成长故事不变，AWS收入增长加速，超出预期。

Growth story unchanged with acceleration in growth better than expectation Target PriceUS$292.00(Previous TPUS$269.00)Up/Downside38.8%Current PriceUS$210.32 Amazonannounced(6FebBJT)4Q25results: revenue was US$213.4bn,up14% YoY, or12% YoYon constantcurrencybasis(4Q24:11%on constantcurrencybasis),1%better than both our forecast/Bloomberg consensusestimate. During the period,total operating profit was US$25.0bn, up18% YoY,2%/1% ahead of our forecast/Bloomberg consensus.Excludingthreeone-offspecial chargestotallingUS$2.4bn, operatingprofitwould be 10% ahead ofconsensus.4Q25 AWS YoY revenue growth accelerated to 23.6% (3Q25:20.2%; 4Q24:18.9%), 2ppts above consensus, driven by eased (yet stillexisting)supply constraints.For 2025,total revenue grew 12%YoY toUS$716.9bn, andoperatingprofit grew17% YoY to US$80.0bn. Managementguided for US$173.5bn-178.5bn revenue for1Q26E (consensus: US$175.5bn),implying11-15% YoY growth. Meanwhile,operating profit is guided to beUS$16.5-21.5bn(consensus: US$22.2bn),withUS$200bn capexfor 2026E(implies >50% YoY growth).We lifted 2026-2027E revenue forecastsby 2-3%to account forbetter-than-expectedgrowth outlook for AWS revenue, while China Internet Saiyi HE, CFA(852) 3916 1739hesaiyi@cmbi.com.hk Ye TAO, CFA(852) 3850 5226franktao@cmbi.com.hk Wentao LU, CFAluwentao@cmbi.com.hk AWS:acceleration inrevenuegrowth better than expectation.In4Q25,AWS inked revenue of US$35.6bn,up23.6% YoY, and OPM for AWS of35.0% was up0.4ppts QoQ and 0.7ppts ahead of consensus. Forcapex,cashcapex plus finance leases was US$38.5/128bn in 4Q25/2025(+46/64% YoY), and management guided for US$200bncapex in 2026E (vstotalOCF of US$140bn/182bn in 2025/2026E based on Bloombergconsensus).Management highlighted that the backlog for AWS hasreached US$244bn in4Q25,up 22% QoQ and 40% YoY,andit is stillramping upcapacity tofulfilthe demand. Amazon has added more than1.2/3.9gigawatts of power in4Q25/2025 (vs previous guidance ofaddingat Margin expansion remains on track.In4Q25, Amazon’s NA businessrecorded revenue of US$127.1bn, up9.9% YoY(4Q24: 9.5%),in linewithconsensus,while OPM expanded by 1.0ppt YoY to 9.0% (consensus:8.6%).Forinternational segment, revenue was US$50.7bn, up16.8% YoY,2.0% ahead of consensus,with an OPM of 2.1% (4Q24: 3.0%), while Source: FactSet Update on AI relatedapplicationsand businessinitiatives:1) Trainiumand Graviton: now have a combined annual revenue run rate of overUS$10bn and growing at a triple digit percentage YoY.Graviton is now usedby over 90% of the top 1,000 AWS customers and is up to 40% more price-performant than leading x86processors;2) Rufus, the AI-powered shopping Key financials Changes in forecast and valuation Source:Bloomberg,CMBIGM estimates Disclosures& Disclaimers Analyst Certification The researchanalyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respectto the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neitherthe analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issueof this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. CMBIGM Ratings BUY: Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock withpotential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM OUTPERFORM:Industry expected to outperform the relevant broad market benchmark over next 12 monthsMARKET-PERFORM:Industry expectedto perform in-line with the relevant broad market benchmark over next 12 monthsUNDERPERFORM:Industry expected to underperform the relevant broad market benchmark over next 12 months Address:45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank) Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepa