Amazon3Q24业绩点评：零售业务亮眼，云利润超预期，持续投入AI

Investment Rating - The report maintains a positive outlook on Amazon, indicating an outperform rating for the stock over the next 12-18 months [17]. Core Insights - Amazon's Q3 2024 earnings met market expectations for total revenue, while operating profit and net profit exceeded expectations. The guidance for Q4 profits aligns with market forecasts [9]. - The retail business continues to show strong profit margins, and AWS (Amazon Web Services) has achieved record-high margins. The company plans to maintain its investment in AI, with CAPEX guidance for the next year expected to be higher than this year's [9][5]. Summary by Sections Revenue Performance - Total revenue for Q3 2024 was $158.877 billion, reflecting a year-over-year increase of 11%, which met market expectations [2][3]. - Retail revenue was particularly strong at $61.4 billion, with a year-over-year growth of 7% and a quarter-over-quarter increase of 11% [2]. - AWS revenue reached $27.452 billion, showing a year-over-year growth of 19% [3]. Profitability Metrics - Operating profit for Q3 2024 was $17.411 billion, significantly above the market expectation of $14.737 billion, representing an 18.1% beat [3]. - The overall gross profit margin was reported at 49%, consistent with Bloomberg's expectations [2]. - Earnings per share (EPS) for the quarter was $1.43, surpassing the market expectation of $1.15 [2][3]. Future Guidance - For Q4 2024, the revenue guidance midpoint is set at $185 billion, slightly below market expectations [4]. - The operating profit guidance for Q4 is projected at $18 billion, which is above market expectations [4]. Strategic Focus - The retail business is enhancing user experience and maintaining competitive pricing, which is expected to improve repurchase rates [5]. - AWS continues to invest in AI technologies, with new AI products launched during the quarter and a commitment to increase CAPEX to $75 billion for 2025, focusing on AI advancements [5][6]. Valuation Metrics - As of October 31, 2024, Amazon's market capitalization stood at $1.96 trillion, with a stock price of $186.4. The projected price-to-sales ratios for 2024 and 2025 are 3.1 and 2.8, respectively [6][7]. - The expected revenue growth rate for Amazon from 2023 to 2026 is 10.7%, with AWS projected to grow at 18.4% [7].