<p>在过去的 20 年里，<strong>苹果</strong>（AAPL -1.41%）实现了总回报率达 26,720%。投资者很难找到许多企业能够展现出如此令人印象深刻的长期表现。这得益于强劲的财务收益，苹果已成为全球最有价值的企业之一。</p>
<p>展望未来，购买这只&#34;壮丽七侠&#34;股票能让你终身受益吗？</p>
<h2>有什么不好呢？</h2>
<p>苹果在过去成为如此成功的投资，因为它具备一些卓越的品质。投资者需要了解是什么让这家公司如此特别。</p>
<p>首先，苹果强大的品牌价值不容小觑。由于长期专注于满足客户需求，并提供优雅的硬件产品与易于使用的软件，苹果已成为消费者的最爱。公司的设备是全球最受欢迎的产品之一。</p>
<p>苹果的品牌实力帮助公司在过去几十年中保持了极高的相关性。尽管在各个行业领域竞争激烈，我对苹果的品牌护城河不会很快削弱充满信心。</p>
<p>强大且独特的品牌使苹果能够灵活运用其定价权。公司的产品整体毛利率为 36.3%。苹果能够随着时间的推移收取看似更高的价格，但仍能保持强劲的需求。</p>
<p>苹果因其强大的生态系统而受益于客户忠诚度。其广泛的软件和服务组合，毛利率高达 74%，基本上将消费者锁定在其产品中，并阻止他们转向竞争对手的产品。</p>
<p>当然，任何关注这家公司的投资者都知道它赚了多少钱。苹果 2024 财年的净收入为 937 亿美元，占总收入的 24%，这使其与危地马拉和保加利亚等国的 GDP 相当。</p>
<p>苹果的盈利能力和 500 亿美元的净现金头寸使其能够向股东返还巨额资本。上一个财年，该公司回购了 959 亿美元的流通股票，并支付了 152 亿美元的股息。</p>
<p>传奇投资者沃伦·巴菲特（Warren Buffett）掌管的 <strong>伯克希尔·哈撒韦</strong> 当然理解苹果所具备的这些有利特质。这就是为什么即使在过去一年大幅削减持仓后，他仍然在这家大型消费科技企业中持有相当可观的股份。</p>
<h2>高期望</h2>
<p>由于苹果持续超越市场的股票表现，其股票的估值并不算吸引人，无法让人感到&#34;便宜&#34;。投资者可以以 37 的市盈率（P/E）购买该股票。在过去十年中，股票的平均市盈率为 22。</p>
<p>高期望并未为潜在投资者提供有利的投资环境。华尔街共识分析师的预测显示，未来三年每股收益年均增长率为 10.9%。这一前景并不足以证明支付当前市盈率的合理性，尽管这是最杰出的公司之一。</p>
<p>我认为，要让一家公司和股票&#34;让某人终身受益&#34;，必须有机会在很长一段时间内产生超过大盘的投资回报，以 <strong>标准普尔 500 指数</strong> 或 <strong>纳斯达克综合指数</strong> 为衡量标准。虽然苹果在历史上无疑是一个绝佳的赚钱机器，但我认为未来对股东的回报不会那么好，主要是由于其庞大的规模和昂贵的估值。因此，我认为该股票无法让新投资者终身受益。</p>

苹果

<p>苹果在过去 20 年中实现了总回报率达 26,720%，成为一项杰出的投资。其强大的品牌、客户忠诚度和令人印象深刻的盈利能力为其成功做出了贡献。然而，目前的市盈率为 37，显著高于其历史平均水平 22，未来的回报可能无法满足高期望。分析师预测年均盈利增长为 10.9%，这可能无法证明当前的估值合理。尽管苹果在历史上是一项优秀的投资，但其规模和估值表明，可能无法为新投资者提供终身的保障</p>

<p>In the past 20 years, <strong>Apple</strong>(AAPL -1.41%) has generated a total return of 26,720%. Investors won't find many businesses that have put up this type of impressive long-term performance. It has come about thanks to strong financial gains as Apple has become one of the world's most valuable enterprises.</p>
<div class="lb-trans"><p>在过去的 20 年里，<strong>苹果</strong>（AAPL -1.41%）实现了总回报率达 26,720%。投资者很难找到许多企业能够展现出如此令人印象深刻的长期表现。这得益于强劲的财务收益，苹果已成为全球最有价值的企业之一。</p>
</div><p>As we look to the future, could buying this &#34;Magnificent Seven&#34; stock set you up for life?</p>
<div class="lb-trans"><p>展望未来，购买这只&#34;壮丽七侠&#34;股票能让你终身受益吗？</p>
</div><h2>What's not to like?</h2>
<div class="lb-trans"><h2>有什么不好呢？</h2>
</div><p>Apple has been such a wildly successful investment in the past because it possesses some outstanding qualities. Investors need to understand what makes this business special.</p>
<div class="lb-trans"><p>苹果在过去成为如此成功的投资，因为它具备一些卓越的品质。投资者需要了解是什么让这家公司如此特别。</p>
</div><p>For starters, Apple's powerful brand can't be overstated. Thanks to its longtime focus on catering to its customers' needs and offering elegant hardware products with easy-to-use software, Apple has become a favorite among consumers. The company's devices are some of the most popular on the planet.</p>
<div class="lb-trans"><p>首先，苹果强大的品牌价值不容小觑。由于长期专注于满足客户需求，并提供优雅的硬件产品与易于使用的软件，苹果已成为消费者的最爱。公司的设备是全球最受欢迎的产品之一。</p>
</div><p>Apple's brand strength has helped the company remain incredibly relevant over the past couple of decades. And despite there being a ton of competition in the various industry verticals the business plays in, I have high confidence that Apple's brand moat isn't going to weaken anytime soon.</p>
<div class="lb-trans"><p>苹果的品牌实力帮助公司在过去几十年中保持了极高的相关性。尽管在各个行业领域竞争激烈，我对苹果的品牌护城河不会很快削弱充满信心。</p>
</div><p>A strong and differentiated brand has allowed Apple to flex its pricing power. The company's products collectively carry a gross margin of 36.3%. Apple can charge seemingly higher prices over time, yet still see robust demand.</p>
<div class="lb-trans"><p>强大且独特的品牌使苹果能够灵活运用其定价权。公司的产品整体毛利率为 36.3%。苹果能够随着时间的推移收取看似更高的价格，但仍能保持强劲的需求。</p>
</div><p>Apple benefits from customer loyalty because of the powerful ecosystem it has created. Its broad suite of software and services, which themselves boast a stellar gross margin of 74%, essentially locks consumers in and discourages them from switching to rivals' offerings.</p>
<div class="lb-trans"><p>苹果因其强大的生态系统而受益于客户忠诚度。其广泛的软件和服务组合，毛利率高达 74%，基本上将消费者锁定在其产品中，并阻止他们转向竞争对手的产品。</p>
</div><p>Of course, any follower of this company knows just how much money it makes. Apple's fiscal 2024 net income of $93.7 billion, which totaled 24% of revenue, would put it about on par with the GDPs of countries like Guatemala and Bulgaria.</p>
<div class="lb-trans"><p>当然，任何关注这家公司的投资者都知道它赚了多少钱。苹果 2024 财年的净收入为 937 亿美元，占总收入的 24%，这使其与危地马拉和保加利亚等国的 GDP 相当。</p>
</div><p>Apple's profitability and $50 billion net cash position allow it to return tremendous amounts of capital to shareholders. Last fiscal year, the business repurchased $95.9 billion of outstanding stock and paid out $15.2 billion in dividends.</p>
<div class="lb-trans"><p>苹果的盈利能力和 500 亿美元的净现金头寸使其能够向股东返还巨额资本。上一个财年，该公司回购了 959 亿美元的流通股票，并支付了 152 亿美元的股息。</p>
</div><p>Warren Buffett, the legendary investor who runs <strong>Berkshire Hathaway</strong>, certainly understands these favorable qualities that Apple possesses. That's why he still has a sizable stake in the massive consumer technology enterprise, even after meaningfully trimming his position over the past year.</p>
<div class="lb-trans"><p>传奇投资者沃伦·巴菲特（Warren Buffett）掌管的 <strong>伯克希尔·哈撒韦</strong> 当然理解苹果所具备的这些有利特质。这就是为什么即使在过去一年大幅削减持仓后，他仍然在这家大型消费科技企业中持有相当可观的股份。</p>
</div><h2>High expectations</h2>
<div class="lb-trans"><h2>高期望</h2>
</div><p>Thanks to Apple's ongoing market-thumping stock performance, its shares aren't exactly trading at a compelling valuation that screams &#34;bargain.&#34; Investors can buy the stock at a price-to-earnings (P/E) ratio of 37. In the past decade, shares have averaged a P/E multiple of 22.</p>
<div class="lb-trans"><p>由于苹果持续超越市场的股票表现，其股票的估值并不算吸引人，无法让人感到&#34;便宜&#34;。投资者可以以 37 的市盈率（P/E）购买该股票。在过去十年中，股票的平均市盈率为 22。</p>
</div><p>High expectations don't provide a favorable setup for prospective investors. That argument is supported by the fact that Wall Street consensus analyst estimates call for earnings per share to rise at an annualized clip of 10.9% over the next three years. That outlook does not justify paying the current P/E ratio, even though this is one of the most outstanding companies out there.</p>
<div class="lb-trans"><p>高期望并未为潜在投资者提供有利的投资环境。华尔街共识分析师的预测显示，未来三年每股收益年均增长率为 10.9%。这一前景并不足以证明支付当前市盈率的合理性，尽管这是最杰出的公司之一。</p>
</div><p>For a business and stock to &#34;set someone up for life,&#34; I believe there has to be a chance that it can produce investment returns in excess of the broader market, as measured by the <strong>S&amp;P 500</strong> or the <strong>Nasdaq Composite Index</strong>, for a very long period. While Apple has undoubtedly been a fantastic moneymaker historically, I believe the future won't be as good for shareholders, due mainly to its huge scale and expensive valuation. Therefore, I don't think the stock can set new investors up for life.</p>
<div class="lb-trans"><p>我认为，要让一家公司和股票&#34;让某人终身受益&#34;，必须有机会在很长一段时间内产生超过大盘的投资回报，以 <strong>标准普尔 500 指数</strong> 或 <strong>纳斯达克综合指数</strong> 为衡量标准。虽然苹果在历史上无疑是一个绝佳的赚钱机器，但我认为未来对股东的回报不会那么好，主要是由于其庞大的规模和昂贵的估值。因此，我认为该股票无法让新投资者终身受益。</p>
</div>

Could Buying Apple Today Set You Up for Life?

- 苹果过去 20 年总回报达 26,720%，成为全球最有价值企业之一。  
- 其强大的品牌和生态系统使其保持竞争力，2024 财年净收入为 700 亿美元。  
- 然而，当前市盈率为 37，未来回报可能低于市场平均水平。  

今天购买苹果股票能让你一生无忧吗？