Amazon(US:AMZN) 智通财经网·2025-06-27 09:35Core Viewpoint - Morgan Stanley highlights Amazon's regionalization strategy, logistics investment cycle, expansion into Logistics as a Service (LaaS), and its market share in the U.S. parcel/carrier market, maintaining a bullish outlook with a target price of $240 by the end of 2025 [1] Group 1: Regionalization Strategy - Amazon's regionalization strategy has significantly improved efficiency, leading to a reduction in unit service costs for the second consecutive year in 2024 [2] - The company delivered over 9 billion Same-Day Delivery (SD1D) orders in 2024, with plans to double the number of SD1D facilities, which are the lowest-cost buildings in Amazon's network [2] - MWPVL estimates that Amazon currently operates about 600 small parcel delivery stations in the U.S., which could increase to 950-1000, further reducing delivery distances and unit service costs [2] Group 2: Automation and Robotics - Amazon is deploying automation and robotics in fulfillment centers to lower service costs, with new designs potentially reducing processing times by up to 25% [3] - The company has over 750,000 robots in its retail network, performing various tasks to enhance supply chain efficiency [3] - Amazon is introducing new robots, including the "Vulcan" picking robot, which can handle about 75% of items in fulfillment centers, with plans for large-scale deployment in Europe and the U.S. [3] Group 3: AI Innovations - Amazon has launched three AI innovations to optimize supply chain efficiency, including Wellspring for delivery path optimization, AI-driven demand forecasting, and Agentic AI for natural language command understanding [4] Group 4: Logistics as a Service (LaaS) - Amazon Logistics delivered over 66% of packages, with 61% of orders coming from third-party sellers, indicating potential to capture part of the order flow from UPS [5] - The company plans to expand SD1D services to over 4,000 small towns and rural communities by the end of 2025, with a year-on-year delivery volume increase of over 30% [5] - Amazon aims to invest $4 billion by 2026 to expand its rural delivery network, potentially delivering an additional 1 billion packages annually [5] Group 5: Investment Perspective - Amazon is positioned as a market leader in e-commerce and cloud services, with significant growth potential as U.S. e-commerce accounts for only about 20% of adjusted retail sales [6] - The company is on a trajectory of profit margin expansion and free cash flow growth, with a target price of $240 based on a projected $75 billion free cash flow in 2026 [6] - Amazon's higher growth potential justifies a premium valuation compared to Alphabet, with a projected P/E ratio of 32.5 times [6]