<p><strong>亚马逊</strong>（AMZN 1.34%）拥有一个令人惊叹且强大的业务，使其能够为股东在多年来创造出丰厚的回报。虽然它以在线市场而闻名，但公司的业务远不止于此。亚马逊不断寻找创新和扩展增长前景的方法，这也是它成为当今世界上最有价值公司的关键原因之一。</p>
<p>得益于这些努力，未来该业务仍有很大的上行空间。特别是当你查看一个具体的统计数据时，这应该会给投资者带来希望，表明该业务在未来将变得更大、更有价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc4MjgvaW52ZXN0b3ItYXQtaG9tZS1sb29raW5nLWF0LW11bHRpcGxlLWNoYXJ0cy5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc4MjgvaW52ZXN0b3ItYXQtaG9tZS1sb29raW5nLWF0LW11bHRpcGxlLWNoYXJ0cy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>亚马逊网络服务的运营利润在短短五个季度内飙升 61%</h2>
<p>亚马逊的大部分收入来自其在线市场。但在整体盈利能力方面，公司的云业务——亚马逊网络服务（AWS）是推动力。以下是其主要业务部门的运营收入细分：</p>
<table>
<thead>
<tr>
<th>部门</th>
<th>运营收入</th>
<th>占总收入的百分比</th>
</tr>
</thead>
<tbody>
<tr>
<td>北美</td>
<td>$5,841</td>
<td>31.7%</td>
</tr>
<tr>
<td>国际</td>
<td>$1,017</td>
<td>5.5%</td>
</tr>
<tr>
<td>AWS</td>
<td>$11,547</td>
<td>62.7%</td>
</tr>
</tbody>
</table>
<p>来源：公司文件。表格由作者制作。数据单位为百万。</p>
<p>对成长型投资者来说，令人鼓舞的是，AWS 不仅是公司的一大盈利来源，而且也是一个关键的增长领域。公司在科技和人工智能（AI）方面的投资不断增加，这导致对云存储和升级基础设施的需求更大。</p>
<p>在过去的五个季度中，AWS 的收入增长了 21%，达到了 293 亿美元。但更令人印象深刻的是，AWS 的运营收入在同一时期内以更快的速度增长了 61%。AWS 的利润率正在改善，随着公司在 AI 方面的重金投资，未来如果利润率进一步提升也不足为奇。</p>
<h2>亚马逊的股票可能看起来比现在更便宜</h2>
<p>历史上，由于亚马逊的长期潜力，投资者通常为其股票支付高溢价。下面的图表帮助说明了这只科技股在市盈率方面的折扣程度。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8f2e023bfe2b5242dc47b080e9044728.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/8f2e023bfe2b5242dc47b080e9044728.png"/></p>
<p>AMZN 市盈率数据来源于 YCharts</p>
<p>虽然由于 2022 年通货膨胀对经济状况和消费者支出的影响，其平均水平有些偏差，但看到该股票的交易市盈率超过 60 甚至 70 倍并不罕见。</p>
<h2>现在的亚马逊看起来是个稳赚不赔的买入机会</h2>
<p>尽管亚马逊的市值已经达到 2.2 万亿美元，估值相当可观，但随着 AWS 继续成为公司增长的引擎，股票仍然有相当大的上行空间。以低于 35 的市盈率购买亚马逊股票似乎是个便宜的交易，特别是考虑到 AWS 的势头、未来更多的增长潜力，以及那些强劲的利润率将有助于亚马逊未来的底线。</p>
<p>截至目前，亚马逊的股票已下跌超过 5%，在 2025 年看起来并不是一个很好的买入机会。但这在很大程度上与整体经济的担忧和关税的不确定性有关，而与亚马逊的业务关系不大，后者仍然看起来稳健——在过去 12 个月中，公司产生了近 210 亿美元的自由现金流。</p>
<p>凭借多样化的业务、强劲的利润率以及未来增长的众多机会，这是一只可以长期持有的安全股票。</p>

亚马逊

<p>亚马逊强大的商业模式，特别是其云计算部门 AWS，展现了令人印象深刻的增长，运营收入在五个季度内增长了 61%。尽管市值达到 2.2 万亿美元，市盈率低于 35，亚马逊的股票似乎被低估，尤其是随着 AWS 持续推动盈利能力。今年迄今为止，股价下跌超过 5%，但公司的多元化业务和强劲的利润率表明，它仍然是一个稳健的长期投资机会</p>

<p><strong>Amazon</strong>(AMZN 1.34%) has an amazing and robust business that has enabled it to generate fantastic returns over the years for its shareholders. While it's best known for its online marketplace, the company's operations are far broader than that. Amazon has continually found ways to innovate and expand its growth prospects, which is a key reason it's one of the most valuable companies in the world today.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>（AMZN 1.34%）拥有一个令人惊叹且强大的业务，使其能够为股东在多年来创造出丰厚的回报。虽然它以在线市场而闻名，但公司的业务远不止于此。亚马逊不断寻找创新和扩展增长前景的方法，这也是它成为当今世界上最有价值公司的关键原因之一。</p>
</div><p>Thanks to those efforts, there is still a lot of upside for the business in the future. That's particularly evident when you look at one specific statistic, which should give investors plenty of hope that the business will be even bigger and more valuable in the future.</p>
<div class="lb-trans"><p>得益于这些努力，未来该业务仍有很大的上行空间。特别是当你查看一个具体的统计数据时，这应该会给投资者带来希望，表明该业务在未来将变得更大、更有价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc4MjgvaW52ZXN0b3ItYXQtaG9tZS1sb29raW5nLWF0LW11bHRpcGxlLWNoYXJ0cy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817828%2Finvestor-at-home-looking-at-multiple-charts.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>Amazon Web Services' operating profits have soared 61% in just five quarters</h2>
<div class="lb-trans"><h2>亚马逊网络服务的运营利润在短短五个季度内飙升 61%</h2>
</div><p>The lion's share of Amazon's revenue comes from its online marketplace. But when it comes to overall profitability, the company's cloud business, Amazon Web Services (AWS), is the driving force. Here's a breakdown of its operating income by its major segments:</p>
<div class="lb-trans"><p>亚马逊的大部分收入来自其在线市场。但在整体盈利能力方面，公司的云业务——亚马逊网络服务（AWS）是推动力。以下是其主要业务部门的运营收入细分：</p>
</div><table>
<thead>
<tr>
<th>Segment</th>
<th>Operating Income</th>
<th>% of Total</th>
</tr>
</thead>
<tbody>
<tr>
<td>North America</td>
<td>$5,841</td>
<td>31.7%</td>
</tr>
<tr>
<td>International</td>
<td>$1,017</td>
<td>5.5%</td>
</tr>
<tr>
<td>AWS</td>
<td>$11,547</td>
<td>62.7%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>部门</th>
<th>运营收入</th>
<th>占总收入的百分比</th>
</tr>
</thead>
<tbody>
<tr>
<td>北美</td>
<td>$5,841</td>
<td>31.7%</td>
</tr>
<tr>
<td>国际</td>
<td>$1,017</td>
<td>5.5%</td>
</tr>
<tr>
<td>AWS</td>
<td>$11,547</td>
<td>62.7%</td>
</tr>
</tbody>
</table>
</div><p>Source: Company filings. Table by author. Figures in millions</p>
<div class="lb-trans"><p>来源：公司文件。表格由作者制作。数据单位为百万。</p>
</div><p>What's encouraging for growth investors is that AWS is not only a huge moneymaker for the business, but it has also been a key growth area. Companies have been investing more in tech and artificial intelligence (AI), which has led to a greater need for cloud storage and upgraded infrastructure.</p>
<div class="lb-trans"><p>对成长型投资者来说，令人鼓舞的是，AWS 不仅是公司的一大盈利来源，而且也是一个关键的增长领域。公司在科技和人工智能（AI）方面的投资不断增加，这导致对云存储和升级基础设施的需求更大。</p>
</div><p>Over the past five quarters, AWS' revenue has risen by 21% to $29.3 billion. But what's even more impressive is that AWS' operating income has climbed by an even faster rate of 61% over that same stretch. Margins for AWS have been improving, and as the company invests heavily into AI, it wouldn't be surprising if they get even better in the future.</p>
<div class="lb-trans"><p>在过去的五个季度中，AWS 的收入增长了 21%，达到了 293 亿美元。但更令人印象深刻的是，AWS 的运营收入在同一时期内以更快的速度增长了 61%。AWS 的利润率正在改善，随着公司在 AI 方面的重金投资，未来如果利润率进一步提升也不足为奇。</p>
</div><h2>Amazon's stock could look even cheaper than it already is</h2>
<div class="lb-trans"><h2>亚马逊的股票可能看起来比现在更便宜</h2>
</div><p>Historically, investors have often paid a high premium for Amazon's stock given its long-term potential. And the chart below helps illustrate just how discounted the tech stock is with respect to its price-to-earnings multiple.</p>
<div class="lb-trans"><p>历史上，由于亚马逊的长期潜力，投资者通常为其股票支付高溢价。下面的图表帮助说明了这只科技股在市盈率方面的折扣程度。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8f2e023bfe2b5242dc47b080e9044728.png" alt="" original-src="https://media.ycharts.com/charts/8f2e023bfe2b5242dc47b080e9044728.png"/></p>
<p>AMZN PE Ratio data by YCharts</p>
<div class="lb-trans"><p>AMZN 市盈率数据来源于 YCharts</p>
</div><p>While its average has been a little skewed due to a tough year in 2022 when inflation was weighing on economic conditions and consumer spending, it hasn't been uncommon to see the stock trade at more than 60 or even 70 times its trailing earnings.</p>
<div class="lb-trans"><p>虽然由于 2022 年通货膨胀对经济状况和消费者支出的影响，其平均水平有些偏差，但看到该股票的交易市盈率超过 60 甚至 70 倍并不罕见。</p>
</div><h2>Amazon looks like a slam-dunk buy right now</h2>
<div class="lb-trans"><h2>现在的亚马逊看起来是个稳赚不赔的买入机会</h2>
</div><p>Even though Amazon's valuation is already sizable with a market cap of $2.2 trillion, there can still be considerable upside ahead for the stock as AWS continues to be a growth machine for the business. Buying Amazon stock today at a P/E of less than 35 seems like a bargain, especially given the momentum of AWS, the potential for more growth there, and those strong margins helping pad Amazon's bottom line in the future.</p>
<div class="lb-trans"><p>尽管亚马逊的市值已经达到 2.2 万亿美元，估值相当可观，但随着 AWS 继续成为公司增长的引擎，股票仍然有相当大的上行空间。以低于 35 的市盈率购买亚马逊股票似乎是个便宜的交易，特别是考虑到 AWS 的势头、未来更多的增长潜力，以及那些强劲的利润率将有助于亚马逊未来的底线。</p>
</div><p>Year to date, shares of Amazon are down more than 5% as of this writing, and it hasn't looked like a great buy in 2025. But that has arguably more to do with the concerns weighing on the overall economy and the uncertainty around tariffs than it does with Amazon's business, which still looks solid -- in the trailing 12 months, the company generated nearly $21 billion in free cash flow.</p>
<div class="lb-trans"><p>截至目前，亚马逊的股票已下跌超过 5%，在 2025 年看起来并不是一个很好的买入机会。但这在很大程度上与整体经济的担忧和关税的不确定性有关，而与亚马逊的业务关系不大，后者仍然看起来稳健——在过去 12 个月中，公司产生了近 210 亿美元的自由现金流。</p>
</div><p>With diverse operations, strong margins, and plenty of opportunities to grow its operations in the future, this is a safe stock that you can buy and hold for the long term.</p>
<div class="lb-trans"><p>凭借多样化的业务、强劲的利润率以及未来增长的众多机会，这是一只可以长期持有的安全股票。</p>
</div>

1 Incredible Stat About Amazon's Business That Could Send Its Stock Soaring

- 亚马逊的云业务 AWS 在过去五个季度的运营利润增长了 61%。  
- AWS 的收入增长 21%，达到 293 亿美元，推动了整体盈利能力。  
- 尽管亚马逊股价下跌超过 5%，但其长期增长潜力依然强劲。  

亚马逊业务中一个令人难以置信的统计数据可能会推动其股价大幅上涨