亚马逊-零售业务表现出色，AWS加速发Amazon.com Inc-Retail Delivers, AWS Acceleration on Deck

Summary of Amazon.com Inc. Conference Call Company Overview - Company: Amazon.com Inc (AMZN) - Market Cap: $2,569,986 million - Current Share Price: $234.11 - Price Target: $300.00 - Rating: Overweight Key Points Retail Performance - 2Q Retail Revenue: Exceeded expectations by 2%, with a total of $167,702 million, reflecting a year-over-year growth of 13.3% [2][12] - Cost Improvements: Fulfillment and shipping costs per unit were 4% lower than anticipated, contributing to a 16% better-than-expected Retail EBIT of $1.2 billion [2][12] - Advertising Growth: High-margin advertising business grew 22% year-over-year, surpassing the expected 20% [2] - 1P Merchandise Margins: Approximately 100 basis points higher than expected, indicating effective tariff navigation [2] AWS Performance - 2Q AWS Revenue Growth: Increased by 17.5% year-over-year, slightly better than expected [3] - Future Growth Drivers: Management highlighted multiple demand drivers, including GenAI workloads, but did not confirm expectations for acceleration [3] - Anthropic Contribution: Expected to contribute significantly to AWS growth in the second half of 2026, with an updated annual recurring revenue target of ~$9 billion [3][10] Financial Estimates - Earnings Estimates: 2026 EPS is projected to rise by 1%, with a price target of $300 based on a ~35X P/E multiple [4][19] - Free Cash Flow: Expected to fall by ~30% in 2026, but potential benefits from OBBBA could offset this [8] - Revenue Estimates: Total net sales for 2026 are estimated at $785,475 million, with a year-over-year growth of 10.2% [15] Risk and Reward Analysis - Price Target Justification: The $300 price target implies a ~2X PEG and a ~15% discount to AMZN's peer median [19][24] - Market Position: Amazon's high-margin businesses and Prime membership growth are seen as key drivers for profitability and recurring revenue [25] Other Notable Insights - Cash Flow: Operating cash flow is projected to increase significantly, reaching $252,398 million by 2028 [18] - Balance Sheet Strength: Total assets expected to grow to $1,180,427 million by 2028, indicating strong financial health [17] - Market Sentiment: 96% of analysts rate AMZN as Overweight, reflecting positive market sentiment [27] Conclusion - Amazon.com Inc. continues to demonstrate strong retail growth and profitability, with AWS poised for future acceleration despite current competitive pressures. The company's strategic investments and high-margin business segments support a bullish long-term outlook, justifying the Overweight rating and $300 price target.