亚马逊每季度都在为 AWS 业务付出巨额成本

Core Viewpoint - Amazon is considered one of the most promising large-cap companies by analysts, with its long-term potential and investment strategies suggesting it is undervalued despite impressive valuations [1] Group 1: Business Performance - Amazon's core e-commerce business is continuously improving its profitability, while AWS revenue maintains strong quarterly growth [1] - AWS has achieved a compound annual growth rate (CAGR) of approximately 37% since 2014, and is projected to have a CAGR of around 25% from 2020 to 2024, with Q1 2025 sales surpassing $29 billion [1][3] Group 2: Market Dynamics - Despite AWS being a driver of profitability, its market share has not increased, facing strong competition from Microsoft Azure and Google Cloud [3] - The global cloud computing expenditure is dynamically growing, with Q1 2025 spending reaching $94 billion, a 23% increase from Q1 2024, driven significantly by AI services [4] Group 3: Strategic Partnerships - AWS continues to attract more customers and partners, such as Debenhams Group, which is expanding its use of AI through AWS to enhance business growth and customer experience [5][6] - Experian has chosen AWS as its preferred cloud platform for a 10-year strategic partnership to enhance its AI capabilities and provide better data services [6] - A strategic framework agreement with RWE aims to support digital transformation and renewable energy projects, leveraging AI and analytics [7] Group 4: Valuation Insights - Amazon's enterprise value/EBITDA multiple has been declining, indicating that performance growth is aligning with expectations, and analysts believe there is still a 20%-30% upside potential based solely on valuation multiples [8] - The long-term EBITDA multiple for Amazon could rise to 18-20 times, reflecting its strong growth prospects and ability to create shareholder value [10]