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证券分析师贾斯丁·波斯特(Justin Post)维持对亚马逊公司(NASDAQ:AMZN)的买入评级，并给出210美元的目标价。
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).
重新评级反映了Andy Jassy首席执行官的目标，即在2025年第一季度末前打造一个更精简的亚马逊，从而节省大约7千万美元，并与纳斯达克（NASDAQ:INTC）的英特尔公司进行跨年度、数十亿美元的合作投资，共同开发定制人工智能芯片。
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.
发帖指出，相比其他替代品，英特尔芯片更具成本效益。英特尔将为AWS生产采用Intel 18A工艺的定制人工智能芯片，这是该公司最先进的工艺节点。
According to the analyst, AWS remains well-positioned to capture broad-based AI customer demand due to its more diverse and growing product offering.
根据分析师的说法，由于AWS提供的产品种类更多且不断增长，因此AWS仍然处于良好的位置来满足广泛的人工智能客户需求。
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.
发帖估计根据Jassy的计划，亚马逊将通过削减管理层和令员工每周返回办公室五天，实现每年约7千万美元的成本节省。假设非仓库工人为40万人，当前的管理者-员工比例为1比6，预计至少有2.5%的员工（约7,000人）将从管理岗位转为职位。如果薪酬差异为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.
发帖的目标价值是基于他的总和部分（SOTP）分析，将1P零售业务估值为2025年营业收入的1.2倍，将3P零售业务估值为2025年营收的3.0倍，将AWS估值为2025年销售额的8.0倍，将广告业务估值为2025年销售额的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多个比价估值，发帖的AWS估值是相对于他的SaaS比较低的8.0倍，他的GMV估值是相对于他的零售业务比较折扣的1.2倍，以及他的广告估值是相对于他的数码广告比较折扣的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.
对于2025年的估值，发帖的AWS估值与他的SaaS销售比较相对较低，为8.0倍，他的1.2倍GMV估值相对于他的零售业务比较折扣，以及他的5倍广告估值相对于他的数码广告比较折扣。
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.
分析师认为，由于提高的监管风险，一些企业折扣是合理的，但从长远来看，与同行相比，折扣倍数处于合理水平。
Price Action: AMZN stock is up 1.22% at $187.15 at the last check on Tuesday.
价格走势：亚马逊股价在周二最后一次检查时上涨1.22%，报187.15美元。
Image via Shutterstock
图片来自shutterstock。
