<p><strong>亚马逊</strong>（AMZN -0.43%）成立于 1994 年，最初是通过互联网销售书籍。现在，它的电子商务平台销售数亿种不同的产品，公司也扩展到了云计算和数字广告等其他盈利丰厚的行业。</p>
<p>在过去 10 年中，亚马逊的股票上涨了 850%，得益于公司财务业绩的显著增长，使其市值达到了 2.2 万亿美元。但如果你错过了这次令人难以置信的上涨，我有个好消息：可能还有另一家具有显著增长潜力的电子商务公司，目前市值仅为 900 亿美元。</p>
<p><strong>Sea Limited</strong>（SE -1.52%）运营着东南亚最具主导地位的电子商务平台，但该公司在移动游戏领域也是全球领先者，其数字金融服务部门目前正以惊人的速度增长。</p>
<p>Sea 的股票在过去一年中上涨了超过 102%，以下是我认为它可能从 6 月 23 日的收盘价（$153.52）再上涨 133% 的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI2OTYvYS1zbWlsaW5nLXBlcnNvbi1vbmxpbmUtc2hvcHBpbmctb24tdGhlaXItc21hcnRwaG9uZS13aGlsZS1zaXR0aW5nLWluLWEtY2FmZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI2OTYvYS1zbWlsaW5nLXBlcnNvbi1vbmxpbmUtc2hvcHBpbmctb24tdGhlaXItc21hcnRwaG9uZS13aGlsZS1zaXR0aW5nLWluLWEtY2FmZS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Sea 正在成为像亚马逊一样的科技巨头</h2>
<p>Sea 的电子商务平台名为 Shopee，仅在 2025 年第一季度（截至 3 月 31 日）就处理了 31 亿个订单，价值 286 亿美元。Shopee 专注于许多使亚马逊.com 如此成功的因素，如提供超低价格和快速交付。</p>
<p>Shopee 最近还推出了 VIP 会员服务，提供免费送货和优先服务，用户只需支付少量月费。这与亚马逊 Prime 类似，Sea 表示截至 3 月底已有超过 100 万客户注册。</p>
<p>Sea 还通过投资金融服务等协同效应来加速 Shopee 的增长。公司的 Monee 平台（前称 SeaMoney）向 Shopee 上的商家提供贷款，帮助他们发展业务，同时还提供先买后付的贷款，以增强客户的购买力。Monee 的贷款总额在第一季度达到了 58 亿美元，较去年同期增长了惊人的 76.5%。</p>
<p>这个数字可能会显著增长，因为 Monee 开始向 Shopee 生态系统外的企业和消费者提供贷款，这大大增加了其可服务市场。</p>
<p>除了电子商务和金融服务，Sea 还是 Garena 的母公司，Garena 是移动游戏行业最成功的开发工作室之一。它开发的《Free Fire》仍然是全球下载量和活跃用户最多的游戏。Garena 在第一季度的活跃用户达到了 6.618 亿，比去年同期增长了 11.3%。</p>
<p>然而，这个数字仍低于 2021 年季度峰值的 7.29 亿用户，当时由于疫情相关的封锁和社交限制，玩家在线时间更长。</p>
<h2>Monee 可能成为 Sea 的盈利引擎</h2>
<p>Sea 在 2025 年第一季度的总收入为 48 亿美元，同比增长 29.6%。以下是该数字的细分情况。</p>
<table>
<thead>
<tr>
<th>部门</th>
<th>第一季度收入</th>
<th>同比增长</th>
</tr>
</thead>
<tbody>
<tr>
<td>电子商务（Shopee）</td>
<td>35 亿美元</td>
<td>28.3%</td>
</tr>
<tr>
<td>数字金融服务（Monee）</td>
<td>7.871 亿美元</td>
<td>57.6%</td>
</tr>
<tr>
<td>数字娱乐（Garena）</td>
<td>4.956 亿美元</td>
<td>8.2%</td>
</tr>
</tbody>
</table>
<p>数据来源：Sea Limited。</p>
<p>简单来说，电子商务是 Sea 总收入的最大贡献者，但数字金融服务是组织中增长最快的部分。</p>
<p>电子商务通常伴随着微薄的利润率，因此向金融服务等更有利可图的领域扩展对 Sea 的底线至关重要。这是亚马逊的另一个策略——其云计算部门是整个公司的盈利引擎，尽管其收入只占少数。</p>
<p>Sea 首选的盈利衡量标准是调整后的息税折旧摊销前利润（EBITDA）。这是一种非公认会计原则（non-GAAP）指标，排除了股票补偿等一次性和非现金费用。</p>
<p>在第一季度，Sea 的电子商务部门产生了 2.644 亿美元的调整后 EBITDA，而其数字金融服务部门则贡献了 2.411 亿美元。换句话说，Monee 的利润几乎与 Shopee 相当——而其收入却少了惊人的 77%。这意味着如果 Monee 继续以当前速度增长，其潜力可以大幅提升 Sea 的底线。</p>
<h2>为什么 Sea 的股票可能上涨 133%</h2>
<p>Sea 的股票在 6 月 23 日收盘时为 153.52 美元，仍远低于 2021 年的历史高点 357.78 美元。当时股票被高估，市销率（P/S）超过 30，但公司的快速收入增长在将该比率降低至今天的 5.3 方面发挥了关键作用。</p>
<p>此外，华尔街的共识估计（由 Yahoo! Finance 提供）表明，Sea 的年收入可能在 2026 年增长至 253 亿美元，使其股票的前瞻性市销率仅为 3.6。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0c671e762c9daf3854f2daa275a9b883.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/0c671e762c9daf3854f2daa275a9b883.png"/></p>
<p>SE 市销率数据来源于 YCharts。</p>
<p>如果 Sea 的股票在未来 18 个月内（到 2026 年底）上涨 133% 以重回其历史高点 357.78 美元，其市销率将约为 8.4——假设华尔街的收入预测准确。这个市销率仍低于其长期平均值 9.1，表明该股票可能仍被低估。</p>
<p>Sea 的市销率在过去一年中有所上升，这表明投资者愿意为公司出色的运营表现支付越来越高的估值。因此，只要 Sea 继续高效执行，我认为其股票在未来 18 个月内可能上涨 133%，重回 2021 年的记录水平。</p>

<p>Sea Limited 的估值为 900 亿美元，正逐渐成为电子商务和数字金融服务领域的重要参与者，类似于亚马逊。其平台 Shopee 在 2025 年第一季度处理了 31 亿个订单，价值 286 亿美元，而其金融服务 Monee 的贷款增长了 76.5%，达到了 58 亿美元。Sea 的总收入达到了 48 亿美元，数字金融服务的增长速度最快。分析师建议，Sea 股票可能从当前价格 153.52 美元上涨 133%，因为它继续扩展其盈利的业务领域</p>

<p><strong>Amazon</strong>(AMZN -0.43%) was founded in 1994 to sell books using the internet. Its e-commerce platform now sells hundreds of millions of different products, and the company has expanded into other lucrative industries like cloud computing and digital advertising.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>（AMZN -0.43%）成立于 1994 年，最初是通过互联网销售书籍。现在，它的电子商务平台销售数亿种不同的产品，公司也扩展到了云计算和数字广告等其他盈利丰厚的行业。</p>
</div><p>Amazon stock has soared by 850% over the last 10 years on the back of significant growth in the company's financial results, catapulting it to a $2.2 trillion market capitalization. But if you missed out on this incredible run, I have some good news: There might be another e-commerce company with significant growth potential, and it's currently worth just $90 billion.</p>
<div class="lb-trans"><p>在过去 10 年中，亚马逊的股票上涨了 850%，得益于公司财务业绩的显著增长，使其市值达到了 2.2 万亿美元。但如果你错过了这次令人难以置信的上涨，我有个好消息：可能还有另一家具有显著增长潜力的电子商务公司，目前市值仅为 900 亿美元。</p>
</div><p><strong>Sea Limited</strong>(SE -1.52%) operates Southeast Asia's most dominant e-commerce platform, but the company is also a global leader in mobile gaming, and its digital financial services segment is growing at a lightning-fast pace right now.</p>
<div class="lb-trans"><p><strong>Sea Limited</strong>（SE -1.52%）运营着东南亚最具主导地位的电子商务平台，但该公司在移动游戏领域也是全球领先者，其数字金融服务部门目前正以惊人的速度增长。</p>
</div><p>Sea stock has soared by more than 102% over the past year, and here's why I think it could soar by another 133% from its closing price on June 23 ($153.52).</p>
<div class="lb-trans"><p>Sea 的股票在过去一年中上涨了超过 102%，以下是我认为它可能从 6 月 23 日的收盘价（$153.52）再上涨 133% 的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI2OTYvYS1zbWlsaW5nLXBlcnNvbi1vbmxpbmUtc2hvcHBpbmctb24tdGhlaXItc21hcnRwaG9uZS13aGlsZS1zaXR0aW5nLWluLWEtY2FmZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822696%2Fa-smiling-person-online-shopping-on-their-smartphone-while-sitting-in-a-cafe.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>Sea is becoming a tech conglomerate, just like Amazon</h2>
<div class="lb-trans"><h2>Sea 正在成为像亚马逊一样的科技巨头</h2>
</div><p>Sea's e-commerce platform is called Shopee, and it processed 3.1 billion orders worth $28.6 billion during the first quarter of 2025 (ended March 31) alone. Shopee is focusing on many of the same things that made Amazon.com so successful, like offering ultra-low prices and rapid delivery.</p>
<div class="lb-trans"><p>Sea 的电子商务平台名为 Shopee，仅在 2025 年第一季度（截至 3 月 31 日）就处理了 31 亿个订单，价值 286 亿美元。Shopee 专注于许多使亚马逊.com 如此成功的因素，如提供超低价格和快速交付。</p>
</div><p>Shopee also launched VIP memberships recently, which offer free delivery and priority service for a small monthly subscription fee. It's a similar program to Amazon Prime, and Sea says that over 1 million customers had already signed up as of the end of March.</p>
<div class="lb-trans"><p>Shopee 最近还推出了 VIP 会员服务，提供免费送货和优先服务，用户只需支付少量月费。这与亚马逊 Prime 类似，Sea 表示截至 3 月底已有超过 100 万客户注册。</p>
</div><p>Sea is also supercharging Shopee's growth by investing in synergies like financial services. The company's Monee platform (formerly called SeaMoney) lends money to merchants on Shopee to help them grow their businesses, and it also offers buy now, pay later loans to boost customers' buying power. Monee's loan book hit an all-time high of $5.8 billion in Q1, which was a whopping 76.5% increase from the year-ago period.</p>
<div class="lb-trans"><p>Sea 还通过投资金融服务等协同效应来加速 Shopee 的增长。公司的 Monee 平台（前称 SeaMoney）向 Shopee 上的商家提供贷款，帮助他们发展业务，同时还提供先买后付的贷款，以增强客户的购买力。Monee 的贷款总额在第一季度达到了 58 亿美元，较去年同期增长了惊人的 76.5%。</p>
</div><p>That number could grow significantly from here, because Monee is starting to offer loans to businesses and consumers outside of the Shopee ecosystem, which drastically increases its addressable market.</p>
<div class="lb-trans"><p>这个数字可能会显著增长，因为 Monee 开始向 Shopee 生态系统外的企业和消费者提供贷款，这大大增加了其可服务市场。</p>
</div><p>Beyond e-commerce and financial services, Sea is also the parent company of Garena, which is one of the mobile gaming industry's most successful development studios. It created <em>Free Fire</em>, which continues to be the world's most popular title by downloads and active users. Garena had 661.8 million active users during Q1, which was up 11.3% from the year-ago period.</p>
<div class="lb-trans"><p>除了电子商务和金融服务，Sea 还是 Garena 的母公司，Garena 是移动游戏行业最成功的开发工作室之一。它开发的《Free Fire》仍然是全球下载量和活跃用户最多的游戏。Garena 在第一季度的活跃用户达到了 6.618 亿，比去年同期增长了 11.3%。</p>
</div><p>However, that number was still below its quarterly peak of 729 million users from 2021, when gamers spent more time online due to pandemic-related lockdowns and social restrictions.</p>
<div class="lb-trans"><p>然而，这个数字仍低于 2021 年季度峰值的 7.29 亿用户，当时由于疫情相关的封锁和社交限制，玩家在线时间更长。</p>
</div><h2>Monee could become Sea's profitability engine</h2>
<div class="lb-trans"><h2>Monee 可能成为 Sea 的盈利引擎</h2>
</div><p>Sea generated $4.8 billion in total revenue during the first quarter of 2025, which was a 29.6% increase from the year-ago period. Here's how that number was broken down.</p>
<div class="lb-trans"><p>Sea 在 2025 年第一季度的总收入为 48 亿美元，同比增长 29.6%。以下是该数字的细分情况。</p>
</div><table>
<thead>
<tr>
<th>Segment</th>
<th>Q1 Revenue</th>
<th>Year-Over-Year Growth</th>
</tr>
</thead>
<tbody>
<tr>
<td>E-commerce (Shopee)</td>
<td>$3.5 billion</td>
<td>28.3%</td>
</tr>
<tr>
<td>Digital Financial Services (Monee)</td>
<td>$787.1 million</td>
<td>57.6%</td>
</tr>
<tr>
<td>Digital Entertainment (Garena)</td>
<td>$495.6 million</td>
<td>8.2%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>部门</th>
<th>第一季度收入</th>
<th>同比增长</th>
</tr>
</thead>
<tbody>
<tr>
<td>电子商务（Shopee）</td>
<td>35 亿美元</td>
<td>28.3%</td>
</tr>
<tr>
<td>数字金融服务（Monee）</td>
<td>7.871 亿美元</td>
<td>57.6%</td>
</tr>
<tr>
<td>数字娱乐（Garena）</td>
<td>4.956 亿美元</td>
<td>8.2%</td>
</tr>
</tbody>
</table>
</div><p>Data source: Sea Limited.</p>
<div class="lb-trans"><p>数据来源：Sea Limited。</p>
</div><p>Simply put, e-commerce is the largest contributor to Sea's total revenue, but digital financial services is the fastest-growing piece of the organization by a wide margin.</p>
<div class="lb-trans"><p>简单来说，电子商务是 Sea 总收入的最大贡献者，但数字金融服务是组织中增长最快的部分。</p>
</div><p>E-commerce typically comes with razor-thin profit margins, so the expansion into more lucrative segments like financial services is critical for Sea's bottom line. This is another move out of Amazon's playbook -- its cloud computing segment is the profitability engine behind the entire company, despite accounting for a minority of its revenue.</p>
<div class="lb-trans"><p>电子商务通常伴随着微薄的利润率，因此向金融服务等更有利可图的领域扩展对 Sea 的底线至关重要。这是亚马逊的另一个策略——其云计算部门是整个公司的盈利引擎，尽管其收入只占少数。</p>
</div><p>Sea's preferred measure of profitability is adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). It's a non-GAAP (non-generally accepted accounting principles) metric that excludes one-off and non-cash expenses like stock-based compensation.</p>
<div class="lb-trans"><p>Sea 首选的盈利衡量标准是调整后的息税折旧摊销前利润（EBITDA）。这是一种非公认会计原则（non-GAAP）指标，排除了股票补偿等一次性和非现金费用。</p>
</div><p>During the first quarter, Sea's e-commerce segment generated $264.4 million in adjusted EBITDA, whereas its digital financial services segment delivered $241.1 million. In other words, Monee is generating almost as much profit as Shopee -- <em>on a whopping 77% less revenue</em>. That means Monee has the potential to absolutely supercharge Sea's bottom line if it continues to grow its revenue at the current pace.</p>
<div class="lb-trans"><p>在第一季度，Sea 的电子商务部门产生了 2.644 亿美元的调整后 EBITDA，而其数字金融服务部门则贡献了 2.411 亿美元。换句话说，Monee 的利润几乎与 Shopee 相当——而其收入却少了惊人的 77%。这意味着如果 Monee 继续以当前速度增长，其潜力可以大幅提升 Sea 的底线。</p>
</div><h2>Why Sea stock could soar by 133%</h2>
<div class="lb-trans"><h2>为什么 Sea 的股票可能上涨 133%</h2>
</div><p>Sea stock closed at $153.52 on June 23, so it's still way below its record high of $357.78 from 2021. The stock was overvalued then with its price-to-sales (P/S) ratio soaring above 30, but the company's rapid revenue growth has played a key role in bringing that ratio down to just 5.3 today.</p>
<div class="lb-trans"><p>Sea 的股票在 6 月 23 日收盘时为 153.52 美元，仍远低于 2021 年的历史高点 357.78 美元。当时股票被高估，市销率（P/S）超过 30，但公司的快速收入增长在将该比率降低至今天的 5.3 方面发挥了关键作用。</p>
</div><p>Plus, Wall Street's consensus estimate (provided by Yahoo! Finance) suggests that Sea's annual revenue could grow to $25.3 billion in 2026, placing its stock at a forward P/S ratio of just 3.6.</p>
<div class="lb-trans"><p>此外，华尔街的共识估计（由 Yahoo! Finance 提供）表明，Sea 的年收入可能在 2026 年增长至 253 亿美元，使其股票的前瞻性市销率仅为 3.6。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0c671e762c9daf3854f2daa275a9b883.png" alt="" original-src="https://media.ycharts.com/charts/0c671e762c9daf3854f2daa275a9b883.png"/></p>
<p>SE PS Ratio data by YCharts.</p>
<div class="lb-trans"><p>SE 市销率数据来源于 YCharts。</p>
</div><p>If Sea stock were to climb 133% to reclaim its all-time high of $357.78 over the next 18 months (by the end of 2026), its P/S ratio would be around 8.4 -- assuming Wall Street's revenue forecast turns out to be accurate. That P/S ratio would still be below its long-term average of 9.1, suggesting the stock might still be undervalued.</p>
<div class="lb-trans"><p>如果 Sea 的股票在未来 18 个月内（到 2026 年底）上涨 133% 以重回其历史高点 357.78 美元，其市销率将约为 8.4——假设华尔街的收入预测准确。这个市销率仍低于其长期平均值 9.1，表明该股票可能仍被低估。</p>
</div><p>Sea's P/S ratio has climbed over the past year, which suggests investors are willing to pay an increasingly higher valuation for the company's stellar operating performance. Therefore, as long as Sea continues to execute at a high level, I think its stock could soar by 133% to reclaim its record level from 2021 over the next 18 months.</p>
<div class="lb-trans"><p>Sea 的市销率在过去一年中有所上升，这表明投资者愿意为公司出色的运营表现支付越来越高的估值。因此，只要 Sea 继续高效执行，我认为其股票在未来 18 个月内可能上涨 133%，重回 2021 年的记录水平。</p>
</div>

Did You Miss Out on Amazon? Here's Another Unstoppable E-Commerce Stock With a Potential Upside of 133%

- 亚马逊成立于 1994 年，现市值达 2.2 万亿美元。  
- Sea Limited 在东南亚电商市场占据主导地位，市值约 900 亿美元。  
- 预计 Sea 股价在未来 18 个月内可能上涨 133%。

你是否错过了投资亚马逊的机会？这里有另一只电子商务股票，可能有 133% 的上涨潜力