<p><strong>亚马逊</strong>(AMZN -1.95%) 在周四市场收盘后公布了 2025 年第一季度的业绩。它超出了华尔街对 2025 年第一季度的盈利预期。这家电子商务和云服务巨头达到了分析师对第一季度收入的预期，收入高达 1557 亿美元。</p>
<p>但对关税影响的担忧如同乌云笼罩在公司头顶。然而，我认为投资者不必为亚马逊的关税影响而担忧。以下是该股票为何仍然是一个毫无疑问的买入机会的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NzUvYW1hem9uLWZsZXgtZHJpdmVyLWRlbGl2ZXJpbmctcGFja2FnZS10by1kb29yLXN0ZXAucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NzUvYW1hem9uLWZsZXgtZHJpdmVyLWRlbGl2ZXJpbmctcGFja2FnZS10by1kb29yLXN0ZXAucG5nJnc9NzAw"/></p>
<p>图片来源：亚马逊。</p>
<h2>亚马逊如何应对关税</h2>
<p>亚马逊首席执行官安迪·贾西在公司第一季度的财报电话会议上坦言，关税相关的不确定性相当大。他表示：“现在很难判断关税会发生什么。很难判断它们会在何时以及如何解决。”</p>
<p>不过，到目前为止，好消息是亚马逊并没有看到需求减弱。平均售价也尚未显著上涨。贾西指出，公司观察到某些产品类别的购买量有所增加，这可能暗示消费者正在提前囤货以应对关税。</p>
<p>那么，亚马逊迄今为止对关税采取了什么措施？贾西表示，公司进行了 “一些前期采购”，与其第一方销售相关。他还提到，一些亚马逊的第三方卖家在关税实施之前提前进口了产品。</p>
<p>更重要的是，贾西表示，亚马逊在特朗普政府的关税宣布之前就已经开始采取措施。他说：“我们在很长一段时间内一直在多元化我们的生产地点。”</p>
<p>贾西认为，亚马逊庞大的产品选择也可能在一定程度上帮助公司抵御关税的负面影响。他辩称，亚马逊 “往往能够比其他公司更好地应对挑战性条件。”</p>
<p>贾西提到了公司在 COVID-19 大流行期间的经验，指出：“考虑到我们非常广泛的选择、低价格和快速交付，我们在这些不确定时期的市场份额相对增加，未来的布局也更好。我乐观地认为这可能会再次发生。”</p>
<h2>关注未来</h2>
<p>我认为投资者应该与贾西一样关注未来。有几个理由让人对亚马逊的前景感到乐观。</p>
<p>首先，公司继续改善其成本结构。它正在增加当日送达的站点，并扩展其农村配送网络。亚马逊在其设施中投入更多的机器人和自动化设备。公司正在优化库存布局。这些举措应该会提升未来的利润。</p>
<p>广告是亚马逊的另一个亮点。第一季度广告收入同比飙升 19%，达到 139 亿美元。公司相信在扩展广告产品方面有显著的增长机会。</p>
<p>就在几天前，亚马逊发射了其库伊珀计划的第一颗卫星。更多卫星将在 2025 年发射，目标是在今年晚些时候为客户提供全球互联网服务。公司的 Zoox 自动驾驶出租车业务正在洛杉矶进行测试，这是其第六个地点。</p>
<p>不过，亚马逊最重要的增长驱动力是亚马逊网络服务（AWS）。贾西多次强调，全球 IT 支出的 85% 以上仍然是在本地而非云端。他预计这一数字将在未来 10 到 20 年内发生翻转。得益于人工智能（AI），AWS 可能会成为一个比最初预测更大的业务。</p>
<p>一些人可能会指出其他主要云服务提供商的增长速度超过 AWS。然而，贾西辩称，AWS 在技术基础设施方面的基础 “显著大于其他公司”。他补充道：“因此，如果你考虑 1170 亿美元的收入年增长率为 17%，仍然是相当显著的增长。”</p>
<h2>仍然是一个毫无疑问的买入机会</h2>
<p>尽管最近几周有所反弹，亚马逊的股价仍比之前的高点低超过 20%。这样的抛售在过去为长期投资者提供了有吸引力的买入机会。</p>
<p>重要的是，亚马逊的估值在今年的回调之前就已经相对吸引人。该股票目前的市盈率为 31，是 16 年来的最低水平。</p>
<p>亚马逊在全球三个最大的增长市场中处于领先地位：电子商务、云计算和人工智能。它还在其他潜在的高增长领域扩展，包括医疗保健和自动驾驶出租车。</p>
<p>当然，关税可能在短期内对亚马逊的业务造成压力。但对于长期投资者来说，这只股票仍然是一个毫无疑问的买入机会。</p>

亚马逊

<p>亚马逊（AMZN）公布了强劲的 2025 年第一季度业绩，营收达到 1557 亿美元，超出盈利预期。尽管对关税的担忧存在，首席执行官安迪·贾西指出需求没有显著减弱，并强调了前瞻性采购和多元化生产等积极措施。亚马逊的成本结构改善、广告增长以及 AWS 的潜力使其在未来具备良好定位。尽管股票目前较峰值下跌超过 20%，但其市盈率处于 16 年来的低点，使其成为长期投资者的吸引力选择，尽管短期内受到关税影响</p>

<p><strong>Amazon</strong>(AMZN -1.95%) announced its 2025 first-quarter results following the market close on Thursday. It beat Wall Street's earnings estimates for the first quarter of 2025. The e-commerce and cloud services giant met analysts' Q1 revenue expectations, raking in a whopping $155.7 billion.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN -1.95%) 在周四市场收盘后公布了 2025 年第一季度的业绩。它超出了华尔街对 2025 年第一季度的盈利预期。这家电子商务和云服务巨头达到了分析师对第一季度收入的预期，收入高达 1557 亿美元。</p>
</div><p>But worries about the impact of tariffs hover like a dark cloud above the company's head. However, I don't think investors should sweat Amazon's tariff impact. Here's why the stock remains a no-brainer buy.</p>
<div class="lb-trans"><p>但对关税影响的担忧如同乌云笼罩在公司头顶。然而，我认为投资者不必为亚马逊的关税影响而担忧。以下是该股票为何仍然是一个毫无疑问的买入机会的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5NzUvYW1hem9uLWZsZXgtZHJpdmVyLWRlbGl2ZXJpbmctcGFja2FnZS10by1kb29yLXN0ZXAucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816975%2Famazon-flex-driver-delivering-package-to-door-step.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Amazon.</p>
<div class="lb-trans"><p>图片来源：亚马逊。</p>
</div><h2>How Amazon is handling tariffs</h2>
<div class="lb-trans"><h2>亚马逊如何应对关税</h2>
</div><p>Amazon CEO Andy Jassy readily admitted during his company's Q1 earnings call that there's significant uncertainty related to tariffs. He said, &#34;It's hard to tell what's going to happen with tariffs right now. It's hard to tell where they're going to settle and when they're going to settle.&#34;</p>
<div class="lb-trans"><p>亚马逊首席执行官安迪·贾西在公司第一季度的财报电话会议上坦言，关税相关的不确定性相当大。他表示：“现在很难判断关税会发生什么。很难判断它们会在何时以及如何解决。”</p>
</div><p>The good news so far, though, is that Amazon hasn't seen any weakening in demand. It hasn't seen average selling prices rise significantly yet, either. Jassy noted that the company has observed some increased buying in certain product categories that could hint that consumers are stocking up to get ahead of tariffs.</p>
<div class="lb-trans"><p>不过，到目前为止，好消息是亚马逊并没有看到需求减弱。平均售价也尚未显著上涨。贾西指出，公司观察到某些产品类别的购买量有所增加，这可能暗示消费者正在提前囤货以应对关税。</p>
</div><p>What has Amazon done about tariffs to date? Jassy said the company did &#34;some forward buying&#34; with its first-party selling. He also mentioned that some of Amazon's third-party sellers have imported products in advance of tariffs being implemented.</p>
<div class="lb-trans"><p>那么，亚马逊迄今为止对关税采取了什么措施？贾西表示，公司进行了 “一些前期采购”，与其第一方销售相关。他还提到，一些亚马逊的第三方卖家在关税实施之前提前进口了产品。</p>
</div><p>More importantly, though, is what Amazon has been doing even before the Trump administration's tariffs were announced. Jassy said, &#34;[W] e have been diversifying where we produce things over a long period of time.&#34;</p>
<div class="lb-trans"><p>更重要的是，贾西表示，亚马逊在特朗普政府的关税宣布之前就已经开始采取措施。他说：“我们在很长一段时间内一直在多元化我们的生产地点。”</p>
</div><p>Amazon's massive selection of products could also help insulate the company to some extent from the negative effects of tariffs as well, according to Jassy. He argued that Amazon is &#34;often able to weather challenging conditions better than others.&#34;</p>
<div class="lb-trans"><p>贾西认为，亚马逊庞大的产品选择也可能在一定程度上帮助公司抵御关税的负面影响。他辩称，亚马逊 “往往能够比其他公司更好地应对挑战性条件。”</p>
</div><p>Jassy pointed to the company's experience in the COVID-19 pandemic, noting, &#34;Given our really broad selection, low pricing, and speedy delivery, we have emerged from these uncertain eras with more relative market segment share than we started and better set up for the future. I'm optimistic this could happen again.&#34;</p>
<div class="lb-trans"><p>贾西提到了公司在 COVID-19 大流行期间的经验，指出：“考虑到我们非常广泛的选择、低价格和快速交付，我们在这些不确定时期的市场份额相对增加，未来的布局也更好。我乐观地认为这可能会再次发生。”</p>
</div><h2>Focusing on the future</h2>
<div class="lb-trans"><h2>关注未来</h2>
</div><p>I think investors should share Jassy's focus on the future. And there are several reasons to be upbeat about Amazon's prospects.</p>
<div class="lb-trans"><p>我认为投资者应该与贾西一样关注未来。有几个理由让人对亚马逊的前景感到乐观。</p>
</div><p>For one thing, the company continues to improve its cost structure. It's increasing same-day delivery sites and building out its rural delivery network. Amazon is putting more robots and automation into its facilities. The company is optimizing inventory placement. These initiatives should boost profits going forward.</p>
<div class="lb-trans"><p>首先，公司继续改善其成本结构。它正在增加当日送达的站点，并扩展其农村配送网络。亚马逊在其设施中投入更多的机器人和自动化设备。公司正在优化库存布局。这些举措应该会提升未来的利润。</p>
</div><p>Advertising is another bright spot for Amazon. Ad revenue soared 19% year over year in Q1 to $13.9 billion. The company believes it has significant growth opportunities ahead from expanding its advertising offerings.</p>
<div class="lb-trans"><p>广告是亚马逊的另一个亮点。第一季度广告收入同比飙升 19%，达到 139 亿美元。公司相信在扩展广告产品方面有显著的增长机会。</p>
</div><p>Only a few days ago, Amazon launched the first of its Project Kuiper satellites. More satellites will be put into orbit throughout 2025 with the goal to offer global internet service to customers later this year. The company's Zoox autonomous ride-hailing business is starting testing in Los Angeles, its sixth location.</p>
<div class="lb-trans"><p>就在几天前，亚马逊发射了其库伊珀计划的第一颗卫星。更多卫星将在 2025 年发射，目标是在今年晚些时候为客户提供全球互联网服务。公司的 Zoox 自动驾驶出租车业务正在洛杉矶进行测试，这是其第六个地点。</p>
</div><p>The most important growth driver for Amazon, though, is Amazon Web Services (AWS). Jassy, as he has several times in the past, stressed that over 85% of global IT spending is still on premises rather than in the cloud. He expects the numbers to flip in the next 10 to 20 years. Thanks to artificial intelligence (AI), AWS could become an even bigger business than originally predicted.</p>
<div class="lb-trans"><p>不过，亚马逊最重要的增长驱动力是亚马逊网络服务（AWS）。贾西多次强调，全球 IT 支出的 85% 以上仍然是在本地而非云端。他预计这一数字将在未来 10 到 20 年内发生翻转。得益于人工智能（AI），AWS 可能会成为一个比最初预测更大的业务。</p>
</div><p>Some might point to other major cloud service providers delivering stronger growth than AWS. However, Jassy argued that AWS has &#34;a meaningfully larger base on the technology infrastructure side than others.&#34; He added, &#34;And so it's still -- if you think about 17% year-over-year growth on a $117 billion revenue run rate, still pretty significant growth.&#34;</p>
<div class="lb-trans"><p>一些人可能会指出其他主要云服务提供商的增长速度超过 AWS。然而，贾西辩称，AWS 在技术基础设施方面的基础 “显著大于其他公司”。他补充道：“因此，如果你考虑 1170 亿美元的收入年增长率为 17%，仍然是相当显著的增长。”</p>
</div><h2>Still a no-brainer buy</h2>
<div class="lb-trans"><h2>仍然是一个毫无疑问的买入机会</h2>
</div><p>Amazon's shares are still down more than 20% below the previous high despite a rebound in recent weeks. Such sell-offs have presented attractive buying opportunities for long-term investors in the past.</p>
<div class="lb-trans"><p>尽管最近几周有所反弹，亚马逊的股价仍比之前的高点低超过 20%。这样的抛售在过去为长期投资者提供了有吸引力的买入机会。</p>
</div><p>Importantly, Amazon's valuation was already looking appealing compared to its historical range before this year's pullback. The stock now trades at a price-to-earnings ratio of 31 -- the lowest level in 16 years.</p>
<div class="lb-trans"><p>重要的是，亚马逊的估值在今年的回调之前就已经相对吸引人。该股票目前的市盈率为 31，是 16 年来的最低水平。</p>
</div><p>Amazon is a leader in three of the biggest growth markets on the planet: e-commerce, cloud computing, and AI. It's expanding in other potential high-growth areas as well, including healthcare and robotaxis.</p>
<div class="lb-trans"><p>亚马逊在全球三个最大的增长市场中处于领先地位：电子商务、云计算和人工智能。它还在其他潜在的高增长领域扩展，包括医疗保健和自动驾驶出租车。</p>
</div><p>Sure, tariffs could weigh on Amazon's business over the near term. But this stock is still a no-brainer buy for long-term investors.</p>
<div class="lb-trans"><p>当然，关税可能在短期内对亚马逊的业务造成压力。但对于长期投资者来说，这只股票仍然是一个毫无疑问的买入机会。</p>
</div>

Don't Sweat Amazon's Tariff Impact. Here's Why the Stock Remains a No-Brainer Buy.

- 亚马逊公布 2025 年第一季度财报，营收达 1557 亿美元，超出预期。  
- CEO 安迪·贾西表示，尽管关税存在不确定性，但需求未减，且公司已提前采购。  
- 亚马逊在电商、云计算和人工智能等领域持续扩张，股票仍被视为长期投资的良机。

无需担心亚马逊的关税影响。以下是该股票仍然是一个显而易见的买入选择的原因