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Amazon's GenAI Could Generate 'Multi-Billion Revenue Run-Rate': JPMorgan

Amazon's GenAI Could Generate 'Multi-Billion Revenue Run-Rate': JPMorgan

亞馬遜的GenAI可以產生 “數十億美元的收入運行率”:摩根大通
Benzinga ·  05/01 09:27

Amazon.com Inc (NASDAQ:AMZN) reported Q1 revenue of $143.3 billion, up 13% year-over-year, beating estimates. Earnings per share were 98 cents, recording a 25.64% surprise on the consensus of 82 cents.

亞馬遜公司(納斯達克股票代碼:AMZN)公佈的第一季度收入爲1433億美元,同比增長13%,超出預期。每股收益爲98美分,比市場普遍預期的82美分高出25.64%。

The earnings beat was propelled by robust performance in AWS and its international business. AWS revenue growth surged to 17%, marking a significant acceleration.

盈利增長是由AWS及其國際業務的強勁表現推動的。AWS收入增長激增至17%,標誌着大幅加速。

CEO Andy Jassy noted a strong start to the year, attributing it to customer experience improvements and financial results. He also mentioned that AWS's growth rate is reaccelerating, with AWS now being a $100-billion annual revenue run rate business.

首席執行官安迪·賈西指出,今年開局良好,這歸因於客戶體驗的改善和財務業績。他還提到,AWS的增長率正在重新加速,AWS現在的年收入增長率爲1000億美元。

Related: Amazon Q1 Earnings Highlights: Revenue Beat, EPS Beat, AWS Hits $100-Billion Annual Run Rate And More

相關信息:亞馬遜第一季度收益亮點:收入超過預期、每股收益超過預期、AWS年運營率達到1000億美元等

The Amazon Analyst

亞馬遜分析師

JPMorgan analyst Doug Anmuth maintains an Overweight rating on Amazon stock. He raised his price target for Amazon stock from $225 to $240. This target is based on about 28 times the estimated 2025 free cash flow (FCF) of $86 billion, which equates to around 21 times the estimated 2026 FCF of $108 billion.

摩根大通分析師道格·安默斯維持對亞馬遜股票的增持評級。他將亞馬遜股票的目標股價從225美元上調至240美元。該目標基於2025年估計的860億美元自由現金流(FCF)的28倍左右,相當於2026年估計的1080億美元自由現金流的21倍左右。

The Amazon Thesis

亞馬遜論文

Anmuth is doubling down on Amazon as he sees strong profit potential ahead, driven by accelerated growth in AWS and increasing demand for GenAI services.

在AWS加速增長和對GenAI服務需求增加的推動下,Anmuth認爲未來有強勁的盈利潛力,因此正在加倍關注亞馬遜。

Following Amazon's Q1 earnings report, Anmuth is particularly optimistic about the company's ability to expand its margins in both retail and cloud services.

繼亞馬遜發佈第一季度業績之後,Anmuth對該公司擴大零售和雲服務利潤率的能力特別樂觀。

Bullish On Capex Spends & Retail Margin Expansion

看好資本支出和零售利潤率擴大

Despite plans to increase capital expenditures by 35% to $65 billion in 2024, Amazon aims to balance investments with improving operating margins. Anmuth believes that Amazon's scale and strong cash flow position allow for meaningful investments while expanding margins simultaneously. "There is healthy room for profitability improvement," he said.

儘管計劃在2024年將資本支出增加35%,達到650億美元,但亞馬遜的目標是平衡投資與提高營業利潤率。Anmuth認爲,亞馬遜的規模和強勁的現金流狀況允許進行有意義的投資,同時擴大利潤率。他說:“盈利能力還有不錯的改善空間。”

Anmuth notes that Amazon's retail segment, excluding AWS, exhibited solid growth of 11.8% in Q1. He noted that the company "remains bullish on Retail margin expansion" pointing to 3 key drivers of efficiency:

Anmuth指出,亞馬遜的零售板塊(不包括AWS)在第一季度表現出11.8%的穩健增長。他指出,該公司 “仍然看好零售利潤率的擴大”,指出了效率的三個關鍵驅動因素:

  1. improvements to inbound shipping
  2. inventory placement
  3. increased automation
  1. 入庫配送的改進
  2. 庫存放置
  3. 自動化程度提高

The company also expects Prime Video to become a profitable business on its own.

該公司還預計,Prime Video本身將成爲一項有利可圖的業務。

GenAI Momentum To Lead To A Multi-Billion-Dollar Run Rate

GenAI 勢頭將導致數十億美元的運行率

AWS revenue growth accelerated in Q1, driven by increasing demand for cloud services and GenAI offerings. Going forward, Anmuth says, "AWS will meaningfully ramp AWS capex to capitalize on strong GenAI momentum." He pointed to tech infrastructure, datacenter capacity/power, silicon supply, networking equipment, and servers as key focus areas for this additional capex deployment.

受雲服務和 GenAI 產品需求不斷增長的推動,AWS 收入在第一季度加速增長。展望未來,Anmuth說:“AWS將有意義地增加AWS的資本支出,以利用GenAI的強勁勢頭。”他指出,技術基礎設施、數據中心容量/功率、硅電源、網絡設備和服務器是此次額外資本支出部署的關鍵重點領域。

Anmuth also estimates that GenAI services alone represent a "multi-billion-dollar revenue run-rate," indicating a significant revenue potential for Amazon.

Anmuth還估計,僅GenAI服務就代表着 “數十億美元的收入增長率”,這表明亞馬遜具有巨大的收入潛力。

JPMorgan's bullish outlook on Amazon reflects confidence in the company's ability to continue its growth trajectory while improving profitability. With a strong focus on cloud services and AI monetization, Amazon seems poised for further expansion in the coming years.

摩根大通對亞馬遜的看漲前景反映了人們對該公司在提高盈利能力的同時繼續保持增長軌跡的能力的信心。憑藉對雲服務和人工智能貨幣化的高度關注,亞馬遜似乎準備在未來幾年進一步擴張。

AMZN Price Action: Amazon's stock closed lower by 3.29% on Tuesday. However, the company reported an earnings beat post-market on Tuesday at $175.00. The stock was trading up by about 3.8% at $181.90 during the premarket session Wednesday.

亞馬遜價格走勢:亞馬遜股價週二收盤下跌3.29%。但是,該公司週二公佈的收益超過盤後175.00美元。在週三的盤前交易中,該股上漲了約3.8%,至181.90美元。

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