<p>家得宝（HD -0.94%）是有史以来表现最好的股票之一，如今仍保持着令人印象深刻的竞争优势。</p>
<p>它是庞大的家居装修零售行业中最大的公司，该行业的总可寻址市场接近 1 万亿美元。它基本上与竞争对手 Lowe's 形成了双头垄断，使得两家公司都能获得较高的营运利润率和投资资本回报率。</p>
<p>自疫情高峰以来，家得宝一直面临困难，因为房地产市场一直疲软，公司的业务与房屋销售和翻修项目密切相关。然而，这为未来几年的股票复苏奠定了基础，因为房地产市场预计会反弹。让我们看看目前购买该股票的三个原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ4NzgvaG9tZS1kZXBvdC1haXNsZS5qcGcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ4NzgvaG9tZS1kZXBvdC1haXNsZS5qcGcmdz03MDA"/></p>
<p>图片来源：家得宝。</p>
<h2>1. 房地产复苏即将到来</h2>
<p>在疫情推动的房地产繁荣消退后，利率上升，房屋销售下降，导致家得宝业务放缓。</p>
<p>然而，美联储上个月启动了降息周期，降息 50 个基点。虽然抵押贷款利率尚未作出反应，但随着美联储预计到明年底再次降息 1.5 个百分点，抵押贷款利率应会下降。</p>
<p>现有房屋销售量也比疫情爆发前下降了约 30%，这意味着房地产市场有很大的复苏空间。随着现有房屋销售的反弹，家得宝可能会看到增长加速。</p>
<p>此外，美国存在数百万的住房短缺问题，两位总统候选人都有填补这一缺口的计划。随着国内房地产市场供需平衡正常化，家得宝也有望成为赢家。</p>
<h2>2. 房屋净值创纪录高位</h2>
<p>虽然房屋销售速度较慢，但房价上涨。越来越多的美国人在家中居住时间更长，这意味着房屋净值创纪录高位。美国人现在拥有超过 32 万亿美元的房屋净值，随着房屋净值贷款和信用额度贷款利率下降，他们更容易动用这笔资金。平均借款人现在拥有约 21.4 万美元的净值，这笔资金可能推动家庭装修项目的支出。</p>
<p>同样，随着股市创历史新高，这也是美国人可以用于此类项目的另一笔资金来源。</p>
<p>这些发展将与房地产复苏相辅相成，推动家得宝股票潜在飙升。</p>
<h2>3. 其竞争优势强劲</h2>
<p>家得宝的销售最近有所下降，其财政第二季度（截至 7 月 28 日）的可比销售额下降了 3.3%。公司预计全年可比销售额将下降 3% 至 4%。</p>
<p>尽管顶线疲软，家得宝的利润率仍然强劲。公司预计 2024 财年的营运利润率将达到 13.5% 至 13.6%。虽然这低于最近的高点，但家得宝有望在复苏中扩大其盈利能力。</p>
<p>这些数字也应该让投资者放心，公司能够应对行业中出现的任何挑战或逆风。</p>
<h2>为什么家得宝是值得购买的</h2>
<p>家得宝目前的估值可能看起来并不吸引人，市盈率为 27 倍，但一旦业务恢复增长，公司将具有很大的杠杆效应。此外，其对 SRS Distribution 的收购应该开始产生效果，并帮助公司更好地进入专业市场。</p>
<p>家得宝是一个经过验证的赢家，拥有广泛的经济护城河，公司将利用房地产复苏和努力填补美国住房短缺的机会。</p>

家得宝

<p>家得宝（HD）在房地产市场复苏的背景下，具备增长潜力。购买的关键原因包括：1）预期由于美联储降息而带来的房屋销售复苏，2）创纪录的房屋净值水平使得人们能够增加在装修上的支出，3）强大的竞争优势，稳健的营运利润率。尽管最近销售额有所下降，但家得宝的盈利能力仍然强劲，使其成为一个具有吸引力的投资标的，因为它正在充分利用房地产市场的复苏，并应对美国的住房短缺问题</p>

<p><strong>Home Depot</strong>(HD -0.94%) is one of the best-performing stocks of all time, and today, it still retains impressive competitive advantages.</p>
<div class="lb-trans"><p>家得宝（HD -0.94%）是有史以来表现最好的股票之一，如今仍保持着令人印象深刻的竞争优势。</p>
</div><p>It's the largest company in the massive home improvement retail industry, which has a total addressable market of close to $1 trillion. It essentially operates a duopoly with rival <strong>Lowe's</strong>, allowing both companies to earn wide operating margins and returns on invested capital.</p>
<div class="lb-trans"><p>它是庞大的家居装修零售行业中最大的公司，该行业的总可寻址市场接近 1 万亿美元。它基本上与竞争对手 Lowe's 形成了双头垄断，使得两家公司都能获得较高的营运利润率和投资资本回报率。</p>
</div><p>Home Depot has generally struggled since the pandemic's height as the housing market has been sluggish, and the company's business is closely tied to home sales and home renovation projects. However, that sets the stock up for a recovery in the coming years as the housing market should bounce back. Let's take a look at three reasons to buy the stock right now.</p>
<div class="lb-trans"><p>自疫情高峰以来，家得宝一直面临困难，因为房地产市场一直疲软，公司的业务与房屋销售和翻修项目密切相关。然而，这为未来几年的股票复苏奠定了基础，因为房地产市场预计会反弹。让我们看看目前购买该股票的三个原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ4NzgvaG9tZS1kZXBvdC1haXNsZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F794878%2Fhome-depot-aisle.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Home Depot.</p>
<div class="lb-trans"><p>图片来源：家得宝。</p>
</div><h2>1. The housing recovery is coming</h2>
<div class="lb-trans"><h2>1. 房地产复苏即将到来</h2>
</div><p>After the pandemic-fueled housing boom faded, interest rates spiked and home sales plunged, leading to a slowdown for Home Depot's business.</p>
<div class="lb-trans"><p>在疫情推动的房地产繁荣消退后，利率上升，房屋销售下降，导致家得宝业务放缓。</p>
</div><p>However, the Federal Reserve kicked off its rate-cutting cycle with a 50-basis-point reduction last month. While mortgage rates haven't responded yet, they should come down as the Fed expects to cut rates by another 1.5 percentage points by the end of next year.</p>
<div class="lb-trans"><p>然而，美联储上个月启动了降息周期，降息 50 个基点。虽然抵押贷款利率尚未作出反应，但随着美联储预计到明年底再次降息 1.5 个百分点，抵押贷款利率应会下降。</p>
</div><p>Existing home sales are also about 30% below where they were before the pandemic started, meaning there's a lot of room for recovery in the housing market. As existing home sales rebound, Home Depot is likely to see accelerating growth.</p>
<div class="lb-trans"><p>现有房屋销售量也比疫情爆发前下降了约 30%，这意味着房地产市场有很大的复苏空间。随着现有房屋销售的反弹，家得宝可能会看到增长加速。</p>
</div><p>Additionally, there's a housing shortage in the U.S. estimated in the millions, and both presidential candidates have plans to fill that gap. As the supply and demand balance in the domestic housing market normalizes, Home Depot also figures to be a winner.</p>
<div class="lb-trans"><p>此外，美国存在数百万的住房短缺问题，两位总统候选人都有填补这一缺口的计划。随着国内房地产市场供需平衡正常化，家得宝也有望成为赢家。</p>
</div><h2>2. Home equity levels are at record highs</h2>
<div class="lb-trans"><h2>2. 房屋净值创纪录高位</h2>
</div><p>While home sales have been slow, prices have risen. More Americans are staying in their homes for longer, which has meant record levels of home equity. Americans now have more than $32 trillion in home equity, and it will get easier for them to tap into it as lending rates on home-equity loans and lines of credit come down. The average borrower now has around $214,000 in equity, and that money is likely to drive spending on home improvement projects.</p>
<div class="lb-trans"><p>虽然房屋销售速度较慢，但房价上涨。越来越多的美国人在家中居住时间更长，这意味着房屋净值创纪录高位。美国人现在拥有超过 32 万亿美元的房屋净值，随着房屋净值贷款和信用额度贷款利率下降，他们更容易动用这笔资金。平均借款人现在拥有约 21.4 万美元的净值，这笔资金可能推动家庭装修项目的支出。</p>
</div><p>Similarly, with the stock market at all-time highs, that's another source of money Americans can put toward such projects.</p>
<div class="lb-trans"><p>同样，随着股市创历史新高，这也是美国人可以用于此类项目的另一笔资金来源。</p>
</div><p>Together, these developments should complement the housing recovery and drive a potential surge in Home Depot stock.</p>
<div class="lb-trans"><p>这些发展将与房地产复苏相辅相成，推动家得宝股票潜在飙升。</p>
</div><h2>3. Its competitive advantage is strong</h2>
<div class="lb-trans"><h2>3. 其竞争优势强劲</h2>
</div><p>Home Depot's sales have fallen recently with comparable sales down 3.3% in its fiscal second quarter (ended July 28). The company is calling for a comparable sales decline of 3% to 4% for the full year.</p>
<div class="lb-trans"><p>家得宝的销售最近有所下降，其财政第二季度（截至 7 月 28 日）的可比销售额下降了 3.3%。公司预计全年可比销售额将下降 3% 至 4%。</p>
</div><p>Despite the top-line weakness, Home Depot's margins remain strong. The company is on track to post an operating margin of 13.5% to 13.6% in fiscal 2024. While that's down from recent highs, Home Depot is well-positioned to expand its profitability in a recovery.</p>
<div class="lb-trans"><p>尽管顶线疲软，家得宝的利润率仍然强劲。公司预计 2024 财年的营运利润率将达到 13.5% 至 13.6%。虽然这低于最近的高点，但家得宝有望在复苏中扩大其盈利能力。</p>
</div><p>Those numbers should also reassure investors that the company can handle any challenges or headwinds that come up in the industry.</p>
<div class="lb-trans"><p>这些数字也应该让投资者放心，公司能够应对行业中出现的任何挑战或逆风。</p>
</div><h2>Why Home Depot is a buy</h2>
<div class="lb-trans"><h2>为什么家得宝是值得购买的</h2>
</div><p>Home Depot's valuation might not seem attractive right now at a price-to-earnings ratio of 27, but there's a lot of leverage in the business once it returns to growth. Additionally, its acquisition of SRS Distribution should begin to yield results and help the company better tap into the pro market.</p>
<div class="lb-trans"><p>家得宝目前的估值可能看起来并不吸引人，市盈率为 27 倍，但一旦业务恢复增长，公司将具有很大的杠杆效应。此外，其对 SRS Distribution 的收购应该开始产生效果，并帮助公司更好地进入专业市场。</p>
</div><p>Home Depot is a proven winner with a wide economic moat, and the company is set to capitalize on the housing recovery and efforts to close the housing shortage across the U.S.</p>
<div class="lb-trans"><p>家得宝是一个经过验证的赢家，拥有广泛的经济护城河，公司将利用房地产复苏和努力填补美国住房短缺的机会。</p>
</div>

The Bull Market Keeps Growing. 3 Reasons to Buy Home Depot Stock Like There's No Tomorrow

- Home Depot 是家居改善零售行业的最大公司，市场潜力巨大。  
- 尽管疫情后销售放缓，但房屋市场预计将复苏，推动公司增长。  
- 公司的竞争优势依然强劲，预计将从房屋复苏中受益。

牛市持续增长。购买家得宝股票的三个理由：抓住时机