<p>不可否认，2024 年对股市来说是一个惊人的年份。截至目前，<strong>标准普尔 500 指数</strong> 年初至今上涨了近 28%。一如既往，有些股票的表现远超这一令人印象深刻的回报。</p>
<p>在标准普尔 500 指数的顶级表现者中，<strong>英伟达</strong> 上涨了 180%，而 <strong>Palantir Technologies</strong> 上涨超过 300%。但你可能已经知道这两只股票今年表现出色——它们是人们谈论的焦点。</p>
<p>我想强调另外三只标准普尔 500 指数的成分股，你可能会惊讶地发现它们也大幅超越了市场。</p>
<p>在 2024 年的其他大赢家中，或许没有比我的第一只股票更令人惊讶的了：<strong>沃尔玛</strong>（WMT 0.39%）。</p>
<h2>1. 沃尔玛</h2>
<p>沃尔玛成立于 60 多年前。它以实体零售业务而闻名，并且在 2024 年之前已经是全球最大的零售商。这并不是一家人们会预期超越标准普尔 500 指数的公司。然而，沃尔玛的股票年初至今上涨了惊人的 82%。</p>
<p>需要明确的是，沃尔玛的股价增长速度超过了其商业基本面，这意味着从估值的角度来看，股票变得更加昂贵。尽管如此，该公司的适度销售增长已转化为更大的盈利增长，这使得股价值得更高。</p>
<p>沃尔玛数字能力的增长是其成功的核心。随着电子商务在业务中占据越来越大的比重，公司能够更好地利用高利润机会，例如数字广告。通过最近收购智能电视公司 Vizio，沃尔玛应该能够保持这一趋势。</p>
<p>我并不一定期望沃尔玛的股票在 2025 年再上涨 82%。但该公司似乎正处于一个多年的顺风期，因为它更好地利用数字产品来实现盈利。这是沃尔玛股东紧紧持有股票的好理由。</p>
<h2>2. Deckers</h2>
<p>它并不是在开发人工智能软件、探索外太空或治愈癌症。不，<strong>Deckers Brands</strong>（DECK 1.45%）只是卖鞋子。但它无疑是一只非常出色的鞋类股票，在过去五年中上涨了超过 660%，包括今年 85% 的涨幅。</p>
<p>我不能否认估值也是 Deckers 股票的一个影响因素。在过去五年中，它的估值从合理变为昂贵。尽管如此，该公司的增长是惊人的，运营利润率的提升同样令人印象深刻。</p>
<p>在其 2025 财年的上半年（截至 9 月），Deckers 的运营利润率刚刚超过 20%。几年前，其利润率低于 10%。换句话说，该公司现在在相同销售额下赚取的利润是以前的两倍。</p>
<p>事情是这样的：Deckers _并不_只是保持相同的销售额——其销售额在近年来大幅增长。预计在整个 2025 财年，其销售将再次以两位数的速度增长，尤其是 Hoka 和 Ugg 品牌推动了增长。</p>
<p>简而言之，Deckers 的鞋子需求旺盛。这导致了更高的销售和更高的利润。只要这一趋势持续下去，即使在近年来大幅上涨之后，押注 Deckers 股票也将是困难的。</p>
<h2>3. GoDaddy</h2>
<p>自从 <strong>GoDaddy</strong>（GDDY -1.02%）在近 20 年前通过首次超级碗广告成为家喻户晓的名字以来，投资者可能会认为这家企业已经度过了更好的日子。但股价似乎并不认同，因为其股票在 2024 年飙升了 95%。</p>
<p>GoDaddy 被认为是一个购买域名的平台。但它也提供用于运营在线业务的产品。这实际上是它希望推动增长的方向，因为销售附属产品可以帮助其自由现金流可持续增长。</p>
<p>去年，GoDaddy 推出了由人工智能驱动的新软件，极大地提高了其附属产品的采用率。管理层声称，以前需要几个月才能完成的某些事情现在只需几秒钟。其人工智能的有效性自然推动了现有客户的支出，释放了自由现金流的增长。</p>
<p>这似乎是有效的。正如下图所示，GoDaddy 的每股自由现金流突然以远快于收入的速度飙升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a65acc33732ab85a7999fabbb89f0450.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/a65acc33732ab85a7999fabbb89f0450.png"/></p>
<p>GDDY 每股自由现金流数据来源于 YCharts。</p>
<p>需要注意的是，GoDaddy 的股票在近年来大幅上涨，但其涨幅基本上与每股自由现金流的增长相匹配。因此，其估值并没有大幅上升。可以说，今天的估值仍然合理，交易价格为其自由现金流的 24 倍。</p>
<p>此外，如果其人工智能软件确实推动了采用，GoDaddy 可能在 2025 年再次迎来强劲增长，因为它相对较新推出的人工智能软件仍有许多客户可以采用。</p>
<p>今年的赢家股票是寻找明年赢家的一个令人惊讶的好地方——股票与企业相关，商业趋势往往会在多个年度内展开。因此，在寻找 2025 年良好投资机会时，查看 2024 年的最佳股票是一个明智的选择。这就是为什么沃尔玛、Deckers 和 GoDaddy 是值得更深入考虑的三只股票。</p>
<p>就我个人而言，考虑到其合理的估值和未来一年或更长时间内强劲增长的潜力，GoDaddy 股票将是我在这三者中的首选。</p>

GDDY

<p>在 2024 年，标准普尔 500 指数上涨了近 28%，其中表现突出的公司包括英伟达和 Palantir。然而，还有另外三只股票的表现也显著超过了该指数：沃尔玛年初至今上涨了 82%，得益于数字化增长；Deckers 今年上涨了 85%，受益于对其鞋类产品的强劲需求；而 GoDaddy 的股票则因成功的人工智能驱动产品推出而上涨了 95%。这些公司正在利用自身优势实现令人瞩目的增长，使其成为当前市场中值得投资的对象</p>

<p>There's no way to deny it: 2024 was a stunning year for the stock market. As of this writing, the <strong>S&amp;P 500</strong> is up nearly 28% year to date. As always, there are stocks significantly outperforming this otherwise impressive return.</p>
<div class="lb-trans"><p>不可否认，2024 年对股市来说是一个惊人的年份。截至目前，<strong>标准普尔 500 指数</strong> 年初至今上涨了近 28%。一如既往，有些股票的表现远超这一令人印象深刻的回报。</p>
</div><p>Among the top performers for the S&amp;P 500 are <strong>Nvidia</strong>, which is up 180%, and <strong>Palantir Technologies</strong>, which is up more than 300%. But you likely already knew that these two stocks have been big winners this year -- they're the talk of the town.</p>
<div class="lb-trans"><p>在标准普尔 500 指数的顶级表现者中，<strong>英伟达</strong> 上涨了 180%，而 <strong>Palantir Technologies</strong> 上涨超过 300%。但你可能已经知道这两只股票今年表现出色——它们是人们谈论的焦点。</p>
</div><p>I'd like to highlight three other constituents of the S&amp;P 500, which you may be surprised to learn are beating the market by a wide margin as well.</p>
<div class="lb-trans"><p>我想强调另外三只标准普尔 500 指数的成分股，你可能会惊讶地发现它们也大幅超越了市场。</p>
</div><p>Among the other big winners of 2024, perhaps none are more surprising than my first stock: <strong>Walmart</strong>(WMT 0.39%).</p>
<div class="lb-trans"><p>在 2024 年的其他大赢家中，或许没有比我的第一只股票更令人惊讶的了：<strong>沃尔玛</strong>（WMT 0.39%）。</p>
</div><h2>1. Walmart</h2>
<div class="lb-trans"><h2>1. 沃尔玛</h2>
</div><p>Walmart was founded more than 60 years ago. It's known for brick-and-mortar retail operations, and was already the largest retailer in the world going into 2024. This isn't the kind of company that one would expect to outperform the S&amp;P 500. Yet, Walmart stock is up a stunning 82% year to date.</p>
<div class="lb-trans"><p>沃尔玛成立于 60 多年前。它以实体零售业务而闻名，并且在 2024 年之前已经是全球最大的零售商。这并不是一家人们会预期超越标准普尔 500 指数的公司。然而，沃尔玛的股票年初至今上涨了惊人的 82%。</p>
</div><p>To be clear, Walmart's stock price has grown faster than its business fundamentals, which means the stock is more expensive from a valuation perspective. That said, the company's modest sales growth has turned into larger growth for profitability, which merits a higher stock price.</p>
<div class="lb-trans"><p>需要明确的是，沃尔玛的股价增长速度超过了其商业基本面，这意味着从估值的角度来看，股票变得更加昂贵。尽管如此，该公司的适度销售增长已转化为更大的盈利增长，这使得股价值得更高。</p>
</div><p>Growth in Walmart's digital capabilities has been central to its success. As e-commerce has become a bigger part of the business, the company has been able to better leverage higher-margin opportunities to its advantage, such as in digital advertising. With its recent acquisition of smart-TV company Vizio, Walmart should be able to keep the trend going.</p>
<div class="lb-trans"><p>沃尔玛数字能力的增长是其成功的核心。随着电子商务在业务中占据越来越大的比重，公司能够更好地利用高利润机会，例如数字广告。通过最近收购智能电视公司 Vizio，沃尔玛应该能够保持这一趋势。</p>
</div><p>I don't necessarily expect Walmart stock to jump another 82% in 2025. But the company appears to be at the start of a multi-year tailwind as it better monetizes its business with digital offerings. That's good reason for Walmart's shareholders to hold on tight.</p>
<div class="lb-trans"><p>我并不一定期望沃尔玛的股票在 2025 年再上涨 82%。但该公司似乎正处于一个多年的顺风期，因为它更好地利用数字产品来实现盈利。这是沃尔玛股东紧紧持有股票的好理由。</p>
</div><h2>2. Deckers</h2>
<div class="lb-trans"><h2>2. Deckers</h2>
</div><p>It's not developing AI software, exploring outer space, or curing cancer. No, <strong>Deckers Brands</strong>(DECK 1.45%) just sells shoes. But it's admittedly a darn good shoe stock, having gone up more than 660% over the last five years, including this year's 85% jump.</p>
<div class="lb-trans"><p>它并不是在开发人工智能软件、探索外太空或治愈癌症。不，<strong>Deckers Brands</strong>（DECK 1.45%）只是卖鞋子。但它无疑是一只非常出色的鞋类股票，在过去五年中上涨了超过 660%，包括今年 85% 的涨幅。</p>
</div><p>I can't deny that valuation is a contributing factor with Deckers stock as well. Over the last five years, it's gone from a reasonable valuation to an expensive valuation for a shoe stock. That said, the company's growth has been spectacular, and the increase of its operating profit margin is equally impressive.</p>
<div class="lb-trans"><p>我不能否认估值也是 Deckers 股票的一个影响因素。在过去五年中，它的估值从合理变为昂贵。尽管如此，该公司的增长是惊人的，运营利润率的提升同样令人印象深刻。</p>
</div><p>In the first half of its fiscal 2025 (which ended in September), Deckers had an operating margin of just over 20%. Several years ago, its margin was below 10%. To think about this another way, the company is now earning twice as much profit for the same amount of sales.</p>
<div class="lb-trans"><p>在其 2025 财年的上半年（截至 9 月），Deckers 的运营利润率刚刚超过 20%。几年前，其利润率低于 10%。换句话说，该公司现在在相同销售额下赚取的利润是以前的两倍。</p>
</div><p>Here's the thing: Deckers <em>doesn't</em> just have the same amount of sales -- its sales are up dramatically in recent years. And sales are expected to grow at a double-digit rate again for all of its fiscal 2025, with particular strength in its Hoka and Ugg brands driving growth.</p>
<div class="lb-trans"><p>事情是这样的：Deckers _并不_只是保持相同的销售额——其销售额在近年来大幅增长。预计在整个 2025 财年，其销售将再次以两位数的速度增长，尤其是 Hoka 和 Ugg 品牌推动了增长。</p>
</div><p>In short, Deckers' shoes are in high demand. This is leading to higher sales and higher profits. As long as this trend continues, it will be hard to bet against Deckers stock even after its massive gains in recent years.</p>
<div class="lb-trans"><p>简而言之，Deckers 的鞋子需求旺盛。这导致了更高的销售和更高的利润。只要这一趋势持续下去，即使在近年来大幅上涨之后，押注 Deckers 股票也将是困难的。</p>
</div><h2>3. GoDaddy</h2>
<div class="lb-trans"><h2>3. GoDaddy</h2>
</div><p>It's been nearly 20 years since <strong>GoDaddy</strong>(GDDY -1.02%) became a household name after running its first Super Bowl commercial. Investors could be forgiven if they thought this business had seen better days. But the stock price seems to disagree, since shares soared 95% in 2024.</p>
<div class="lb-trans"><p>自从 <strong>GoDaddy</strong>（GDDY -1.02%）在近 20 年前通过首次超级碗广告成为家喻户晓的名字以来，投资者可能会认为这家企业已经度过了更好的日子。但股价似乎并不认同，因为其股票在 2024 年飙升了 95%。</p>
</div><p>GoDaddy is known as a platform for buying domain names. But it also offers products for running an online business. That's really what it wants to drive growth, because selling ancillary products can help its free cash flow grow sustainably.</p>
<div class="lb-trans"><p>GoDaddy 被认为是一个购买域名的平台。但它也提供用于运营在线业务的产品。这实际上是它希望推动增长的方向，因为销售附属产品可以帮助其自由现金流可持续增长。</p>
</div><p>Last year, GoDaddy launched new software powered by AI that's drastically increasing the adoption of its ancillary products. Management claims that certain things that used to take months to create now take seconds. The effectiveness of its AI is naturally driving spend from its existing customer base, unlocking free-cash-flow growth.</p>
<div class="lb-trans"><p>去年，GoDaddy 推出了由人工智能驱动的新软件，极大地提高了其附属产品的采用率。管理层声称，以前需要几个月才能完成的某些事情现在只需几秒钟。其人工智能的有效性自然推动了现有客户的支出，释放了自由现金流的增长。</p>
</div><p>It appears to be working. As the chart below shows, GoDaddy's free cash flow per share is suddenly skyrocketing much faster than revenue.</p>
<div class="lb-trans"><p>这似乎是有效的。正如下图所示，GoDaddy 的每股自由现金流突然以远快于收入的速度飙升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a65acc33732ab85a7999fabbb89f0450.png" alt="" original-src="https://media.ycharts.com/charts/a65acc33732ab85a7999fabbb89f0450.png"/></p>
<p>GDDY Free Cash Flow Per Share data by YCharts.</p>
<div class="lb-trans"><p>GDDY 每股自由现金流数据来源于 YCharts。</p>
</div><p>It's important to note that GoDaddy stock is up big in recent years, but its gains largely match its growth in free cash flow per share. Therefore, its valuation hasn't increased by much. It's arguably still a good value today, trading at 24 times its free cash flow.</p>
<div class="lb-trans"><p>需要注意的是，GoDaddy 的股票在近年来大幅上涨，但其涨幅基本上与每股自由现金流的增长相匹配。因此，其估值并没有大幅上升。可以说，今天的估值仍然合理，交易价格为其自由现金流的 24 倍。</p>
</div><p>Moreover, if it's true that its AI software is driving adoption, GoDaddy could be poised for strong growth again in 2025, since it launched its AI software relatively recently and there are still plenty of customers that could adopt it.</p>
<div class="lb-trans"><p>此外，如果其人工智能软件确实推动了采用，GoDaddy 可能在 2025 年再次迎来强劲增长，因为它相对较新推出的人工智能软件仍有许多客户可以采用。</p>
</div><p>This year's winning stocks are a surprisingly good place to look for next year's winners -- stocks are tied to businesses, and business trends tend to play out over multiple years. For this reason, looking at the best stocks from 2024 is a good use of time when looking for good investment opportunities for 2025. That's why Walmart, Deckers, and GoDaddy are three stocks to consider in more depth.</p>
<div class="lb-trans"><p>今年的赢家股票是寻找明年赢家的一个令人惊讶的好地方——股票与企业相关，商业趋势往往会在多个年度内展开。因此，在寻找 2025 年良好投资机会时，查看 2024 年的最佳股票是一个明智的选择。这就是为什么沃尔玛、Deckers 和 GoDaddy 是值得更深入考虑的三只股票。</p>
</div><p>For what it's worth, GoDaddy stock would be my pick of this trio, given its reasonable valuation and its potential for strong growth in the coming year or more.</p>
<div class="lb-trans"><p>就我个人而言，考虑到其合理的估值和未来一年或更长时间内强劲增长的潜力，GoDaddy 股票将是我在这三者中的首选。</p>
</div>

Everyone Knows About Nvidia and Palantir. But These Other 3 Stocks Are Quietly Crushing the S&P 500 in 2024 As Well.

- 2024 年，标普 500 指数上涨近 28%，Nvidia 和 Palantir 表现突出。  
- Walmart、Deckers 和 GoDaddy 等股票也大幅上涨，分别增长 82%、85% 和 95%。  
- 这些公司在数字化和产品创新方面的成功，预示着未来的增长潜力。

Motley Fool

每个人都知道 Nvidia 和 Palantir。但是这另外三只股票在 2024 年也悄然超越了标普 500 指数