<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE.jpg"/></p>
<p>惠普公司（HPQ）和惠普企业（HPE）自 2015 年分拆以来，股票回报表现参差不齐。</p>
<p>HPQ 股票在同一时期上涨了超过 263%，而 HPE 上涨了 159%。标普 500 指数上涨了超过 200%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE-vs-HPQ.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE-vs-HPQ.png"/></p>
<p><em>惠普企业 vs 惠普 vs 标普 500</em></p>
<h2>惠普企业的困境持续存在</h2>
<p>HPE 是一家为全球公司提供多元化解决方案的公司。其主要产品是服务器、存储解决方案以及在云计算和人工智能行业中至关重要的其他产品。</p>
<p>多年来，该公司专注于有机增长和收购。它以超过 140 亿美元的现金收购了网络行业领先公司 Juniper Networks。</p>
<p>此外，为了触达更多客户并使其产品多样化，该公司还收购了 OpsRamp、Morpheus、Zerto 和 Determined AI。</p>
<p>然而，惠普企业的业务长期以来基本保持不变，这解释了为什么其股票表现不佳。</p>
<p>2019 年，其年收入超过 291 亿美元。2020 年下降至 200 亿美元后，其收入在上一财年回升至 291 亿美元。这表明该公司在此期间没有增长。</p>
<p>积极的一点是，该公司通过削减成本来弥补其缓慢的收入增长，这解释了为什么其净收入从 2019 年的 10 亿美元增加到上一财年的 20 亿美元以上。</p>
<p>最近的财务结果显示，其收入在第三财季增长了 10%，达到 77 亿美元，而年化收入增长率则跃升至 17 亿美元。</p>
<p>然而，财务报表中还有更多警示信号表明该公司表现不佳。首先，其毛利率下降了 420 个基点，至 31.6%。</p>
<p>其次，尽管对 IT 的投资增加，但其大部分业务板块增速放缓。根据 Gartner 的数据，全球 IT 支出将因生成式人工智能的推动而增长超过 7.5%，达到 5.26 万亿美元。其中大部分增长来自软件、IT 服务和数据中心系统。</p>
<p>因此，尽管行业增长强劲，HPE 的智能边缘收入下降了 23%，而其混合云收入下降了 7%，至 13 亿美元。唯一增长的板块是其服务器业务，其收入增长了 35%，达到 43 亿美元以上。</p>
<p>从技术上讲，HPE 股票面临风险，因为其形成了一个上升楔形图表模式，这是一种常见的熊市信号。因此，存在其股价可能跌至今年 2 月的最低摆动价 14.28 美元的风险。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE-Stock1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE-Stock1.png"/></p>
<h2>惠普公司面临重大挑战</h2>
<p>惠普公司与惠普企业不同，是一家专注于为消费者和企业客户提供产品的科技公司。其主要解决方案是笔记本电脑、台式电脑和打印机。</p>
<p>其大部分收入来自全球个人电脑销售，与戴尔、联想和苹果等公司竞争。</p>
<p>与惠普企业一样，惠普公司在过去面临了一些重大挑战。最引人注目的问题是疫情期间的巨大需求以及随后的放缓。其收入在 2021 年达到最高点 634 亿美元，此后一直在放缓。上一财年收入达到 537 亿美元。其利润增长也停滞不前。</p>
<p>最新的结果显示，惠普的收入增长并不十分强劲。收入增长了 2%，达到 135 亿美元，而其自由现金流为 13 亿美元。其打印业务板块的收入下降了 2.8%，至 41 亿美元，而个人系统增长了 4.9%，至 93 亿美元。</p>
<p>惠普面临的挑战是个人电脑销售增长仍然面临压力，并逐渐恢复。根据 Gartner 的最新数据，全球个人电脑出货量连续三个季度上升，联想成为最畅销品牌，其次是惠普、戴尔、苹果和宏碁。研究人员预计增长将继续，尽管速度较慢。</p>
<h2>哪个更值得购买？</h2>
<p>因此，问题在于惠普企业和惠普公司之间哪家更值得购买。这两家公司是知名品牌，拥有坚实的客户群，并且与整个市场相比交易价格便宜。</p>
<p>例如，惠普公司的前瞻市盈率为 13.18，而行业中位数为 28.2。它的前瞻企业价值与息税折旧摊销前利润比率为 8，低于行业的 14。</p>
<p>同样，惠普企业的前瞻市盈率为 11，前瞻企业价值与息税折旧摊销前利润倍数为 6.11。</p>
<p>这两家公司之所以便宜，是因为它们的业务增长不再像过去那样强劲。此外，它们都是低毛利润公司，净利润率不到 5%。因此，虽然我会避免这两只股票，但我认为惠普公司更好，因为其在计算和打印行业中拥有较大的市场份额。这与 Quint Tatro 在 2023 年推荐的观点一致。</p>
<p>文章来源：Invezz</p>

惠普

<p>惠普公司（HPQ）和惠普企业（HPE）自 2015 年分拆以来，股票回报表现参差不齐。HPQ 股价上涨了 263%，而 HPE 上涨了 159%。HPQ 的表现归因于其专注于消费类产品，而 HPE 尽管试图多元化和削减成本，但营收增长停滞。目前的估值表明，两只股票的交易倍数吸引人，HPQ 的前瞻市盈率为 13.18，HPE 为 11。由于它们面临不同的挑战和增长前景，关于购买哪只股票的决定仍然是一个争论话题</p>

<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE.jpg" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/09/HPE.jpg"/></p>
<p>HP Inc. (HPQ) and HP Enterprise (HPE) stocks have had mixed returns since the two companies separated in 2015.</p>
<div class="lb-trans"><p>惠普公司（HPQ）和惠普企业（HPE）自 2015 年分拆以来，股票回报表现参差不齐。</p>
</div><p>HPQ stock has jumped by over 263% while HPE has risen by 159% in the same period. The S&amp;P 500 index has jumped by over 200%.</p>
<div class="lb-trans"><p>HPQ 股票在同一时期上涨了超过 263%，而 HPE 上涨了 159%。标普 500 指数上涨了超过 200%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE-vs-HPQ.png" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/09/HPE-vs-HPQ.png"/></p>
<p><em>HP vs HPE vs S&amp;P 500</em></p>
<div class="lb-trans"><p><em>惠普企业 vs 惠普 vs 标普 500</em></p>
</div><h2>HP Enterprise woes have continued</h2>
<div class="lb-trans"><h2>惠普企业的困境持续存在</h2>
</div><p>HPE is a company that provides diverse solutions to companies from around the world. Its top products are servers, storage solutions, and other products that are essential in the cloud computing and AI industries.</p>
<div class="lb-trans"><p>HPE 是一家为全球公司提供多元化解决方案的公司。其主要产品是服务器、存储解决方案以及在云计算和人工智能行业中至关重要的其他产品。</p>
</div><p>Over the years, the company has focused on organic growth and acquisitions. It acquired Juniper Networks, a leading company in the networking industry for over $14 billion in cash.</p>
<div class="lb-trans"><p>多年来，该公司专注于有机增长和收购。它以超过 140 亿美元的现金收购了网络行业领先公司 Juniper Networks。</p>
</div><p>It also bought OpsRamp, Morpheus, Zerto, and Determined AI in a bid to reach more customers and diversify its offerings.</p>
<div class="lb-trans"><p>此外，为了触达更多客户并使其产品多样化，该公司还收购了 OpsRamp、Morpheus、Zerto 和 Determined AI。</p>
</div><p>The challenge, however, is that HP Enterprise’s business has largely been unchanged for a long time, which explains why the stock has underperformed the market.</p>
<div class="lb-trans"><p>然而，惠普企业的业务长期以来基本保持不变，这解释了为什么其股票表现不佳。</p>
</div><p>Its annual revenue in 2019 stood at over $29.1 billion. After dropping to $20 billion in 2020, its revenue rose to $29.1 billion in the last financial year. This is a sign that the company has not grown at all in this period.</p>
<div class="lb-trans"><p>2019 年，其年收入超过 291 亿美元。2020 年下降至 200 亿美元后，其收入在上一财年回升至 291 亿美元。这表明该公司在此期间没有增长。</p>
</div><p>Positively, the company has compensated its slow revenue growth by slashing costs, which explains why its net income has jumped from over $1 billion in 2019 to over $2 billion in the last financial year.</p>
<div class="lb-trans"><p>积极的一点是，该公司通过削减成本来弥补其缓慢的收入增长，这解释了为什么其净收入从 2019 年的 10 亿美元增加到上一财年的 20 亿美元以上。</p>
</div><p>The most recent financial results showed that its revenue rose by 10% in the fiscal third quarter to $7.7 billion while its annualized revenue run rate jumped to $1.7 billion.</p>
<div class="lb-trans"><p>最近的财务结果显示，其收入在第三财季增长了 10%，达到 77 亿美元，而年化收入增长率则跃升至 17 亿美元。</p>
</div><p>However, the financial statement had more red flags that showed that the company was not doing well. First, its gross margins dropped by 420 basis points to 31.6%.</p>
<div class="lb-trans"><p>然而，财务报表中还有更多警示信号表明该公司表现不佳。首先，其毛利率下降了 420 个基点，至 31.6%。</p>
</div><p>Second, most of its segments are slowing, even as investments in IT rose. According to Gartner, global IT spending will jump by over 7.5% this year to over $5.26 trillion, helped by generative AI. Most of this growth is coming from software, IT services, and data center systems.</p>
<div class="lb-trans"><p>其次，尽管对 IT 的投资增加，但其大部分业务板块增速放缓。根据 Gartner 的数据，全球 IT 支出将因生成式人工智能的推动而增长超过 7.5%，达到 5.26 万亿美元。其中大部分增长来自软件、IT 服务和数据中心系统。</p>
</div><p>Therefore, despite this industry growth, HPE’s intelligence edge revenue fell by 23% while its hybrid cloud fell by 7% to $1.3 billion. The only division that grew was its servers whose revenue rose by 35% to over $4.3 billion.</p>
<div class="lb-trans"><p>因此，尽管行业增长强劲，HPE 的智能边缘收入下降了 23%，而其混合云收入下降了 7%，至 13 亿美元。唯一增长的板块是其服务器业务，其收入增长了 35%，达到 43 亿美元以上。</p>
</div><p>Technically, HPE stock faces risks as well since it formed a rising wedge chart pattern, a popular bearish sign. Therefore, there is a risk that it will crash to $14.28, its lowest swing in February this year.</p>
<div class="lb-trans"><p>从技术上讲，HPE 股票面临风险，因为其形成了一个上升楔形图表模式，这是一种常见的熊市信号。因此，存在其股价可能跌至今年 2 月的最低摆动价 14.28 美元的风险。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE-Stock1.png" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/09/HPE-Stock1.png"/></p>
<h2>HP Inc. faces major challenges</h2>
<div class="lb-trans"><h2>惠普公司面临重大挑战</h2>
</div><p>HP Inc., unlike HP Enterprise, is a tech company that focuses on products for consumers and enterprise customers. Its primary solutions are laptops, desktop computers, and printers.</p>
<div class="lb-trans"><p>惠普公司与惠普企业不同，是一家专注于为消费者和企业客户提供产品的科技公司。其主要解决方案是笔记本电脑、台式电脑和打印机。</p>
</div><p>Most of its revenue comes from selling personal computers around the world, where it competes with the likes of Dell, Lenovo, and Apple.</p>
<div class="lb-trans"><p>其大部分收入来自全球个人电脑销售，与戴尔、联想和苹果等公司竞争。</p>
</div><p>Like HP Enterprise, HP Inc. has faced some major challenges in the past. The most notable issue was the significant demand during the pandemic and the eventual slowdown. Its revenue peaked at $63.4 billion in 2021 and has been slowing down since then. It hit $53.7 billion in the last financial year. Its profit growth has also stalled.</p>
<div class="lb-trans"><p>与惠普企业一样，惠普公司在过去面临了一些重大挑战。最引人注目的问题是疫情期间的巨大需求以及随后的放缓。其收入在 2021 年达到最高点 634 亿美元，此后一直在放缓。上一财年收入达到 537 亿美元。其利润增长也停滞不前。</p>
</div><p>The most recent results revealed that HP’s revenue growth was not all that strong. Revenue rose by 2% to $13.5 billion while its free cash flow came in at $1.3 billion. Its printing segment’s revenue dropped by 2.8% to $4.1 billion while personal systems jumped by 4.9% to $9.3 billion.</p>
<div class="lb-trans"><p>最新的结果显示，惠普的收入增长并不十分强劲。收入增长了 2%，达到 135 亿美元，而其自由现金流为 13 亿美元。其打印业务板块的收入下降了 2.8%，至 41 亿美元，而个人系统增长了 4.9%，至 93 亿美元。</p>
</div><p>HP’s challenge is that PC sales growth is still under pressure and recovering gradually. In a recent note, Gartner said that global PC shipments rose for three consecutive quarters, with Lenovo being the best seller. It was followed by HP, Dell, Apple, and Acer. The researchers expect the growth to continue albeit at a slower pace.</p>
<div class="lb-trans"><p>惠普面临的挑战是个人电脑销售增长仍然面临压力，并逐渐恢复。根据 Gartner 的最新数据，全球个人电脑出货量连续三个季度上升，联想成为最畅销品牌，其次是惠普、戴尔、苹果和宏碁。研究人员预计增长将继续，尽管速度较慢。</p>
</div><h2>Which is a better buy?</h2>
<div class="lb-trans"><h2>哪个更值得购买？</h2>
</div><p>Therefore, the question is on the better company to buy between HP Enterprise and HP Inc. The two are well-known brands with a solid customer base and are trading at a big bargain compared to the broader market.</p>
<div class="lb-trans"><p>因此，问题在于惠普企业和惠普公司之间哪家更值得购买。这两家公司是知名品牌，拥有坚实的客户群，并且与整个市场相比交易价格便宜。</p>
</div><p>For example, HP Inc. has a forward price-to-earnings ratio of 13.18 while the industry median is 28.2. It also trades at a forward EV to EBITDA ratio of 8, lower than the industry’s 14.</p>
<div class="lb-trans"><p>例如，惠普公司的前瞻市盈率为 13.18，而行业中位数为 28.2。它的前瞻企业价值与息税折旧摊销前利润比率为 8，低于行业的 14。</p>
</div><p>Similarly, HP Enterprise has a forward P/E ratio of 11 and a forward EV to EBITDA multiple of 6.11.</p>
<div class="lb-trans"><p>同样，惠普企业的前瞻市盈率为 11，前瞻企业价值与息税折旧摊销前利润倍数为 6.11。</p>
</div><p>These companies are cheap because their businesses are no longer growing as they did in the past. Also, they are both low-margin companies with a net profit margin of less than 5%.Therefore, while I would avoid both stocks, I think that HP Inc. is a better one because of its large market share in the computing and printing industry. This is in line with what Quint Tatro recommended in 2023.</p>
<div class="lb-trans"><p>这两家公司之所以便宜，是因为它们的业务增长不再像过去那样强劲。此外，它们都是低毛利润公司，净利润率不到 5%。因此，虽然我会避免这两只股票，但我认为惠普公司更好，因为其在计算和打印行业中拥有较大的市场份额。这与 Quint Tatro 在 2023 年推荐的观点一致。</p>
</div><p>The post HP (HPQ) vs HP Enterprise (HPE): which is a better stock to buy? appeared first on Invezz</p>
<div class="lb-trans"><p>文章来源：Invezz</p>
</div>

惠普（HPQ）与惠普企业（HPE）：哪个股票更值得买入？