<p>毫无疑问，<strong>家得宝</strong>(HD -0.29%) 和 <strong>Lowe's</strong>(LOW 0.04%) 主导了家居改善零售行业。两者在该行业的市场份额估计达 45%。</p>
<p>从下面的图表可以看出，尽管 Lowe's 的表现略优于家得宝，但这两只股票在过去 10 年中表现都很好。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/70c533c5dfea99728224063139521b1e.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://media.ycharts.com/charts/70c533c5dfea99728224063139521b1e.png"/></p>
<p>HD 数据来源于 YCharts</p>
<p>如果你打算投资这个行业，你可能在这两只股票之间进行选择。它们在这个领域占据主导地位，且都是纯粹的投资选择。那么，今天哪一只股票更值得购买呢？让我们深入细节来找出答案。</p>
<h2>商业模式：家得宝 vs. Lowe's</h2>
<p>家得宝和 Lowe's 在同一行业运营，但这两家公司有些许不同的商业模式。其中一个区别是，家得宝更倾向于关注专业客户，而不是个人 DIY 客户，而 Lowe's 则更倾向于 DIY 购物者。</p>
<p>家得宝今年早些时候以 180 亿美元收购了 SRS Distribution，以增强其在专业客户中的竞争力。SRS 在全国范围内为家得宝提供了数百个网点，使其更接近客户，并能够轻松提供建筑材料。</p>
<p>与此同时，Lowe's 则以针对女性客户而闻名，回应了女性在大多数家居改善项目中发起的数据显示。Lowe's 重新设计了其商店，注重更明亮的照明、更易读的标识、更宽的过道和更低的货架，以使其对女性更具吸引力。</p>
<p>根据其声誉，家得宝也被认为在电子商务和技术方面投入了更多资源，为客户提供便捷的取货选项和帮助客户的员工设备。</p>
<p>尽管存在差异，家得宝和 Lowe's 有很多共同点，这两只股票似乎对经济中的类似趋势做出反应。它们都对消费者支出和房地产市场的强度敏感。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU2MjEvYS13b21hbi10YWtpbmctYS1waWVjZS1vZi1hLWx1bWJlci1pbi1hLXN0b3JlLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU2MjEvYS13b21hbi10YWtpbmctYS1waWVjZS1vZi1hLWx1bWJlci1pbi1hLXN0b3JlLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>财务状况：家得宝 vs. Lowe's</h2>
<p>这两家公司都在疲软的房地产市场中挣扎，这对家居改善支出造成了压力。</p>
<p>在第二季度，家得宝的收入增长了 0.6%，达到了 432 亿美元，但可比销售下降了 3.3%。这一季度受益于 SRS Distribution 的收购，这一收购在六周的业绩中有所体现。营业收入为 65 亿美元，低于去年同期的 66 亿美元，调整后的营业利润率从 15.5% 降至 15.3%。</p>
<p>在 Lowe's，第二季度可比销售下降了 5.1%，整体收入下降了 5.6%，降至 236 亿美元。Lowe's 的营业收入下降了 11.3%，降至 34.5 亿美元，营业利润率为 14.6%。</p>
<p>如你所见，家得宝的规模明显大于 Lowe's。家得宝的盈利能力更强，在可比销售方面也优于 Lowe's。</p>
<h2>估值和股息：家得宝 vs. Lowe's</h2>
<p>家得宝和 Lowe's 都以支付股息而闻名。事实上，Lowe's 是一个股息之王，因为它已经连续 61 年提高股息。目前的股息收益率为 1.7%。</p>
<p>另一方面，家得宝自 2009 年以来每年都提高股息，季度支付额在此期间增加了 10 倍。家得宝现在的股息收益率为 2.3%。</p>
<p>在估值方面，家得宝的股票市盈率为 26.8。相比之下，Lowe's 的市盈率为 22.1。</p>
<h2>哪个更值得购买？</h2>
<p>如果你想在家居改善零售行业中获得投资，购买这两只股票并不是一个坏选择，但在它们之间，家得宝略占优势。</p>
<p>其近期财务状况优于 Lowe's，利润率和可比销售更好。它也是两家公司中规模更大的，具有更好的规模经济，并且股息收益率更高。</p>
<p>虽然这两只股票在房地产复苏中都是不错的选择，但家得宝是更好的选择。</p>

家得宝

<p>家得宝和 Lowe's 在家居改善零售行业占据主导地位，合计市场份额为 45%。虽然两只股票表现良好，但在过去十年中，Lowe's 的表现略优于家得宝。家得宝专注于专业客户，并在电子商务上进行了投资，而 Lowe's 则主要面向 DIY 购物者，尤其是女性。在财务上，家得宝规模更大，盈利能力更强，近期表现也更好。家得宝的股息收益率为 2.3%，高于 Lowe's 的 1.7%。总体而言，家得宝被认为是该行业投资者的更佳选择</p>

<p>There's no question about it. <strong>Home Depot</strong>(HD -0.29%) and <strong>Lowe's</strong>(LOW 0.04%) dominate the home improvement retail sector. Together, they have an estimated 45% market share in the industry.</p>
<div class="lb-trans"><p>毫无疑问，<strong>家得宝</strong>(HD -0.29%) 和 <strong>Lowe's</strong>(LOW 0.04%) 主导了家居改善零售行业。两者在该行业的市场份额估计达 45%。</p>
</div><p>As you can see from the chart below, both stocks have performed well over the last 10 years, though Lowe's has slightly outperformed Home Depot.</p>
<div class="lb-trans"><p>从下面的图表可以看出，尽管 Lowe's 的表现略优于家得宝，但这两只股票在过去 10 年中表现都很好。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/70c533c5dfea99728224063139521b1e.png" alt="" original-src="https://media.ycharts.com/charts/70c533c5dfea99728224063139521b1e.png"/></p>
<p>HD data by YCharts</p>
<div class="lb-trans"><p>HD 数据来源于 YCharts</p>
</div><p>If you're looking to invest in the sector, you're likely choosing between these two stocks. They dominate the space, and they're both pure plays. So which is the better buy today? Let's get into the details to find out.</p>
<div class="lb-trans"><p>如果你打算投资这个行业，你可能在这两只股票之间进行选择。它们在这个领域占据主导地位，且都是纯粹的投资选择。那么，今天哪一只股票更值得购买呢？让我们深入细节来找出答案。</p>
</div><h2>Business model: Home Depot vs. Lowe's</h2>
<div class="lb-trans"><h2>商业模式：家得宝 vs. Lowe's</h2>
</div><p>Home Depot and Lowe's operate in the same industry, but the two companies have slightly different business models. Among the differences is that Home Depot tends to focus more on the pro customer rather than the individual DIY customer, while Lowe's is known more for leaning toward DIY shoppers.</p>
<div class="lb-trans"><p>家得宝和 Lowe's 在同一行业运营，但这两家公司有些许不同的商业模式。其中一个区别是，家得宝更倾向于关注专业客户，而不是个人 DIY 客户，而 Lowe's 则更倾向于 DIY 购物者。</p>
</div><p>Home Depot also acquired SRS Distribution earlier this year for $18 billion to give it a leg up with pro customers. SRS gives Home Depot hundreds of locations across the country that bring it close to the customer and can easily supply them with building materials.</p>
<div class="lb-trans"><p>家得宝今年早些时候以 180 亿美元收购了 SRS Distribution，以增强其在专业客户中的竞争力。SRS 在全国范围内为家得宝提供了数百个网点，使其更接近客户，并能够轻松提供建筑材料。</p>
</div><p>Lowe's, meanwhile, is known for targeting women customers, responding to data that women initiate most home improvement projects. Lowe's redesigned its stores, focusing on brighter lighting, easier-to-read signage, wider aisles, and lower shelves to make them more attractive to women.</p>
<div class="lb-trans"><p>与此同时，Lowe's 则以针对女性客户而闻名，回应了女性在大多数家居改善项目中发起的数据显示。Lowe's 重新设计了其商店，注重更明亮的照明、更易读的标识、更宽的过道和更低的货架，以使其对女性更具吸引力。</p>
</div><p>According to its reputation, Home Depot is also seen as having invested more resources in e-commerce and technology, giving customers easy pickup options and devices for employees to help customers.</p>
<div class="lb-trans"><p>根据其声誉，家得宝也被认为在电子商务和技术方面投入了更多资源，为客户提供便捷的取货选项和帮助客户的员工设备。</p>
</div><p>Despite their differences, Home Depot and Lowe's have a lot in common and the two stocks seem to respond to similar trends in the economy. They're both sensitive to consumer spending and the strength of the housing market.</p>
<div class="lb-trans"><p>尽管存在差异，家得宝和 Lowe's 有很多共同点，这两只股票似乎对经济中的类似趋势做出反应。它们都对消费者支出和房地产市场的强度敏感。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU2MjEvYS13b21hbi10YWtpbmctYS1waWVjZS1vZi1hLWx1bWJlci1pbi1hLXN0b3JlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F795621%2Fa-woman-taking-a-piece-of-a-lumber-in-a-store.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Financials: Home Depot vs. Lowe's</h2>
<div class="lb-trans"><h2>财务状况：家得宝 vs. Lowe's</h2>
</div><p>Both companies have struggled with the sluggish housing market, which has weighed on home improvement spending.</p>
<div class="lb-trans"><p>这两家公司都在疲软的房地产市场中挣扎，这对家居改善支出造成了压力。</p>
</div><p>In its second quarter, Home Depot's revenue rose 0.6% to $43.2 billion on a comparable sales decline of 3.3%. The quarter benefited from the acquisition of SRS Distribution, which factored into six weeks of results. Operating income came in at $6.5 billion, down from $6.6 billion in the quarter a year ago, and its adjusted operating margin was down from 15.5% to 15.3%.</p>
<div class="lb-trans"><p>在第二季度，家得宝的收入增长了 0.6%，达到了 432 亿美元，但可比销售下降了 3.3%。这一季度受益于 SRS Distribution 的收购，这一收购在六周的业绩中有所体现。营业收入为 65 亿美元，低于去年同期的 66 亿美元，调整后的营业利润率从 15.5% 降至 15.3%。</p>
</div><p>At Lowe's, the company reported a second-quarter comparable sales decline of 5.1%, and overall revenue was down 5.6% to $23.6 billion. Lowe's operating income fell 11.3% to $3.45 billion and its operating margin was 14.6%.</p>
<div class="lb-trans"><p>在 Lowe's，第二季度可比销售下降了 5.1%，整体收入下降了 5.6%，降至 236 亿美元。Lowe's 的营业收入下降了 11.3%，降至 34.5 亿美元，营业利润率为 14.6%。</p>
</div><p>As you can see, Home Depot is significantly larger than Lowe's. Home Depot is more profitable, and it has outperformed Lowe's in comparable sales.</p>
<div class="lb-trans"><p>如你所见，家得宝的规模明显大于 Lowe's。家得宝的盈利能力更强，在可比销售方面也优于 Lowe's。</p>
</div><h2>Valuation and dividend: Home Depot vs. Lowe's</h2>
<div class="lb-trans"><h2>估值和股息：家得宝 vs. Lowe's</h2>
</div><p>Both Home Depot and Lowe's are well-known as dividend payers. In fact, Lowe's is a Dividend King, as it's raised its dividend every year for 61 years. It currently offers a dividend yield of 1.7%.</p>
<div class="lb-trans"><p>家得宝和 Lowe's 都以支付股息而闻名。事实上，Lowe's 是一个股息之王，因为它已经连续 61 年提高股息。目前的股息收益率为 1.7%。</p>
</div><p>Home Depot, on the other hand, has raised its dividend every year since 2009, and the quarterly payout has increased by 10 times over that period. Home Depot now offers a dividend yield of 2.3%.</p>
<div class="lb-trans"><p>另一方面，家得宝自 2009 年以来每年都提高股息，季度支付额在此期间增加了 10 倍。家得宝现在的股息收益率为 2.3%。</p>
</div><p>In terms of valuation, Home Depot stock trades at a price-to-earnings ratio of 26.8. By comparison, Lowe's is valued at a P/E of 22.1.</p>
<div class="lb-trans"><p>在估值方面，家得宝的股票市盈率为 26.8。相比之下，Lowe's 的市盈率为 22.1。</p>
</div><h2>Which is the better buy?</h2>
<div class="lb-trans"><h2>哪个更值得购买？</h2>
</div><p>Buying both of these stocks wouldn't be a bad move if you're looking for exposure to the home improvement retail sectors, but of the two of them, Home Depot has the slight edge here.</p>
<div class="lb-trans"><p>如果你想在家居改善零售行业中获得投资，购买这两只股票并不是一个坏选择，但在它们之间，家得宝略占优势。</p>
</div><p>Its recent financials are better than Lowe's with better margins and comp sales. It's also the larger of the two companies, giving it better economies of scale, and it has a higher dividend yield.</p>
<div class="lb-trans"><p>其近期财务状况优于 Lowe's，利润率和可比销售更好。它也是两家公司中规模更大的，具有更好的规模经济，并且股息收益率更高。</p>
</div><p>While both stocks are good bets to outperform in a housing recovery, Home Depot is a better choice.</p>
<div class="lb-trans"><p>虽然这两只股票在房地产复苏中都是不错的选择，但家得宝是更好的选择。</p>
</div>

当前最值得购买的股票：家得宝 vs. Lowe's