【研报掘金|招商证券:上调亚马逊目标价至270美元 去年第四季业绩强劲】招商证券发表报告指,亚马逊去年第四季业绩强劲,销售净额按年增长10%,经营利润按年增长61%,超出预期。然而,今年第一季指引未达预期,电商消费前置、汇率和闰年带来短期逆风。报告指,AWS的增长保持强劲,按年增长19%,经营利润率按年提升7.3个百分点,推动经营利润超出预期;2025年资本支出指引增幅为同行最低。 该行对亚马逊评级为“增持”,目标价由252美元上调至270美元。近期发展和资本支出前景与该行观点一致,亚马逊正在进行大量投资,得益于内部人工智能解决方案和模型所带来的成本效率提升,其自由现金流前景得以改善。

金融界
12 Feb
招商证券发表报告指,亚马逊去年第四季业绩强劲,销售净额按年增长10%,经营利润按年增长61%,超出预期。然而,今年第一季指引未达预期,电商消费前置、汇率和闰年带来短期逆风。报告指,AWS的增长保持强劲,按年增长19%,经营利润率按年提升7.3个百分点,推动经营利润超出预期;2025年资本支出指引增幅为同行最低。 该行对亚马逊评级为“增持”,目标价由252美元上调至270美元。近期发展和资本支出前景与该行观点一致,亚马逊正在进行大量投资,得益于内部人工智能解决方案和模型所带来的成本效率提升,其自由现金流前景得以改善。

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