<p>在零售領域的兩大巨頭，<strong>亞馬遜</strong>(AMZN 0.73%) 和 <strong>沃爾瑪</strong>(WMT -1.24%) 在 2024 年都表現強勁。然而，沃爾瑪的股票在今年表現更為突出，截至目前上漲近 80%，而亞馬遜的股票回報約為 47%。</p>
<p>隨着日曆即將翻到 2025 年，讓我們看看哪隻股票在明年更有可能表現優異。</p>
<h2>業務轉型</h2>
<p>毫無疑問，亞馬遜多年來對沃爾瑪產生了重大影響。其在線零售平台和物流網絡給沃爾瑪帶來了生存挑戰，促使後者轉型為美國最大的雜貨店。實際上，沃爾瑪現在佔美國所有雜貨銷售的四分之一以上。</p>
<p>沃爾瑪的規模和採購能力使其能夠為客户提供最佳價格。考慮到過去幾年高通脹的環境，這不僅與沃爾瑪的核心客户羣產生共鳴，還幫助其吸引了更多富裕客户。</p>
<p>與此同時，沃爾瑪仍然擁有龐大的實體店面，90% 的美國人口在 10 英里內就有一家沃爾瑪商店。結合無處不在的優勢和日益增加的後台自動化，該公司能夠通過其 Walmart+ 會員提供免費的當日送達服務，進一步增加便利性並吸引客户。在某些地點，它甚至提供上門送貨服務。</p>
<p>所有這些也有助於推動其一般商品類別的增長。在上個季度，儘管其他一些一般商品零售商如 <strong>塔吉特</strong> 面臨困難，沃爾瑪在家庭科技、玩具和季節性裝飾等類別中表現強勁。</p>
<p>該公司還積極發展數字廣告，通過其 Walmart Connect 廣告業務為品牌提供在線和離線的營銷解決方案。在上個季度，它表示廣告和會員服務幫助其實現了一半的營業收入增長。</p>
<p>總體而言，沃爾瑪上個季度的收入增長了 5.5%，營業收入增長了 8%，調整後的每股收益 (EPS) 增長了 14%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDE2NjcvZ2V0dHlpbWFnZXMtMTQzMjM1MTg2MS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDE2NjcvZ2V0dHlpbWFnZXMtMTQzMjM1MTg2MS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<p>儘管如此，沃爾瑪的成功並沒有阻礙亞馬遜的零售增長。這家在線零售巨頭在上個季度的北美零售部門收入增長了 9%，北美營業收入增長了 33%。與沃爾瑪一樣，亞馬遜的數字廣告增長也很強勁，增長了 19%，得益於其贊助廣告業務。</p>
<p>亞馬遜也在食品雜貨業務中，擁有 Amazon Fresh 和 Whole Foods，儘管這些對亞馬遜來説並不像食品雜貨銷售對沃爾瑪那麼重要。與此同時，亞馬遜似乎準備利用行業的困境，進軍藥品業務，因為它已開始在幾個主要城市提供當日藥品服務。</p>
<p>多年來，亞馬遜也在不斷轉型，現在遠不止是一個在線零售商。它擁有一個受歡迎的流媒體服務 Prime Video，但公司的最大利潤來源是其 AWS 雲計算業務。該部門上個季度的收入增長了 19%，營業收入飆升 49%，達到 104 億美元。相比之下，北美零售部門的營業收入為 57 億美元，國際零售部門為 13 億美元。</p>
<p>不足為奇的是，亞馬遜正在轉向人工智能 (AI) 以推動收入增長和提高盈利能力。在雲計算方面，它通過其 SageMaker 平台幫助客户創建自己的 AI 應用程序，同時通過其 Bedrock 平台提供自身和 AI 初創公司的基礎大型語言模型 (LLMs)。它還希望通過使用 AI 找到最佳路線來節省物流成本。並且它正在利用 AI 使第三方賣家更容易在其網站上列出商品，並提供更好的產品信息和推薦。</p>
<h2>估值與判斷</h2>
<p>今年，亞馬遜與沃爾瑪之間的傳統估值差距大幅縮小。亞馬遜目前的前瞻市盈率 (P/E) 為 36，而沃爾瑪的市盈率為 34：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eaeb1d7a5e3b9a2421dbb5960bddfcd3.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/eaeb1d7a5e3b9a2421dbb5960bddfcd3.png"/></p>
<p>AMZN 市盈率（前瞻 1 年）數據來源於 YCharts。</p>
<p>最近，亞馬遜的收入增長速度快於沃爾瑪（上個季度為 11%，而沃爾瑪為 5.5%），儘管它在追逐 AI 機會方面的資本支出很高。</p>
<p>這兩家公司多年來都展現了適應和創新的能力，這應該使它們的股票成為長期贏家。然而，考慮到兩者之間的適度估值差距、更高的收入增長以及面臨的 AI 機會，我更傾向於亞馬遜。</p>

亞馬遜

沃爾瑪

<p>亞馬遜和沃爾瑪在 2024 年均表現良好，沃爾瑪的股票上漲近 80%，而亞馬遜上漲 47%。沃爾瑪已轉型為領先的食品雜貨零售商，利用其規模和自動化提升客户便利性。與此同時，亞馬遜在零售和雲計算領域持續增長，重點關注人工智能。儘管估值差距在縮小，但亞馬遜更高的收入增長和人工智能潛力使其成為 2025 年的首選股票</p>

<p>A pair of behemoths in the retail space, both <strong>Amazon</strong>(AMZN 0.73%) and <strong>Walmart</strong>(WMT -1.24%) have been strong winners in 2024. However, it's Walmart's stock that has been the bigger winner this year, up nearly 80% year to date as of this writing compared to about a 47% return for Amazon's stock.</p>
<div class="lb-trans"><p>在零售領域的兩大巨頭，<strong>亞馬遜</strong>(AMZN 0.73%) 和 <strong>沃爾瑪</strong>(WMT -1.24%) 在 2024 年都表現強勁。然而，沃爾瑪的股票在今年表現更為突出，截至目前上漲近 80%，而亞馬遜的股票回報約為 47%。</p>
</div><p>With the calendar soon set to flip over to 2025, let's see which stock looks best positioned to outperform next year.</p>
<div class="lb-trans"><p>隨着日曆即將翻到 2025 年，讓我們看看哪隻股票在明年更有可能表現優異。</p>
</div><h2>Business transformations</h2>
<div class="lb-trans"><h2>業務轉型</h2>
</div><p>There's no doubt that Amazon has had a major influence on Walmart over the years. Its online retail platform and logistics network created an existential challenge for Walmart that led the latter company to transform itself into the largest grocery store in the country. In fact, Walmart now accounts for more than a quarter of all grocery sales in the U.S.</p>
<div class="lb-trans"><p>毫無疑問，亞馬遜多年來對沃爾瑪產生了重大影響。其在線零售平台和物流網絡給沃爾瑪帶來了生存挑戰，促使後者轉型為美國最大的雜貨店。實際上，沃爾瑪現在佔美國所有雜貨銷售的四分之一以上。</p>
</div><p>Walmart's scale and buying power have enabled it to offer its customers the best prices. Given the high inflationary environment of the past few years, this has not only resonated with Walmart's core customer base, but it helped it draw in more affluent customers as well.</p>
<div class="lb-trans"><p>沃爾瑪的規模和採購能力使其能夠為客户提供最佳價格。考慮到過去幾年高通脹的環境，這不僅與沃爾瑪的核心客户羣產生共鳴，還幫助其吸引了更多富裕客户。</p>
</div><p>At the same time, Walmart continues to have a massive physical footprint, to the point where 90% of the U.S. population is within 10 miles of one of its stores. Combining ubiquity with increasing behind-the-scenes automation, the company has been able to offer free same-day delivery through its Walmart+ membership, further adding convenience and attracting customers. In some locations, it even offers in-home deliveries.</p>
<div class="lb-trans"><p>與此同時，沃爾瑪仍然擁有龐大的實體店面，90% 的美國人口在 10 英里內就有一家沃爾瑪商店。結合無處不在的優勢和日益增加的後台自動化，該公司能夠通過其 Walmart+ 會員提供免費的當日送達服務，進一步增加便利性並吸引客户。在某些地點，它甚至提供上門送貨服務。</p>
</div><p>All of this also helps power growth for its general merchandise categories. Last quarter, while some other general-merchandise retailers such as <strong>Target</strong> were struggling, Walmart noted strength in categories such as in-home tech, toys, and seasonal decor.</p>
<div class="lb-trans"><p>所有這些也有助於推動其一般商品類別的增長。在上個季度，儘管其他一些一般商品零售商如 <strong>塔吉特</strong> 面臨困難，沃爾瑪在家庭科技、玩具和季節性裝飾等類別中表現強勁。</p>
</div><p>The company has also leaned into digital advertising with its Walmart Connect ad business, which offers both online and offline marketing solutions for brands. Last quarter, it said advertising and memberships helped account for half of the operating income gains it saw.</p>
<div class="lb-trans"><p>該公司還積極發展數字廣告，通過其 Walmart Connect 廣告業務為品牌提供在線和離線的營銷解決方案。在上個季度，它表示廣告和會員服務幫助其實現了一半的營業收入增長。</p>
</div><p>Overall, Walmart grew revenue by 5.5% last quarter, operating income by 8%, and adjusted earnings per share (EPS) by 14%.</p>
<div class="lb-trans"><p>總體而言，沃爾瑪上個季度的收入增長了 5.5%，營業收入增長了 8%，調整後的每股收益 (EPS) 增長了 14%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDE2NjcvZ2V0dHlpbWFnZXMtMTQzMjM1MTg2MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F801667%2Fgettyimages-1432351861.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><p>That said, Walmart's success has not hampered Amazon's retail growth. The online retail giant saw a 9% increase in revenue in its North American retail segment last quarter, and a 33% jump in North American operating income. Like Walmart, Amazon is seeing strong digital ad growth, which was up 19%, helped by its sponsored-ad business.</p>
<div class="lb-trans"><p>儘管如此，沃爾瑪的成功並沒有阻礙亞馬遜的零售增長。這家在線零售巨頭在上個季度的北美零售部門收入增長了 9%，北美營業收入增長了 33%。與沃爾瑪一樣，亞馬遜的數字廣告增長也很強勁，增長了 19%，得益於其贊助廣告業務。</p>
</div><p>It's also in the grocery business, with Amazon Fresh and Whole Foods, though they aren't as important to Amazon as grocery sales are to Walmart. Meanwhile, Amazon appears primed to take advantage of industry struggles and go after the pharmacy business, as it's started offering same-day pharmacy services in several major cities.</p>
<div class="lb-trans"><p>亞馬遜也在食品雜貨業務中，擁有 Amazon Fresh 和 Whole Foods，儘管這些對亞馬遜來説並不像食品雜貨銷售對沃爾瑪那麼重要。與此同時，亞馬遜似乎準備利用行業的困境，進軍藥品業務，因為它已開始在幾個主要城市提供當日藥品服務。</p>
</div><p>Amazon has transformed its business over the years as well and is now much more than just an online retailer. It owns a popular streaming service in Prime Video, but the company's biggest profit driver is its AWS cloud computing business. This segment grew its revenue by 19% last quarter, while its operating income soared 49% to $10.4 billion. This compares to operating income of $5.7 billion for the North American retail segment and $1.3 billion for the international retail segment.</p>
<div class="lb-trans"><p>多年來，亞馬遜也在不斷轉型，現在遠不止是一個在線零售商。它擁有一個受歡迎的流媒體服務 Prime Video，但公司的最大利潤來源是其 AWS 雲計算業務。該部門上個季度的收入增長了 19%，營業收入飆升 49%，達到 104 億美元。相比之下，北美零售部門的營業收入為 57 億美元，國際零售部門為 13 億美元。</p>
</div><p>Not surprisingly, Amazon is turning toward artificial intelligence (AI) to help drive revenue growth and improve profitability. In cloud computing, it's helping customers create their own AI applications through its SageMaker platform, while offering foundational large language models (LLMs) from both itself and AI start-ups with its Bedrock platform. It's also looking to save logistic costs by using AI to find the best routes. And it's using AI to make it easier for third-party sellers to list items on its site, and to help with better product information and recommendations.</p>
<div class="lb-trans"><p>不足為奇的是，亞馬遜正在轉向人工智能 (AI) 以推動收入增長和提高盈利能力。在雲計算方面，它通過其 SageMaker 平台幫助客户創建自己的 AI 應用程序，同時通過其 Bedrock 平台提供自身和 AI 初創公司的基礎大型語言模型 (LLMs)。它還希望通過使用 AI 找到最佳路線來節省物流成本。並且它正在利用 AI 使第三方賣家更容易在其網站上列出商品，並提供更好的產品信息和推薦。</p>
</div><h2>Valuation and verdict</h2>
<div class="lb-trans"><h2>估值與判斷</h2>
</div><p>The traditional gap in valuation between Amazon and Walmart has closed substantially this year. Amazon now trades at a forward price-to-earnings (P/E) ratio of 36, while Walmart currently sits at a multiple of 34:</p>
<div class="lb-trans"><p>今年，亞馬遜與沃爾瑪之間的傳統估值差距大幅縮小。亞馬遜目前的前瞻市盈率 (P/E) 為 36，而沃爾瑪的市盈率為 34：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eaeb1d7a5e3b9a2421dbb5960bddfcd3.png" alt="" original-src="https://media.ycharts.com/charts/eaeb1d7a5e3b9a2421dbb5960bddfcd3.png"/></p>
<p>AMZN PE Ratio (Forward 1y) data by YCharts.</p>
<div class="lb-trans"><p>AMZN 市盈率（前瞻 1 年）數據來源於 YCharts。</p>
</div><p>Amazon recently has been growing revenue more quickly than Walmart (11% last quarter versus 5.5%), although it's spending heavily on capital expenditures as it chases its AI opportunity.</p>
<div class="lb-trans"><p>最近，亞馬遜的收入增長速度快於沃爾瑪（上個季度為 11%，而沃爾瑪為 5.5%），儘管它在追逐 AI 機會方面的資本支出很高。</p>
</div><p>Both companies have shown the ability to adapt and innovate over the years, which should lead both their stocks to be long-term winners. However, for 2025 -- given the modest valuation gap between the two, its higher revenue growth, and the AI opportunity in front of it -- I prefer Amazon.</p>
<div class="lb-trans"><p>這兩家公司多年來都展現了適應和創新的能力，這應該使它們的股票成為長期贏家。然而，考慮到兩者之間的適度估值差距、更高的收入增長以及面臨的 AI 機會，我更傾向於亞馬遜。</p>
</div>

Amazon vs. Walmart: Which Stock Is the Better Buy for 2025?

- 沃爾瑪股票在 2024 年上漲近 80%，超越亞馬遜的 47% 回報。  
- 沃爾瑪通過數字廣告和會員服務推動收入增長，去年收入增長 5.5%。  
- 儘管亞馬遜也在增長，但預計 2025 年亞馬遜將因 AI 機會和更高收入增長而表現更佳。  

亞馬遜與沃爾瑪：哪隻股票在 2025 年更值得買入？