2027至2028年AWS增速超40%的前景强化亚马逊不断扩张的AI机遇

Citi reiterates Buy and a US$350 target price on Amazon (AMZN.O) following 3Q26 results. Revenue of US$201.9bn (+12% Y/Y, +13% ex-FX) was in line with consensus and within guidance of US$197-202bn; operating income of US$28.1bn (13.9% margin) came in ~7% above consensus and 6% above the high end of guidance. GAAP EPS of US$1.89 compared with consensus of US$1.96. AWS revenue of US$46.0bn accelerated to +39% Y/Y, ~2% above consensus, with a 38.7% operating margin versus Citi's 35.5% estimate. Management expects 40%+ Y/Y AWS growth in both 2027 and 2028 and a path to US$1tn of annual revenue over the next 5-10 years;