计算机行业点评报告：亚马逊：2024Q4财报超预期，多业务协同驱动增长

Investment Rating - The report maintains a "Buy" recommendation for Amazon (AMZN.O) based on its strong financial performance and growth prospects [4][8]. Core Insights - Amazon's Q4 2024 financial results exceeded expectations, with net sales reaching $187.8 billion, a year-on-year increase of 10%. The total net sales for the year amounted to $638 billion, reflecting an 11% growth [4]. - The operating profit for Q4 2024 was $21.2 billion, marking a significant 61% increase year-on-year, while net income rose by 88% to $20 billion, resulting in diluted earnings per share of $1.86 [4]. - Free cash flow for the past 12 months was $38.2 billion, up by $1.4 billion, indicating effective capital expenditure and operational cost management [4]. Revenue Growth Drivers - Amazon Web Services (AWS) led the growth with Q4 net sales of $28.8 billion, a 19% increase year-on-year, and operating profit of $10.6 billion, up 34% [5]. - The advertising business generated net sales of $17.3 billion in Q4, reflecting an 18% year-on-year growth, showcasing its long-term growth potential [5]. - Subscription services, including Prime memberships, achieved net sales of $11.5 billion, a 10% increase, driven by strong market demand and continuous investment in content and user experience [5]. Competitive Strategy - Amazon launched a low-price product section called "Haul" in its mobile app to compete with platforms like Temu and Shein, focusing on items priced under $20. This initiative aims to attract consumers in the rapidly growing low-price market [7].