AWS增长势头持续增强

AWSgrowthmomentum continues to build Target PriceUS$305.00(Previous TPUp/DownsideCurrent PriceUS$263.04 Amazon announced (30 Apr BJT) 1Q26 results: revenue was US$181.5bn, up16.6% YoY (1Q25: 8.6%), or 15% on a constant-currency basis, 2% above bothour forecast and the Bloomberg consensus estimate. Totaloperatingprofit wasUS$23.9bn,up 30%YoY,12%/15%ahead of our forecast/Bloombergconsensus,driven by broad-based beats across all three business segments,including North America (NA), AWS, and the international business.In1Q26,AWS revenue growth further accelerated to 28.4%YoY(4Q25: 23.6%; 1Q25:16.9%), 2ppts above consensus. Management guided for 2Q26E revenue ofUS$194bn-199bn (consensus: US$188.9bn), implying 16-19% YoY growth, andoperatingprofit of US$20bn-24bn(consensus:US$22.9bn).We lifted our2026E-2028E revenue forecasts by 4-6% to reflect a better-than-expectedgrowth outlook for both product sales and AWS revenue, and raised our OPforecasts by 4-10% to account for stronger-than-expected operating efficiency China Internet Saiyi HE, CFA(852) 3916 1739hesaiyi@cmbi.com.hkYe TAO, CFA (852) 3850 5226franktao@cmbi.com.hkWentao LU, CFAluwentao@cmbi.com.hk Shuyin GUO(852) 3916 3716guoshuyin@cmbi.com.hk AWS: YoY revenue growth accelerated further.In 1Q26, AWS postedrevenue of US$37.6bn, up 28.4%YoY (4Q25: 23.6%). AWS OPM of 37.7%was down 1.8ppts YoY due to related capex investment, but was 3.8pptsahead of consensus. Cash capex plus finance leases was US$43.2bn in1Q26 (+78% YoY; +12% QoQ), and management maintained its guidanceof US$200bn capex for 2026. Management highlighted that AWS backlogreached US$364bn in 1Q26 (excluding the recent deal with Anthropic forover US$100bn), up 49% QoQ. Driven by strong demand, as evidenced bythe solid increase in backlog, we anticipate a further acceleration in AWS Marginexpansion remains on track for both North America andinternational businesses.In 1Q26, Amazon’s NA business recordedrevenue of US$104.1bn, up 12.1% YoY (1Q25: 7.6%; 4Q25: 9.9%), 2%above consensus, whileOPM expanded by 1.6ppts YoY to 9.0% and was1.3ppts ahead of consensus. For the international segment, revenue was Update on AI-related applicationsand business initiatives:1) Amazon’schip business (including Graviton, Trainium, and Nitro) achieved 40% QoQrevenue growthin 1Q26, and now has a combined annual revenue run rate Source: FactSet Key financials Changes in forecast and valuation Source:Bloomberg,CMBIGM estimates Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content ofthis research report, in whole or in part, certifies that with respect to 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 neither the analyst nor his/her associates (as defined in thecode 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 issue of 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 Hong Kong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. CMBIGM RatingsBUY: Stock with potential return of over 15% over next 12 months HOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOTRATED: Stock is not rated byCMBIGM OUTPERFORM:Industry expected to outperform the relevant broad market benchmark over next 12 monthsMARKET-PERFORM:Industry expected to perform in-line with the relevant broad marketbenchmark over next 12 monthsUNDERPERFORM:Industry expected to underperform the relevant broad market benchmark over next 12 monthsCMB InternationalGlobal MarketsLimited 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 prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is containe