<p><strong>家得宝</strong>(HD -0.40%) 和 <strong>好市多批发店</strong>(COST 0.38%) 是如今许多人熟悉的两家企业，无论是从顾客角度还是投资角度来看。在它们悠久而成功的历史中，这些公司的股票表现非常出色。</p>
<p>但是，这两家大市值零售股票中哪一家是当前更好的投资组合？让我们来看一下。</p>
<h2>为好市多辩护</h2>
<p>好市多在 2023 财年的净销售额达到 2380 亿美元，是世界第三大零售商（仅次于 <strong>沃尔玛</strong> 和 <strong>亚马逊</strong>）。这种无与伦比的规模为企业带来了一些强大的好处。</p>
<p>好市多与供应商拥有巨大的谈判杠杆。这导致商品成本较低。这些节省成本以每日低价的形式传递给顾客，从而带来更多收入。这是一个难以复制的正反馈循环，而且好市多成功的会员计划进一步加强了这一点。</p>
<p>该公司正在证明自己有多么具有韧性。尽管受到疫情、供应链瓶颈、高通胀、高利率和不确定的经济影响，好市多在 2020、2021、2022 和 2023 财年以及 2024 财年前三个季度都能够报告一致的同店销售增长。</p>
<p>尽管这是一家庞大的公司，但好市多仍然具有可观的增长潜力。管理层计划在未来每年开设 25 至 30 家净新仓库，这是在 2023 财年开设 23 家新仓库之后的计划。国际市场提供了巨大的机会。</p>
<h2>聚焦家得宝</h2>
<p>家得宝也是一家庞大的零售商，过去 12 个月的营收达到 1520 亿美元。然而，它专注于家居装修行业，向 DIY 和专业客户销售工具和用品。</p>
<p>该企业在该领域中是明显的领导者，其规模使家得宝处于有利位置。它拥有品牌认知度、广泛覆盖（美国有 2017 家门店）和全渠道能力，以满足客户的需求。</p>
<p>2023 财年（截至 1 月 28 日）同店销售下降了 3.2%。而在 2024 财年第一季度（截至 4 月 28 日），这一数字下降了 2.8%。这并不是特别令人鼓舞。但这可能只是暂时的，因为现在更多的消费者正在推迟购买大额商品。</p>
<p>然而，从长期来看很容易持乐观态度。国内家居装修行业价值 1 万亿美元，家得宝占有相对较小的 15% 份额，有增长空间。</p>
<p>投资者可能会被这家公司的有利资本回报计划所吸引。该公司不仅在上个财季回购了 6.49 亿美元的股票，还支付了 22 亿美元的股息。这些举措提升了投资者的回报。</p>
<h2>决定性因素</h2>
<p>好市多和家得宝都是零售行业的优秀企业。然而，我认为前者是一家更好的公司。它在宏观背景下持续增长，表明它更具韧性。会员计划激励顾客重复访问。</p>
<p>然而，这并不意味着好市多股票是一个不用考虑的购买。事实上，情况恰恰相反。该股票的价格 - 收益（P/E）比率为 52。除了最近的高点外，自世纪之交以来，股票从未如此昂贵。</p>
<p>另一方面，家得宝股票的价格 - 收益（P/E）比率为 23。要明确的是，我认为大多数投资者会同意好市多应该获得更高的估值倍数。但是仓储连锁店当前的 P/E 比率告诉我，该股票目前被严重高估。</p>
<p>家得宝仍然是一家出色的企业，其股票价格更具吸引力。它是今天添加到您的投资组合并持有五年的更好选择。</p>

家得宝

开市客

<p>Costco 和家得宝都是知名的零售公司。Costco 在与供应商的谈判中拥有强大的议价能力，导致商品成本低廉且销售持续增长。另一方面，家得宝专注于家居装修行业，并拥有良好的资本回报计划。虽然 Costco 具有韧性和增长潜力，但其股票目前被认为是被高估的。家得宝的股票价格吸引人，是更好的投资组合选择</p>

<p><strong>Costco Wholesale</strong>(COST 0.38%) and <strong>Home Depot</strong>(HD -0.40%) are certainly two businesses that many people are familiar with these days, both from a customer perspective and an investment point of view. Over their long and successful histories, the shares of these companies have performed extremely well.</p>
<div class="lb-trans"><p><strong>家得宝</strong>(HD -0.40%) 和 <strong>好市多批发店</strong>(COST 0.38%) 是如今许多人熟悉的两家企业，无论是从顾客角度还是投资角度来看。在它们悠久而成功的历史中，这些公司的股票表现非常出色。</p>
</div><p>But which of these megacap retail stocks is the better addition to your portfolio right now? Let's take a look.</p>
<div class="lb-trans"><p>但是，这两家大市值零售股票中哪一家是当前更好的投资组合？让我们来看一下。</p>
</div><h2>The case for Costco</h2>
<div class="lb-trans"><h2>为好市多辩护</h2>
</div><p>With fiscal 2023 net sales of $238 billion, Costco is the world's third-biggest retailer (only <strong>Walmart</strong> and <strong>Amazon</strong> are larger). This unrivaled scale creates some powerful benefits for the business.</p>
<div class="lb-trans"><p>好市多在 2023 财年的净销售额达到 2380 亿美元，是世界第三大零售商（仅次于 <strong>沃尔玛</strong> 和 <strong>亚马逊</strong>）。这种无与伦比的规模为企业带来了一些强大的好处。</p>
</div><p>Costco has tremendous negotiating leverage with its suppliers. This results in low costs for merchandise. The savings are passed to customers in the form of everyday low prices, which results in more revenue. It's a positive feedback loop that is hard to replicate, and it's strengthened by Costco's successful membership program.</p>
<div class="lb-trans"><p>好市多与供应商拥有巨大的谈判杠杆。这导致商品成本较低。这些节省成本以每日低价的形式传递给顾客，从而带来更多收入。这是一个难以复制的正反馈循环，而且好市多成功的会员计划进一步加强了这一点。</p>
</div><p>The company is proving just how resilient it can be. Despite the pandemic, supply chain bottlenecks, high inflation, high interest rates, and the uncertain economy, Costco has been able to report consistent same-store sales growth in fiscal 2020, 2021, 2022, and 2023. And it's been the same story through the first three quarters of fiscal 2024.</p>
<div class="lb-trans"><p>该公司正在证明自己有多么具有韧性。尽管受到疫情、供应链瓶颈、高通胀、高利率和不确定的经济影响，好市多在 2020、2021、2022 和 2023 财年以及 2024 财年前三个季度都能够报告一致的同店销售增长。</p>
</div><p>Even though this is a massive corporation, Costco still has meaningful growth potential. Executives plan to open 25 to 30 net new warehouses per year going forward, after opening 23 in fiscal 2023. International markets present a huge opportunity.</p>
<div class="lb-trans"><p>尽管这是一家庞大的公司，但好市多仍然具有可观的增长潜力。管理层计划在未来每年开设 25 至 30 家净新仓库，这是在 2023 财年开设 23 家新仓库之后的计划。国际市场提供了巨大的机会。</p>
</div><h2>Homing in on Home Depot</h2>
<div class="lb-trans"><h2>聚焦家得宝</h2>
</div><p>Home Depot is also a gigantic retailer, with trailing-12-month revenue of $152 billion. However, it focuses exclusively on the home improvement industry, selling tools and supplies to both DIY and professional customers.</p>
<div class="lb-trans"><p>家得宝也是一家庞大的零售商，过去 12 个月的营收达到 1520 亿美元。然而，它专注于家居装修行业，向 DIY 和专业客户销售工具和用品。</p>
</div><p>This business is the clear leader in the space, and its size puts Home Depot in an advantageous position. It has the brand recognition, wide reach (2,017 stores in the U.S.), and omnichannel capabilities to cater to its customers' needs.</p>
<div class="lb-trans"><p>该企业在该领域中是明显的领导者，其规模使家得宝处于有利位置。它拥有品牌认知度、广泛覆盖（美国有 2017 家门店）和全渠道能力，以满足客户的需求。</p>
</div><p>Same-store sales dipped 3.2% in fiscal 2023 (ended Jan. 28). And during Q1 2024 (ended April 28), this figure was down 2.8%. That's not particularly encouraging. But it might just be temporary, because more consumers are holding off on big-ticket purchases nowadays.</p>
<div class="lb-trans"><p>2023 财年（截至 1 月 28 日）同店销售下降了 3.2%。而在 2024 财年第一季度（截至 4 月 28 日），这一数字下降了 2.8%。这并不是特别令人鼓舞。但这可能只是暂时的，因为现在更多的消费者正在推迟购买大额商品。</p>
</div><p>It's easy to be optimistic over the long term, though. The domestic home improvement industry is valued at $1 trillion, giving Home Depot a relatively small 15% share that it can grow.</p>
<div class="lb-trans"><p>然而，从长期来看很容易持乐观态度。国内家居装修行业价值 1 万亿美元，家得宝占有相对较小的 15% 份额，有增长空间。</p>
</div><p>Investors might be drawn to this stock because of Home Depot's favorable capital return program. The company not only repurchased $649 million of shares last fiscal quarter, but it also paid $2.2 billion in dividends. These moves boost investor returns.</p>
<div class="lb-trans"><p>投资者可能会被这家公司的有利资本回报计划所吸引。该公司不仅在上个财季回购了 6.49 亿美元的股票，还支付了 22 亿美元的股息。这些举措提升了投资者的回报。</p>
</div><h2>The deciding factor</h2>
<div class="lb-trans"><h2>决定性因素</h2>
</div><p>Both Costco and Home Depot are wonderful businesses that are leaders in the retail sector. However, I believe the former is a better company. It's posting durable growth regardless of the macro backdrop, indicating that it's more resilient. And the memberships incentivize repeat visits from customers.</p>
<div class="lb-trans"><p>好市多和家得宝都是零售行业的优秀企业。然而，我认为前者是一家更好的公司。它在宏观背景下持续增长，表明它更具韧性。会员计划激励顾客重复访问。</p>
</div><p>However, this doesn't automatically mean Costco shares are a no-brainer buy. It's actually the opposite. The stock is extremely expensive, trading at a price-to-earnings (P/E) ratio of 52. Apart from recent highs, the stock hasn't been this pricey since before the turn of the century.</p>
<div class="lb-trans"><p>然而，这并不意味着好市多股票是一个不用考虑的购买。事实上，情况恰恰相反。该股票的价格 - 收益（P/E）比率为 52。除了最近的高点外，自世纪之交以来，股票从未如此昂贵。</p>
</div><p>Home Depot shares, on the other hand, trade at a P/E ratio of 23. To be clear, I think most investors would agree that Costco deserves a higher valuation multiple. But the warehouse chain's current P/E ratio tells me that the stock is way overvalued right now.</p>
<div class="lb-trans"><p>另一方面，家得宝股票的价格 - 收益（P/E）比率为 23。要明确的是，我认为大多数投资者会同意好市多应该获得更高的估值倍数。但是仓储连锁店当前的 P/E 比率告诉我，该股票目前被严重高估。</p>
</div><p>Home Depot is still a great business, and its shares are much more attractively priced. It's the better company to add to your portfolio today and hold for the next five years.</p>
<div class="lb-trans"><p>家得宝仍然是一家出色的企业，其股票价格更具吸引力。它是今天添加到您的投资组合并持有五年的更好选择。</p>
</div>

当前最值得购买的股票：Costco 与家得宝