<p>當前的股市調整影響了許多公司，包括 <strong>亞馬遜</strong>（AMZN 2.09%）。亞馬遜的股價距離歷史最高點下跌近 20%，實際上現在的股價是基於市盈率（P/E）計算的歷史最低水平。這一關鍵指標的估值在過去二十年中從未如此之低。這是一個大事件，投資者應該考慮現在買入股票，因為這可能是一個難得的機會，可以在很少打折的股票上獲利。</p>
<h2>亞馬遜有兩個主要業務部門推動其利潤增長</h2>
<p>亞馬遜的電子商務平台是消費者與公司互動最多的部分。然而，亞馬遜還有更多的業務，其其他部門提供了更具吸引力的投資理由。在第四季度，亞馬遜的在線商店部門銷售額增長了 7%，達到了 756 億美元，因此它是按收入計算的最大業務部分，但也是增長最慢的部分。此外，電子商務的利潤率 notoriously 低，因此可以安全地假設亞馬遜並沒有從這些銷售中獲得大量利潤。</p>
<p>另外兩個部門佔據了亞馬遜利潤的絕大部分：廣告和亞馬遜網絡服務（AWS）。公司在報告利潤時將廣告歸入其商業部門類別，因此投資者無法看到該部門的確切利潤率。然而，通過觀察其他專注於數字廣告的公司與專注於零售的公司，可以安全地假設這對亞馬遜來説是一個極其盈利的業務。在第四季度，其廣告收入同比增長了 18%，達到了 173 億美元。雖然這佔亞馬遜在線商店收入的 23%，如果我們假設在線商店部門的運營利潤率與 <strong>沃爾瑪</strong>（4.3%）大致相同，而數字廣告部門的利潤率與 <strong>字母表</strong>（32%）相當，那麼我們可以得出結論，在線商店部門的運營利潤大約為 32.5 億美元，而廣告部門的運營利潤大約為 55.4 億美元。</p>
<p>確實，這些假設是基於類似業務的利潤率（因為亞馬遜並未公開所有業務部門的運營利潤率），但它們説明了數字廣告對亞馬遜的重要性。</p>
<p>然而，公司確實公佈了 AWS 的運營利潤率，而這些利潤率遠高於其以商業為重點的部門的利潤率。</p>
<p>在第四季度，雲計算部門的運營利潤率為 37%。這遠遠超過了亞馬遜整體的運營利潤率 11.3%。此外，全年 AWS 貢獻了亞馬遜 58% 的運營利潤，因此從底線的角度來看，這是公司最重要的業務部門。</p>
<p>投資者應該記住，即使美國進入經濟衰退，亞馬遜的最大利潤驅動部分也不會像其更以消費者為中心的部門那樣受到嚴重影響。在這種情況下，他們可能會更容易為今天購買股票辯護。</p>
<h2>亞馬遜從未如此便宜過</h2>
<p>亞馬遜的股票現在以 35.5 倍的過去收益交易；它很少如此便宜。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f1c11b50666fdc776f72fe18a88d22dc.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/f1c11b50666fdc776f72fe18a88d22dc.png"/></p>
<p>AMZN 市盈率數據來自 YCharts。</p>
<p>確實，上一次亞馬遜的估值如此之低是在 2000 年代中期，當時其業務與今天大相徑庭。因此，我認為這次股價下滑提供了一個很好的買入機會，因為從長遠來看，AWS 和數字廣告可能會推動亞馬遜的收益——以及股價——大幅上漲。</p>
<p><strong>斯科舍銀行</strong> 的分析師 Nat Schindler 給出了類似的理由，支持他在一月份對亞馬遜股票設定的 306 美元的 12 個月目標價。這將比當前價格上漲超過 50%——一個巨大的潛在收益。</p>
<p>雖然我不知道亞馬遜的股票今年是否會增長這麼多，但我認為 Schindler 在這裏的想法總體上是正確的。因此，我認為現在是購買亞馬遜股票的絕佳時機。</p>

亞馬遜

<p>亞馬遜的股票目前比歷史最高點下跌近 20%，根據市盈率來看，這是二十年來最便宜的股票之一。儘管其電子商務部門增長緩慢，但亞馬遜的廣告和 AWS 業務正在推動利潤，其中 AWS 貢獻了 58% 的營業利潤。分析師 Nat Schindler 預測 12 個月的目標價為 306 美元，暗示潛在收益超過 50%。這一股價下跌為投資者提供了一個重要的買入機會</p>

<p>The current stock market correction has affected many companies, including <strong>Amazon</strong>(AMZN 2.09%). Amazon is down nearly 20% from its all-time high, and is actually near the cheapest the stock has ever been based on its price-to-earnings (P/E) ratio. The tech giant's valuation on that key metric hasn't been this low in two decades. This is a big deal, and investors should consider scooping up shares right now, as this could be a golden opportunity to cash in on a stock that's rarely discounted.</p>
<div class="lb-trans"><p>當前的股市調整影響了許多公司，包括 <strong>亞馬遜</strong>（AMZN 2.09%）。亞馬遜的股價距離歷史最高點下跌近 20%，實際上現在的股價是基於市盈率（P/E）計算的歷史最低水平。這一關鍵指標的估值在過去二十年中從未如此之低。這是一個大事件，投資者應該考慮現在買入股票，因為這可能是一個難得的機會，可以在很少打折的股票上獲利。</p>
</div><h2>Amazon has two major business units pushing its profits higher</h2>
<div class="lb-trans"><h2>亞馬遜有兩個主要業務部門推動其利潤增長</h2>
</div><p>Amazon's e-commerce platform is the part of the company that most consumers interact with. However, there's a lot more to Amazon, and its other units offer far more compelling reasons to invest. In Q4, Amazon's online stores unit grew sales by 7% to $75.6 billion, so it's the largest part of the business by revenue, but also the slowest-growing one. Furthermore, e-commerce has notoriously low margins, so it's safe to assume that Amazon isn't generating a ton of profit from those sales.</p>
<div class="lb-trans"><p>亞馬遜的電子商務平台是消費者與公司互動最多的部分。然而，亞馬遜還有更多的業務，其其他部門提供了更具吸引力的投資理由。在第四季度，亞馬遜的在線商店部門銷售額增長了 7%，達到了 756 億美元，因此它是按收入計算的最大業務部分，但也是增長最慢的部分。此外，電子商務的利潤率 notoriously 低，因此可以安全地假設亞馬遜並沒有從這些銷售中獲得大量利潤。</p>
</div><p>Two other units account for the lion's share of Amazon's profits: advertising and Amazon Web Services (AWS). The company groups advertising into its commerce division categories when it reports profits, so investors can't see the exact margins this unit is putting up. However, by looking at other companies focused on digital advertising versus those focusing on retail, it's safe to assume that this is an incredibly profitable business for Amazon. In Q4, its advertising revenue rose 18% year over year to $17.3 billion. While that's 23% of the revenue of Amazon's online stores, if we assume that the online stores segment had about the same operating profit margin as <strong>Walmart</strong>(4.3%) and that the digital advertising segment had a margin comparable to that of <strong>Alphabet</strong>(32%), then we'd conclude that online stores segment would have generated about $3.25 billion in operating profits while advertising generated about $5.54 billion.</p>
<div class="lb-trans"><p>另外兩個部門佔據了亞馬遜利潤的絕大部分：廣告和亞馬遜網絡服務（AWS）。公司在報告利潤時將廣告歸入其商業部門類別，因此投資者無法看到該部門的確切利潤率。然而，通過觀察其他專注於數字廣告的公司與專注於零售的公司，可以安全地假設這對亞馬遜來説是一個極其盈利的業務。在第四季度，其廣告收入同比增長了 18%，達到了 173 億美元。雖然這佔亞馬遜在線商店收入的 23%，如果我們假設在線商店部門的運營利潤率與 <strong>沃爾瑪</strong>（4.3%）大致相同，而數字廣告部門的利潤率與 <strong>字母表</strong>（32%）相當，那麼我們可以得出結論，在線商店部門的運營利潤大約為 32.5 億美元，而廣告部門的運營利潤大約為 55.4 億美元。</p>
</div><p>True, those are assumptions based on the margins of similar businesses (because Amazon doesn't publicize the operating margins of all of its business units), but they illustrate how important digital advertising is to Amazon.</p>
<div class="lb-trans"><p>確實，這些假設是基於類似業務的利潤率（因為亞馬遜並未公開所有業務部門的運營利潤率），但它們説明了數字廣告對亞馬遜的重要性。</p>
</div><p>The company, does, however, break out its operating margins for AWS, and they are much higher than the margins of its commerce-focused segments.</p>
<div class="lb-trans"><p>然而，公司確實公佈了 AWS 的運營利潤率，而這些利潤率遠高於其以商業為重點的部門的利潤率。</p>
</div><p>In Q4, the cloud computing segment had an operating margin of 37%. This far exceeds Amazon's companywide operating margin of 11.3%. Moreover, for the full year, AWS provided 58% of Amazon's operating profits, so from a bottom-line perspective, it's the company's most important business unit.</p>
<div class="lb-trans"><p>在第四季度，雲計算部門的運營利潤率為 37%。這遠遠超過了亞馬遜整體的運營利潤率 11.3%。此外，全年 AWS 貢獻了亞馬遜 58% 的運營利潤，因此從底線的角度來看，這是公司最重要的業務部門。</p>
</div><p>Investors should keep in mind that even if the U.S. enters an economic downturn, the part of Amazon's business that is its biggest profit driver will not be as heavily affected as its more consumer-focused units. In that light, they may find it easier to justify buying the stock today.</p>
<div class="lb-trans"><p>投資者應該記住，即使美國進入經濟衰退，亞馬遜的最大利潤驅動部分也不會像其更以消費者為中心的部門那樣受到嚴重影響。在這種情況下，他們可能會更容易為今天購買股票辯護。</p>
</div><h2>Amazon has never been this cheap before</h2>
<div class="lb-trans"><h2>亞馬遜從未如此便宜過</h2>
</div><p>Amazon's stock now trades at 35.5 times trailing earnings; it has seldom been this cheap.</p>
<div class="lb-trans"><p>亞馬遜的股票現在以 35.5 倍的過去收益交易；它很少如此便宜。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f1c11b50666fdc776f72fe18a88d22dc.png" alt="" original-src="https://media.ycharts.com/charts/f1c11b50666fdc776f72fe18a88d22dc.png"/></p>
<p>AMZN PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>AMZN 市盈率數據來自 YCharts。</p>
</div><p>Indeed, the last time Amazon's valuation was this low was in the mid-2000s, when its business looked far different from what it looks like today. As a result, I think this share price slide presents a great buying opportunity, as in the longer term, AWS and digital advertising are likely to push Amazon's earnings -- and the stock price -- much higher.</p>
<div class="lb-trans"><p>確實，上一次亞馬遜的估值如此之低是在 2000 年代中期，當時其業務與今天大相徑庭。因此，我認為這次股價下滑提供了一個很好的買入機會，因為從長遠來看，AWS 和數字廣告可能會推動亞馬遜的收益——以及股價——大幅上漲。</p>
</div><p>Analyst Nat Schindler at <strong>Scotiabank</strong> gave similar reasons to support the $306 12-month price target he put on Amazon's stock in January. That would amount to a rise of more than 50% from the current price -- a massive potential gain.</p>
<div class="lb-trans"><p><strong>斯科舍銀行</strong> 的分析師 Nat Schindler 給出了類似的理由，支持他在一月份對亞馬遜股票設定的 306 美元的 12 個月目標價。這將比當前價格上漲超過 50%——一個巨大的潛在收益。</p>
</div><p>While I don't know if Amazon's stock will grow that much this year, I think Schindler generally has the right idea here. As a result, I think right now would be an excellent time to buy Amazon stock.</p>
<div class="lb-trans"><p>雖然我不知道亞馬遜的股票今年是否會增長這麼多，但我認為 Schindler 在這裏的想法總體上是正確的。因此，我認為現在是購買亞馬遜股票的絕佳時機。</p>
</div>

Amazon's Stock Has Rarely Been This Cheap. Here's Why 1 Analyst Thinks It Could Soar by More Than 50%.

- 亞馬遜股價下跌近 20%，市盈率處於 20 年來的低點。  
- 廣告和 AWS 是亞馬遜主要利潤來源，Q4 廣告收入增長 18%。  
- 分析師預測亞馬遜股價有 50% 的上漲潛力，當前是買入良機。

亞馬遜的股票很少有這麼便宜的時候。以下是一位分析師認為它可能上漲超過 50% 的原因