<p><strong>亞馬遜</strong>(AMZN -1.95%) 在週四市場收盤後公佈了 2025 年第一季度的業績。它超出了華爾街對 2025 年第一季度的盈利預期。這家電子商務和雲服務巨頭達到了分析師對第一季度收入的預期，收入高達 1557 億美元。</p>
<p>但對關税影響的擔憂如同烏雲籠罩在公司頭頂。然而，我認為投資者不必為亞馬遜的關税影響而擔憂。以下是該股票為何仍然是一個毫無疑問的買入機會的原因。</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>圖片來源：亞馬遜。</p>
<h2>亞馬遜如何應對關税</h2>
<p>亞馬遜首席執行官安迪·賈西在公司第一季度的財報電話會議上坦言，關税相關的不確定性相當大。他表示：“現在很難判斷關税會發生什麼。很難判斷它們會在何時以及如何解決。”</p>
<p>不過，到目前為止，好消息是亞馬遜並沒有看到需求減弱。平均售價也尚未顯著上漲。賈西指出，公司觀察到某些產品類別的購買量有所增加，這可能暗示消費者正在提前囤貨以應對關税。</p>
<p>那麼，亞馬遜迄今為止對關税採取了什麼措施？賈西表示，公司進行了 “一些前期採購”，與其第一方銷售相關。他還提到，一些亞馬遜的第三方賣家在關税實施之前提前進口了產品。</p>
<p>更重要的是，賈西表示，亞馬遜在特朗普政府的關税宣佈之前就已經開始採取措施。他説：“我們在很長一段時間內一直在多元化我們的生產地點。”</p>
<p>賈西認為，亞馬遜龐大的產品選擇也可能在一定程度上幫助公司抵禦關税的負面影響。他辯稱，亞馬遜 “往往能夠比其他公司更好地應對挑戰性條件。”</p>
<p>賈西提到了公司在 COVID-19 大流行期間的經驗，指出：“考慮到我們非常廣泛的選擇、低價格和快速交付，我們在這些不確定時期的市場份額相對增加，未來的佈局也更好。我樂觀地認為這可能會再次發生。”</p>
<h2>關注未來</h2>
<p>我認為投資者應該與賈西一樣關注未來。有幾個理由讓人對亞馬遜的前景感到樂觀。</p>
<p>首先，公司繼續改善其成本結構。它正在增加當日送達的站點，並擴展其農村配送網絡。亞馬遜在其設施中投入更多的機器人和自動化設備。公司正在優化庫存佈局。這些舉措應該會提升未來的利潤。</p>
<p>廣告是亞馬遜的另一個亮點。第一季度廣告收入同比飆升 19%，達到 139 億美元。公司相信在擴展廣告產品方面有顯著的增長機會。</p>
<p>就在幾天前，亞馬遜發射了其庫伊珀計劃的第一顆衞星。更多衞星將在 2025 年發射，目標是在今年晚些時候為客户提供全球互聯網服務。公司的 Zoox 自動駕駛出租車業務正在洛杉磯進行測試，這是其第六個地點。</p>
<p>不過，亞馬遜最重要的增長驅動力是亞馬遜網絡服務（AWS）。賈西多次強調，全球 IT 支出的 85% 以上仍然是在本地而非雲端。他預計這一數字將在未來 10 到 20 年內發生翻轉。得益於人工智能（AI），AWS 可能會成為一個比最初預測更大的業務。</p>
<p>一些人可能會指出其他主要雲服務提供商的增長速度超過 AWS。然而，賈西辯稱，AWS 在技術基礎設施方面的基礎 “顯著大於其他公司”。他補充道：“因此，如果你考慮 1170 億美元的收入年增長率為 17%，仍然是相當顯著的增長。”</p>
<h2>仍然是一個毫無疑問的買入機會</h2>
<p>儘管最近幾周有所反彈，亞馬遜的股價仍比之前的高點低超過 20%。這樣的拋售在過去為長期投資者提供了有吸引力的買入機會。</p>
<p>重要的是，亞馬遜的估值在今年的回調之前就已經相對吸引人。該股票目前的市盈率為 31，是 16 年來的最低水平。</p>
<p>亞馬遜在全球三個最大的增長市場中處於領先地位：電子商務、雲計算和人工智能。它還在其他潛在的高增長領域擴展，包括醫療保健和自動駕駛出租車。</p>
<p>當然，關税可能在短期內對亞馬遜的業務造成壓力。但對於長期投資者來説，這隻股票仍然是一個毫無疑問的買入機會。</p>

亞馬遜

<p>亞馬遜（AMZN）公佈了強勁的 2025 年第一季度業績，營收達到 1557 億美元，超出盈利預期。儘管對關税的擔憂存在，首席執行官安迪·賈西指出需求沒有顯著減弱，並強調了前瞻性採購和多元化生產等積極措施。亞馬遜的成本結構改善、廣告增長以及 AWS 的潛力使其在未來具備良好定位。儘管股票目前較峯值下跌超過 20%，但其市盈率處於 16 年來的低點，使其成為長期投資者的吸引力選擇，儘管短期內受到關税影響</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>亞馬遜</strong>(AMZN -1.95%) 在週四市場收盤後公佈了 2025 年第一季度的業績。它超出了華爾街對 2025 年第一季度的盈利預期。這家電子商務和雲服務巨頭達到了分析師對第一季度收入的預期，收入高達 1557 億美元。</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>但對關税影響的擔憂如同烏雲籠罩在公司頭頂。然而，我認為投資者不必為亞馬遜的關税影響而擔憂。以下是該股票為何仍然是一個毫無疑問的買入機會的原因。</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>圖片來源：亞馬遜。</p>
</div><h2>How Amazon is handling tariffs</h2>
<div class="lb-trans"><h2>亞馬遜如何應對關税</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>亞馬遜首席執行官安迪·賈西在公司第一季度的財報電話會議上坦言，關税相關的不確定性相當大。他表示：“現在很難判斷關税會發生什麼。很難判斷它們會在何時以及如何解決。”</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>不過，到目前為止，好消息是亞馬遜並沒有看到需求減弱。平均售價也尚未顯著上漲。賈西指出，公司觀察到某些產品類別的購買量有所增加，這可能暗示消費者正在提前囤貨以應對關税。</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>那麼，亞馬遜迄今為止對關税採取了什麼措施？賈西表示，公司進行了 “一些前期採購”，與其第一方銷售相關。他還提到，一些亞馬遜的第三方賣家在關税實施之前提前進口了產品。</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，賈西表示，亞馬遜在特朗普政府的關税宣佈之前就已經開始採取措施。他説：“我們在很長一段時間內一直在多元化我們的生產地點。”</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>賈西認為，亞馬遜龐大的產品選擇也可能在一定程度上幫助公司抵禦關税的負面影響。他辯稱，亞馬遜 “往往能夠比其他公司更好地應對挑戰性條件。”</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>賈西提到了公司在 COVID-19 大流行期間的經驗，指出：“考慮到我們非常廣泛的選擇、低價格和快速交付，我們在這些不確定時期的市場份額相對增加，未來的佈局也更好。我樂觀地認為這可能會再次發生。”</p>
</div><h2>Focusing on the future</h2>
<div class="lb-trans"><h2>關注未來</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>我認為投資者應該與賈西一樣關注未來。有幾個理由讓人對亞馬遜的前景感到樂觀。</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，公司繼續改善其成本結構。它正在增加當日送達的站點，並擴展其農村配送網絡。亞馬遜在其設施中投入更多的機器人和自動化設備。公司正在優化庫存佈局。這些舉措應該會提升未來的利潤。</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>廣告是亞馬遜的另一個亮點。第一季度廣告收入同比飆升 19%，達到 139 億美元。公司相信在擴展廣告產品方面有顯著的增長機會。</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>就在幾天前，亞馬遜發射了其庫伊珀計劃的第一顆衞星。更多衞星將在 2025 年發射，目標是在今年晚些時候為客户提供全球互聯網服務。公司的 Zoox 自動駕駛出租車業務正在洛杉磯進行測試，這是其第六個地點。</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>不過，亞馬遜最重要的增長驅動力是亞馬遜網絡服務（AWS）。賈西多次強調，全球 IT 支出的 85% 以上仍然是在本地而非雲端。他預計這一數字將在未來 10 到 20 年內發生翻轉。得益於人工智能（AI），AWS 可能會成為一個比最初預測更大的業務。</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>一些人可能會指出其他主要雲服務提供商的增長速度超過 AWS。然而，賈西辯稱，AWS 在技術基礎設施方面的基礎 “顯著大於其他公司”。他補充道：“因此，如果你考慮 1170 億美元的收入年增長率為 17%，仍然是相當顯著的增長。”</p>
</div><h2>Still a no-brainer buy</h2>
<div class="lb-trans"><h2>仍然是一個毫無疑問的買入機會</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>儘管最近幾周有所反彈，亞馬遜的股價仍比之前的高點低超過 20%。這樣的拋售在過去為長期投資者提供了有吸引力的買入機會。</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，亞馬遜的估值在今年的回調之前就已經相對吸引人。該股票目前的市盈率為 31，是 16 年來的最低水平。</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>亞馬遜在全球三個最大的增長市場中處於領先地位：電子商務、雲計算和人工智能。它還在其他潛在的高增長領域擴展，包括醫療保健和自動駕駛出租車。</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>當然，關税可能在短期內對亞馬遜的業務造成壓力。但對於長期投資者來説，這隻股票仍然是一個毫無疑問的買入機會。</p>
</div>

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

- 亞馬遜公佈 2025 年第一季度財報，營收達 1557 億美元，超出預期。  
- CEO 安迪·賈西表示，儘管關税存在不確定性，但需求未減，且公司已提前採購。  
- 亞馬遜在電商、雲計算和人工智能等領域持續擴張，股票仍被視為長期投資的良機。

無需擔心亞馬遜的關税影響。以下是該股票仍然是一個顯而易見的買入選擇的原因