Amazon(AMZN) 华通证券国际·2025-03-14 15:38Investment Rating - The report provides a positive investment rating for Amazon (AMZN.O) based on its continuous revenue and profit growth, particularly highlighting the rapid development of its AWS business [3]. Core Insights - Amazon's revenue is projected to grow steadily, with expected revenues of 852.35 billion by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.99% to 9.68% over the forecast period [4]. - Operating profit is anticipated to rise significantly, from 118.58 billion in 2027, indicating a robust growth trajectory with operating profit margins improving from 10.75% to 13.91% [4]. - The net profit is forecasted to increase from 101.50 billion in 2027, showcasing a strong net profit margin growth from 9.29% to 11.91% [4]. - The AWS segment continues to show strong performance, with revenues expected to grow from 28.79 billion in Q4 2024, reflecting a year-over-year growth rate of 12.3% to 13.3% [9]. Financial Summary - Revenue Forecast: Projected revenues for 2024, 2025, 2026, and 2027 are 703.69 billion, 852.35 billion respectively, with growth rates of 10.99%, 10.3%, 10.44%, and 9.68% [4]. - Profitability Metrics: Operating profit is expected to grow from 118.58 billion in 2027, with corresponding operating profit margins of 10.75%, 11.59%, 12.88%, and 13.91% [4]. - Net Profit: Forecasted net profits are 69.60 billion for 2025, 101.50 billion for 2027, with net profit margins improving over the years [4]. - Valuation Ratios: The price-to-earnings (PE) ratio is projected to decrease from 35.58 in 2024 to 20.77 in 2027, indicating an improving valuation as earnings grow [4].