<p><strong>亞馬遜</strong>（AMZN 1.34%）擁有一個令人驚歎且強大的業務，使其能夠為股東在多年來創造出豐厚的回報。雖然它以在線市場而聞名，但公司的業務遠不止於此。亞馬遜不斷尋找創新和擴展增長前景的方法，這也是它成為當今世界上最有價值公司的關鍵原因之一。</p>
<p>得益於這些努力，未來該業務仍有很大的上行空間。特別是當你查看一個具體的統計數據時，這應該會給投資者帶來希望，表明該業務在未來將變得更大、更有價值。</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>圖片來源：Getty Images。</p>
<h2>亞馬遜網絡服務的運營利潤在短短五個季度內飆升 61%</h2>
<p>亞馬遜的大部分收入來自其在線市場。但在整體盈利能力方面，公司的雲業務——亞馬遜網絡服務（AWS）是推動力。以下是其主要業務部門的運營收入細分：</p>
<table>
<thead>
<tr>
<th>部門</th>
<th>運營收入</th>
<th>佔總收入的百分比</th>
</tr>
</thead>
<tbody>
<tr>
<td>北美</td>
<td>$5,841</td>
<td>31.7%</td>
</tr>
<tr>
<td>國際</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>來源：公司文件。表格由作者製作。數據單位為百萬。</p>
<p>對成長型投資者來説，令人鼓舞的是，AWS 不僅是公司的一大盈利來源，而且也是一個關鍵的增長領域。公司在科技和人工智能（AI）方面的投資不斷增加，這導致對雲存儲和升級基礎設施的需求更大。</p>
<p>在過去的五個季度中，AWS 的收入增長了 21%，達到了 293 億美元。但更令人印象深刻的是，AWS 的運營收入在同一時期內以更快的速度增長了 61%。AWS 的利潤率正在改善，隨着公司在 AI 方面的重金投資，未來如果利潤率進一步提升也不足為奇。</p>
<h2>亞馬遜的股票可能看起來比現在更便宜</h2>
<p>歷史上，由於亞馬遜的長期潛力，投資者通常為其股票支付高溢價。下面的圖表幫助説明了這隻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 市盈率數據來源於 YCharts</p>
<p>雖然由於 2022 年通貨膨脹對經濟狀況和消費者支出的影響，其平均水平有些偏差，但看到該股票的交易市盈率超過 60 甚至 70 倍並不罕見。</p>
<h2>現在的亞馬遜看起來是個穩賺不賠的買入機會</h2>
<p>儘管亞馬遜的市值已經達到 2.2 萬億美元，估值相當可觀，但隨着 AWS 繼續成為公司增長的引擎，股票仍然有相當大的上行空間。以低於 35 的市盈率購買亞馬遜股票似乎是個便宜的交易，特別是考慮到 AWS 的勢頭、未來更多的增長潛力，以及那些強勁的利潤率將有助於亞馬遜未來的底線。</p>
<p>截至目前，亞馬遜的股票已下跌超過 5%，在 2025 年看起來並不是一個很好的買入機會。但這在很大程度上與整體經濟的擔憂和關税的不確定性有關，而與亞馬遜的業務關係不大，後者仍然看起來穩健——在過去 12 個月中，公司產生了近 210 億美元的自由現金流。</p>
<p>憑藉多樣化的業務、強勁的利潤率以及未來增長的眾多機會，這是一隻可以長期持有的安全股票。</p>

亞馬遜

<p>亞馬遜強大的商業模式，特別是其雲計算部門 AWS，展現了令人印象深刻的增長，運營收入在五個季度內增長了 61%。儘管市值達到 2.2 萬億美元，市盈率低於 35，亞馬遜的股票似乎被低估，尤其是隨着 AWS 持續推動盈利能力。今年迄今為止，股價下跌超過 5%，但公司的多元化業務和強勁的利潤率表明，它仍然是一個穩健的長期投資機會</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>亞馬遜</strong>（AMZN 1.34%）擁有一個令人驚歎且強大的業務，使其能夠為股東在多年來創造出豐厚的回報。雖然它以在線市場而聞名，但公司的業務遠不止於此。亞馬遜不斷尋找創新和擴展增長前景的方法，這也是它成為當今世界上最有價值公司的關鍵原因之一。</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>得益於這些努力，未來該業務仍有很大的上行空間。特別是當你查看一個具體的統計數據時，這應該會給投資者帶來希望，表明該業務在未來將變得更大、更有價值。</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>圖片來源：Getty Images。</p>
</div><h2>Amazon Web Services' operating profits have soared 61% in just five quarters</h2>
<div class="lb-trans"><h2>亞馬遜網絡服務的運營利潤在短短五個季度內飆升 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>亞馬遜的大部分收入來自其在線市場。但在整體盈利能力方面，公司的雲業務——亞馬遜網絡服務（AWS）是推動力。以下是其主要業務部門的運營收入細分：</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>部門</th>
<th>運營收入</th>
<th>佔總收入的百分比</th>
</tr>
</thead>
<tbody>
<tr>
<td>北美</td>
<td>$5,841</td>
<td>31.7%</td>
</tr>
<tr>
<td>國際</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>來源：公司文件。表格由作者製作。數據單位為百萬。</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>對成長型投資者來説，令人鼓舞的是，AWS 不僅是公司的一大盈利來源，而且也是一個關鍵的增長領域。公司在科技和人工智能（AI）方面的投資不斷增加，這導致對雲存儲和升級基礎設施的需求更大。</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>在過去的五個季度中，AWS 的收入增長了 21%，達到了 293 億美元。但更令人印象深刻的是，AWS 的運營收入在同一時期內以更快的速度增長了 61%。AWS 的利潤率正在改善，隨着公司在 AI 方面的重金投資，未來如果利潤率進一步提升也不足為奇。</p>
</div><h2>Amazon's stock could look even cheaper than it already is</h2>
<div class="lb-trans"><h2>亞馬遜的股票可能看起來比現在更便宜</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>歷史上，由於亞馬遜的長期潛力，投資者通常為其股票支付高溢價。下面的圖表幫助説明了這隻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 市盈率數據來源於 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>雖然由於 2022 年通貨膨脹對經濟狀況和消費者支出的影響，其平均水平有些偏差，但看到該股票的交易市盈率超過 60 甚至 70 倍並不罕見。</p>
</div><h2>Amazon looks like a slam-dunk buy right now</h2>
<div class="lb-trans"><h2>現在的亞馬遜看起來是個穩賺不賠的買入機會</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>儘管亞馬遜的市值已經達到 2.2 萬億美元，估值相當可觀，但隨着 AWS 繼續成為公司增長的引擎，股票仍然有相當大的上行空間。以低於 35 的市盈率購買亞馬遜股票似乎是個便宜的交易，特別是考慮到 AWS 的勢頭、未來更多的增長潛力，以及那些強勁的利潤率將有助於亞馬遜未來的底線。</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，亞馬遜的股票已下跌超過 5%，在 2025 年看起來並不是一個很好的買入機會。但這在很大程度上與整體經濟的擔憂和關税的不確定性有關，而與亞馬遜的業務關係不大，後者仍然看起來穩健——在過去 12 個月中，公司產生了近 210 億美元的自由現金流。</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>憑藉多樣化的業務、強勁的利潤率以及未來增長的眾多機會，這是一隻可以長期持有的安全股票。</p>
</div>

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

- 亞馬遜的雲業務 AWS 在過去五個季度的運營利潤增長了 61%。  
- AWS 的收入增長 21%，達到 293 億美元，推動了整體盈利能力。  
- 儘管亞馬遜股價下跌超過 5%，但其長期增長潛力依然強勁。  

亞馬遜業務中一個令人難以置信的統計數據可能會推動其股價大幅上漲