<p><strong>亞馬遜</strong>（AMZN -0.43%）成立於 1994 年，最初是通過互聯網銷售書籍。現在，它的電子商務平台銷售數億種不同的產品，公司也擴展到了雲計算和數字廣告等其他盈利豐厚的行業。</p>
<p>在過去 10 年中，亞馬遜的股票上漲了 850%，得益於公司財務業績的顯著增長，使其市值達到了 2.2 萬億美元。但如果你錯過了這次令人難以置信的上漲，我有個好消息：可能還有另一傢俱有顯著增長潛力的電子商務公司，目前市值僅為 900 億美元。</p>
<p><strong>Sea Limited</strong>（SE -1.52%）運營着東南亞最具主導地位的電子商務平台，但該公司在移動遊戲領域也是全球領先者，其數字金融服務部門目前正以驚人的速度增長。</p>
<p>Sea 的股票在過去一年中上漲了超過 102%，以下是我認為它可能從 6 月 23 日的收盤價（$153.52）再上漲 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>圖片來源：Getty Images。</p>
<h2>Sea 正在成為像亞馬遜一樣的科技巨頭</h2>
<p>Sea 的電子商務平台名為 Shopee，僅在 2025 年第一季度（截至 3 月 31 日）就處理了 31 億個訂單，價值 286 億美元。Shopee 專注於許多使亞馬遜.com 如此成功的因素，如提供超低價格和快速交付。</p>
<p>Shopee 最近還推出了 VIP 會員服務，提供免費送貨和優先服務，用户只需支付少量月費。這與亞馬遜 Prime 類似，Sea 表示截至 3 月底已有超過 100 萬客户註冊。</p>
<p>Sea 還通過投資金融服務等協同效應來加速 Shopee 的增長。公司的 Monee 平台（前稱 SeaMoney）向 Shopee 上的商家提供貸款，幫助他們發展業務，同時還提供先買後付的貸款，以增強客户的購買力。Monee 的貸款總額在第一季度達到了 58 億美元，較去年同期增長了驚人的 76.5%。</p>
<p>這個數字可能會顯著增長，因為 Monee 開始向 Shopee 生態系統外的企業和消費者提供貸款，這大大增加了其可服務市場。</p>
<p>除了電子商務和金融服務，Sea 還是 Garena 的母公司，Garena 是移動遊戲行業最成功的開發工作室之一。它開發的《Free Fire》仍然是全球下載量和活躍用户最多的遊戲。Garena 在第一季度的活躍用户達到了 6.618 億，比去年同期增長了 11.3%。</p>
<p>然而，這個數字仍低於 2021 年季度峯值的 7.29 億用户，當時由於疫情相關的封鎖和社交限制，玩家在線時間更長。</p>
<h2>Monee 可能成為 Sea 的盈利引擎</h2>
<p>Sea 在 2025 年第一季度的總收入為 48 億美元，同比增長 29.6%。以下是該數字的細分情況。</p>
<table>
<thead>
<tr>
<th>部門</th>
<th>第一季度收入</th>
<th>同比增長</th>
</tr>
</thead>
<tbody>
<tr>
<td>電子商務（Shopee）</td>
<td>35 億美元</td>
<td>28.3%</td>
</tr>
<tr>
<td>數字金融服務（Monee）</td>
<td>7.871 億美元</td>
<td>57.6%</td>
</tr>
<tr>
<td>數字娛樂（Garena）</td>
<td>4.956 億美元</td>
<td>8.2%</td>
</tr>
</tbody>
</table>
<p>數據來源：Sea Limited。</p>
<p>簡單來説，電子商務是 Sea 總收入的最大貢獻者，但數字金融服務是組織中增長最快的部分。</p>
<p>電子商務通常伴隨着微薄的利潤率，因此向金融服務等更有利可圖的領域擴展對 Sea 的底線至關重要。這是亞馬遜的另一個策略——其雲計算部門是整個公司的盈利引擎，儘管其收入只佔少數。</p>
<p>Sea 首選的盈利衡量標準是調整後的息税折舊攤銷前利潤（EBITDA）。這是一種非公認會計原則（non-GAAP）指標，排除了股票補償等一次性和非現金費用。</p>
<p>在第一季度，Sea 的電子商務部門產生了 2.644 億美元的調整後 EBITDA，而其數字金融服務部門則貢獻了 2.411 億美元。換句話説，Monee 的利潤幾乎與 Shopee 相當——而其收入卻少了驚人的 77%。這意味着如果 Monee 繼續以當前速度增長，其潛力可以大幅提升 Sea 的底線。</p>
<h2>為什麼 Sea 的股票可能上漲 133%</h2>
<p>Sea 的股票在 6 月 23 日收盤時為 153.52 美元，仍遠低於 2021 年的歷史高點 357.78 美元。當時股票被高估，市銷率（P/S）超過 30，但公司的快速收入增長在將該比率降低至今天的 5.3 方面發揮了關鍵作用。</p>
<p>此外，華爾街的共識估計（由 Yahoo! Finance 提供）表明，Sea 的年收入可能在 2026 年增長至 253 億美元，使其股票的前瞻性市銷率僅為 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 市銷率數據來源於 YCharts。</p>
<p>如果 Sea 的股票在未來 18 個月內（到 2026 年底）上漲 133% 以重回其歷史高點 357.78 美元，其市銷率將約為 8.4——假設華爾街的收入預測準確。這個市銷率仍低於其長期平均值 9.1，表明該股票可能仍被低估。</p>
<p>Sea 的市銷率在過去一年中有所上升，這表明投資者願意為公司出色的運營表現支付越來越高的估值。因此，只要 Sea 繼續高效執行，我認為其股票在未來 18 個月內可能上漲 133%，重回 2021 年的記錄水平。</p>

<p>Sea Limited 的估值為 900 億美元，正逐漸成為電子商務和數字金融服務領域的重要參與者，類似於亞馬遜。其平台 Shopee 在 2025 年第一季度處理了 31 億個訂單，價值 286 億美元，而其金融服務 Monee 的貸款增長了 76.5%，達到了 58 億美元。Sea 的總收入達到了 48 億美元，數字金融服務的增長速度最快。分析師建議，Sea 股票可能從當前價格 153.52 美元上漲 133%，因為它繼續擴展其盈利的業務領域</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>亞馬遜</strong>（AMZN -0.43%）成立於 1994 年，最初是通過互聯網銷售書籍。現在，它的電子商務平台銷售數億種不同的產品，公司也擴展到了雲計算和數字廣告等其他盈利豐厚的行業。</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>在過去 10 年中，亞馬遜的股票上漲了 850%，得益於公司財務業績的顯著增長，使其市值達到了 2.2 萬億美元。但如果你錯過了這次令人難以置信的上漲，我有個好消息：可能還有另一傢俱有顯著增長潛力的電子商務公司，目前市值僅為 900 億美元。</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%）運營着東南亞最具主導地位的電子商務平台，但該公司在移動遊戲領域也是全球領先者，其數字金融服務部門目前正以驚人的速度增長。</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 的股票在過去一年中上漲了超過 102%，以下是我認為它可能從 6 月 23 日的收盤價（$153.52）再上漲 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>圖片來源：Getty Images。</p>
</div><h2>Sea is becoming a tech conglomerate, just like Amazon</h2>
<div class="lb-trans"><h2>Sea 正在成為像亞馬遜一樣的科技巨頭</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 的電子商務平台名為 Shopee，僅在 2025 年第一季度（截至 3 月 31 日）就處理了 31 億個訂單，價值 286 億美元。Shopee 專注於許多使亞馬遜.com 如此成功的因素，如提供超低價格和快速交付。</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 最近還推出了 VIP 會員服務，提供免費送貨和優先服務，用户只需支付少量月費。這與亞馬遜 Prime 類似，Sea 表示截至 3 月底已有超過 100 萬客户註冊。</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 還通過投資金融服務等協同效應來加速 Shopee 的增長。公司的 Monee 平台（前稱 SeaMoney）向 Shopee 上的商家提供貸款，幫助他們發展業務，同時還提供先買後付的貸款，以增強客户的購買力。Monee 的貸款總額在第一季度達到了 58 億美元，較去年同期增長了驚人的 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>這個數字可能會顯著增長，因為 Monee 開始向 Shopee 生態系統外的企業和消費者提供貸款，這大大增加了其可服務市場。</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>除了電子商務和金融服務，Sea 還是 Garena 的母公司，Garena 是移動遊戲行業最成功的開發工作室之一。它開發的《Free Fire》仍然是全球下載量和活躍用户最多的遊戲。Garena 在第一季度的活躍用户達到了 6.618 億，比去年同期增長了 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，這個數字仍低於 2021 年季度峯值的 7.29 億用户，當時由於疫情相關的封鎖和社交限制，玩家在線時間更長。</p>
</div><h2>Monee could become Sea's profitability engine</h2>
<div class="lb-trans"><h2>Monee 可能成為 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 年第一季度的總收入為 48 億美元，同比增長 29.6%。以下是該數字的細分情況。</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>部門</th>
<th>第一季度收入</th>
<th>同比增長</th>
</tr>
</thead>
<tbody>
<tr>
<td>電子商務（Shopee）</td>
<td>35 億美元</td>
<td>28.3%</td>
</tr>
<tr>
<td>數字金融服務（Monee）</td>
<td>7.871 億美元</td>
<td>57.6%</td>
</tr>
<tr>
<td>數字娛樂（Garena）</td>
<td>4.956 億美元</td>
<td>8.2%</td>
</tr>
</tbody>
</table>
</div><p>Data source: Sea Limited.</p>
<div class="lb-trans"><p>數據來源：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>簡單來説，電子商務是 Sea 總收入的最大貢獻者，但數字金融服務是組織中增長最快的部分。</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>電子商務通常伴隨着微薄的利潤率，因此向金融服務等更有利可圖的領域擴展對 Sea 的底線至關重要。這是亞馬遜的另一個策略——其雲計算部門是整個公司的盈利引擎，儘管其收入只佔少數。</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 首選的盈利衡量標準是調整後的息税折舊攤銷前利潤（EBITDA）。這是一種非公認會計原則（non-GAAP）指標，排除了股票補償等一次性和非現金費用。</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 的電子商務部門產生了 2.644 億美元的調整後 EBITDA，而其數字金融服務部門則貢獻了 2.411 億美元。換句話説，Monee 的利潤幾乎與 Shopee 相當——而其收入卻少了驚人的 77%。這意味着如果 Monee 繼續以當前速度增長，其潛力可以大幅提升 Sea 的底線。</p>
</div><h2>Why Sea stock could soar by 133%</h2>
<div class="lb-trans"><h2>為什麼 Sea 的股票可能上漲 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 日收盤時為 153.52 美元，仍遠低於 2021 年的歷史高點 357.78 美元。當時股票被高估，市銷率（P/S）超過 30，但公司的快速收入增長在將該比率降低至今天的 5.3 方面發揮了關鍵作用。</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，華爾街的共識估計（由 Yahoo! Finance 提供）表明，Sea 的年收入可能在 2026 年增長至 253 億美元，使其股票的前瞻性市銷率僅為 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 市銷率數據來源於 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 的股票在未來 18 個月內（到 2026 年底）上漲 133% 以重回其歷史高點 357.78 美元，其市銷率將約為 8.4——假設華爾街的收入預測準確。這個市銷率仍低於其長期平均值 9.1，表明該股票可能仍被低估。</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 的市銷率在過去一年中有所上升，這表明投資者願意為公司出色的運營表現支付越來越高的估值。因此，只要 Sea 繼續高效執行，我認為其股票在未來 18 個月內可能上漲 133%，重回 2021 年的記錄水平。</p>
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Did You Miss Out on Amazon? Here's Another Unstoppable E-Commerce Stock With a Potential Upside of 133%

- 亞馬遜成立於 1994 年，現市值達 2.2 萬億美元。  
- Sea Limited 在東南亞電商市場佔據主導地位，市值約 900 億美元。  
- 預計 Sea 股價在未來 18 個月內可能上漲 133%。

你是否錯過了投資亞馬遜的機會？這裏有另一隻電子商務股票，可能有 133% 的上漲潛力