北美电商和云计算龙头,长期投入壁垒深厚。亚马逊是北美的电商和云计算龙头,按24年收入零售业务占比为83%,云计算占比17%,零售业务可以进一步拆分为线上电商(39%)、实体商店(3%)、第三方卖家服务(24%)、广告服务(9%)、订阅服务(7%)以及其他(1%)。云计算是公司的最大利润来源,24年经营利润(OP)占比为58%,经营利润率(OPM)达到新高的37%。复盘公司历史,我们认为亚马逊是有较...
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