Amazon's Leaner Structure and AI Chip Partnership With Intel Could Boost Growth: BofA Analyst
Amazon's Leaner Structure and AI Chip Partnership With Intel Could Boost Growth: BofA Analyst
According to the analyst, AWS remains well-positioned to capture broad-based AI customer demand due to its more diverse and growing product offering.BofA Securities analyst Justin Post maintained a Buy rating on Amazon.Com Inc (NASDAQ:AMZN) with a price target of $210.
BofA證券分析師賈斯丁·波斯特(Justin Post)維持對亞馬遜公司(NASDAQ:AMZN)的買入評級，並給出210美元的目標價。
The re-rating reflects CEO Andy Jassy's goal for a leaner Amazon by the end of the first quarter of 2025, translating into an estimated $700 million in cost savings and Amazon Web Services' multi-year, multi-billion-dollar co-investment into custom AI chips with Intel Corp (NASDAQ:INTC).
重新評級反映了Andy Jassy首席執行官的目標，即在2025年第一季度末前打造一個更精簡的亞馬遜，從而節省大約7千萬美元，並與納斯達克（NASDAQ:INTC）的英特爾公司進行跨年度、數十億美元的合作投資，共同開發定製人工智能芯片。
Post noted that Intel chips would be more cost-effective for customers than alternatives. Intel will produce custom AI fabric chips for AWS that will be built on Intel 18A, the company's most advanced process node.
發帖指出，相比其他替代品，英特爾芯片更具成本效益。英特爾將爲AWS生產採用Intel 18A工藝的定製人工智能芯片，這是該公司最先進的工藝節點。
According to the analyst, AWS remains well-positioned to capture broad-based AI customer demand due to its more diverse and growing product offering.
根據分析師的說法，由於AWS提供的產品種類更多且不斷增長，因此AWS仍然處於良好的位置來滿足廣泛的人工智能客戶需求。
Post estimates $700 million annually in cost savings under Jassy's plans to increase Amazon's individual contributor-to-manager ratio by slashing management layers and making employees return to the office five days a week beginning in January.
發帖估計根據Jassy的計劃，亞馬遜將通過削減管理層和令員工每週返回辦公室五天，實現每年約7千萬美元的成本節省。假設非倉庫工人爲40萬人，當前的管理者-員工比例爲1比6，預計至少有2.5%的員工（約7,000人）將從管理崗位轉爲職位。如果薪酬差異爲100,000美元。
Assuming a non-warehouse workforce of 400,000 and a current manager-to-contributor ratio of 1 to 6, at least 2.5% of employees (around 7,000) are projected to shift from manager roles to contributor positions, and if the difference in pay is $100,000.
發帖的目標價值是基於他的總和部分（SOTP）分析，將1P零售業務估值爲2025年營業收入的1.2倍，將3P零售業務估值爲2025年營收的3.0倍，將AWS估值爲2025年銷售額的8.0倍，將廣告業務估值爲2025年銷售額的5.0倍。
Post's price target is based on his sum-of-the-parts (SOTP) analysis, which values the 1P retail business at 1.2 times 2025E Revenue, the 3P retail business at 3.0 times 2025E Revenue, AWS at 8.0 times 2025 Sales, and the advertising business at 5.0 times 2025 Sales.
2025年的SaaS多個比價估值，發帖的AWS估值是相對於他的SaaS比較低的8.0倍，他的GMV估值是相對於他的零售業務比較折扣的1.2倍，以及他的廣告估值是相對於他的數碼廣告比較折扣的5.0倍。
For 2025E, Post's 8.0 times AWS multiple is relatively below his SaaS comps at 8.5 times, his 1.2 times GMV multiple is a discount to his retail comps at 1.3 times, and his 5.0 times advertising multiple is a discount to his digital advertising comps at 5.2 times.
對於2025年的估值，發帖的AWS估值與他的SaaS銷售比較相對較低，爲8.0倍，他的1.2倍GMV估值相對於他的零售業務比較折扣，以及他的5倍廣告估值相對於他的數碼廣告比較折扣。
The analyst deems some conglomerate discounts as warranted with elevated regulatory risk but long-term notes that in-line to discount multiples are warranted given growth rates more than peers.
分析師認爲，由於提高的監管風險，一些企業折扣是合理的，但從長遠來看，與同行相比，折扣倍數處於合理水平。
Price Action: AMZN stock is up 1.22% at $187.15 at the last check on Tuesday.
價格走勢：亞馬遜股價在週二最後一次檢查時上漲1.22%，報187.15美元。
Image via Shutterstock
圖片來自shutterstock。
譯文內容由第三人軟體翻譯。
