"><p>通过投资亚马逊，投资者获得了两个市场领先的业务。该公司仍然是全球最大的电子商务和物流公司。这个业务仍然是一个稳健的低双位数收入增长业务，但它正在看到强劲的运营杠杆。这帮助其北美和国际业务的合并运营收入在上个季度飙升了 74%。</p>
</div><p>This operating leverage is being driven by a combination of AI and its higher-margin ad business. With AI, it's been able to create more efficient driver routes and use AI robots to identify damaged items before they ship, saving on the costs of returns. It's also using AI to help keep popular items in stock and to identify items that are commonly returned, alerting customers before they purchase them.</p>
<div class="lb-trans"><p>这种运营杠杆是由 AI 和其高利润广告业务的结合驱动的。通过 AI，它能够创建更高效的司机路线，并使用 AI 机器人在发货前识别损坏的物品，从而节省退货成本。它还利用 AI 帮助保持热门商品的库存，并识别常被退货的商品，在客户购买之前提醒他们。</p>
</div><p>Meanwhile, the company has been seeing strong growth with its sponsored-ad business. Last quarter, its advertising services revenue climbed 18% to $17.3 billion, helped by its Amazon Marketing Cloud, which lets advertisers analyze data to create better marketing campaigns. The company has grown its advertising business to become the third-largest digital advertiser in the world.</p>
<div class="lb-trans"><p>与此同时，该公司在其赞助广告业务上也看到了强劲的增长。上个季度，其广告服务收入增长了 18%，达到了 173 亿美元，这得益于其亚马逊营销云，广告商可以利用该平台分析数据以创建更好的营销活动。该公司已将其广告业务发展成为全球第三大数字广告商。</p>
</div><p>Amazon's biggest business by profitability, though, is its Amazon Web Services (AWS) cloud computing business. It's also its fastest-growing business, growing revenue by 19% last quarter. AWS is benefiting from customers running their AI workloads on its platform. It's also seeing growth driven by its AI services, such as Bedrock and SageMaker, which can help customers develop their own AI models and apps. Bedrock provides foundation models that customers can use as a starting point, while SageMaker offers a more end-to-end solution.</p>
<div class="lb-trans"><p>不过，亚马逊盈利能力最高的业务是其亚马逊网络服务（AWS）云计算业务。这也是其增长最快的业务，上个季度收入增长了 19%。AWS 受益于客户在其平台上运行 AI 工作负载。它还看到由其 AI 服务（如 Bedrock 和 SageMaker）驱动的增长，这些服务可以帮助客户开发自己的 AI 模型和应用程序。Bedrock 提供客户可以用作起点的基础模型，而 SageMaker 则提供更全面的解决方案。</p>
</div><p>Amazon has also developed its own custom AI chips through its Annapurna Labs subsidiary. These chips can provide better performance and consume less power than graphics processing units (GPUs), helping give Amazon a cost advantage.</p>
<div class="lb-trans"><p>亚马逊还通过其 Annapurna Labs 子公司开发了自己的定制 AI 芯片。这些芯片可以提供更好的性能并消耗更少的电力，相比于图形处理单元（GPU），帮助亚马逊获得成本优势。</p>
</div><p>While there could be some near-term disruption to its business from tariffs, these two market-leading businesses make Amazon a great long-term investment.</p>
<div class="lb-trans"><p>尽管关税可能对其业务造成一些短期干扰，但这两个市场领先的业务使亚马逊成为一个优秀的长期投资。</p>
</div>

Amazon Stock Sell-Off: Should You Buy the Dip?

- 亚马逊股价下跌近 30%，当前估值处于历史低位。  
- 公司在人工智能和基础设施方面大举投资，预计 2025 年投入 1000 亿美元。  
- 亚马逊的电商和云计算业务持续增长，广告收入也显著上升。  

亚马逊股票遭抛售：你是否应该趁低买入？