中金升亚马逊目标价至 280 美元 算力容量快速上线助云端运算服务加速增长

CICC's research report pointed out that Amazon (AMZN.US) announced its third-quarter performance for the fiscal year 2025, with total revenue increasing by 13% year-on-year to $180.2 billion. Operating profit remained unchanged from the same period last year at $17.4 billion, and net profit increased by 38% year-on-year to $21.2 billion due to the inclusion of a $9.5 billion investment gain from Anthropic, corresponding to a diluted earnings per share of $1.95.

CICC stated that due to the better-than-expected performance of Amazon Web Services (AWS) in this quarter, the company's revenue and profit exceeded market and its own expectations. It believes that cloud supply is expected to continue to release, slightly raising the revenue forecasts for 2025 and 2026 by 1.1% each to $715.7 billion and $799 billion, respectively.

Considering that the company is still in a profit release cycle, CICC raised Amazon's net profit forecasts for 2025 and 2026 by 7% and 1.6% to $76.4 billion and $89.1 billion, respectively; maintaining an "outperform industry" rating; and given that the company is expected to benefit from cloud growth in the long term, it raised the target price by 17% to $280, corresponding to 21 times and 17 times enterprise value multiples (EV/EBITDA) for 2025 and 2026, with a 10% upside potential