<p>电子商务领军企业 <strong>亚马逊</strong>(AMZN -0.86%) 在 2024 年大幅超越市场，其股价上涨了 45%，而 <strong>标准普尔 500</strong> (^GSPC -0.43%) 则上涨了 24%（截至目前）。与此同时，<strong>家得宝</strong>(HD -0.11%) 的股价表现不佳，全年仅上涨了 12.4%，这与 DIY 家居改善支出的放缓有关。</p>
<p>这两家消费品公司在各自市场中都是领导者，尽管它们当前的股价涨幅不可同日而语，但两者都可能是很好的长期投资。那么，哪一只股票现在更值得购买呢？让我们来看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDI0OTgvZ2V0dHlpbWFnZXMtMjE0ODgwNTE1Ny5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDI0OTgvZ2V0dHlpbWFnZXMtMjE0ODgwNTE1Ny5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2><strong>支持亚马逊的理由</strong></h2>
<p>亚马逊当然是一家主导的电子商务公司，同时还涉足从云计算到人工智能（AI）等多个领域。虽然并非所有的业务都成功，但亚马逊追求的许多方向通常对公司有利，使得这只股票对许多投资者来说是个毫无疑问的购买选择。</p>
<p>考虑到亚马逊在美国电子商务市场占有 40% 的份额，远远超过竞争对手 <strong>沃尔玛</strong> 的 7% 市场份额。这一领先地位转化为巨大的销售额，北美收入在第三季度（截至 9 月 30 日）增长了 9%，达到了 955 亿美元。</p>
<p>亚马逊最近推出了一款名为 Amazon Haul 的新低价市场，以保持其领先地位并应对日益激烈的竞争。这个仅限移动端的电子商务平台是亚马逊对中国公司 Temu（由 <strong>PDD Holdings</strong> 拥有）的回应，为美国客户提供价格低于 20 美元的商品。</p>
<p>这一举措应该会帮助亚马逊在电子商务中保持更强的竞争力，但真正推动其成功的关键在于公司的云计算业务——亚马逊网络服务（AWS）。</p>
<p>AWS 的营业收入在第三季度增长了近 50%，达到了 104 亿美元，亚马逊在 AWS 方面还有许多增长的空间。该公司已经占据了 31% 的云计算市场，云数据中心的支出正在加速。<strong>高盛</strong> 预计，到 2030 年，整个云计算市场的收入将达到 2 万亿美元，这得益于 AI 支出的快速增长。</p>
<p>一些投资者可能会忽视亚马逊，因为他们认为其最佳时期已经过去，但随着公司在电子商务中的持续主导地位以及 AI 投资加速带来的云营业收入增长，亚马逊未来可能还有更多的增长空间。</p>
<h2><strong>支持家得宝的理由</strong></h2>
<p>家得宝是 DIY 家居改善领域的领导者，第三季度（截至 10 月 27 日）的销售额超过 400 亿美元，而竞争对手 <strong>Lowe's</strong> 的收入为 200 亿美元。但尽管处于领先地位，家得宝的表现却有些挣扎。</p>
<p>公司的同店销售额较去年同期下降了 1.3%，这表明顾客不再像去年这个时候那样热衷于走进店内购物。家得宝管理层预计，剩余的年度表现不会好太多，预计财年的可比销售额将下降 2.5%。</p>
<p>2023 年北美家居改善市场的价值为 6670 亿美元，预计到 2032 年将达到 1.2 万亿美元。虽然家得宝将从中受益，但当前顾客支出的放缓意味着公司需要再等一段时间，才能让顾客重新热衷于 DIY 项目。</p>
<p>“我们继续看到大型翻新项目面临压力，这主要是由于高利率环境和持续的宏观经济不确定性，” 家得宝首席执行官 Ted Decker 在最近的财报电话会议上表示。Decker 对需求恢复正常持乐观态度，但补充道：“我们认为现在还没有达到那个阶段。”</p>
<h2><strong>结论：亚马逊现在是更好的购买选择</strong></h2>
<p>家得宝的股票前瞻市盈率为 24.8，而亚马逊的前瞻市盈率为 35.7。这使得家得宝的股票相对亚马逊便宜，但我仍然认为它不是更好的购买选择。</p>
<p>如果住房市场在过去几年中显示了什么，那就是没有人能可靠地预测它的走向。家得宝的管理层似乎对可比店销售放缓并不自信，这意味着现在将资金投入亚马逊的股票可能更为明智。</p>
<p>当然，如果你愿意耐心等待家居改善支出再次增加，在家得宝最近股价回调时增持一些股票也未尝不是个好主意。</p>

家得宝

亚马逊

<p>亚马逊的股票在 2024 年上涨了 45%，超过了标准普尔 500 指数 24% 的涨幅，而家得宝的股票仅上涨了 12.4%。亚马逊在电子商务市场占据 40% 的份额，并且其云计算部门 AWS 实现了强劲增长。相比之下，家得宝面临挑战，同店销售下降 1.3%，预计财政年度将下降 2.5%。尽管家得宝的市盈率较低，但由于亚马逊的增长潜力和市场领导地位，亚马逊被认为是更好的投资选择</p>

<p>E-commerce leader <strong>Amazon</strong>(AMZN -0.86%) trounced the market in 2024, with its share price climbing 45% compared to the <strong>S&amp;P 500</strong>'s (^GSPC -0.43%) 24% gains (as of this writing). Meanwhile, <strong>Home Depot</strong>'s (HD -0.11%) shares struggled, gaining just 12.4% for the year amid a slowdown in DIY home improvement spending.</p>
<div class="lb-trans"><p>电子商务领军企业 <strong>亚马逊</strong>(AMZN -0.86%) 在 2024 年大幅超越市场，其股价上涨了 45%，而 <strong>标准普尔 500</strong> (^GSPC -0.43%) 则上涨了 24%（截至目前）。与此同时，<strong>家得宝</strong>(HD -0.11%) 的股价表现不佳，全年仅上涨了 12.4%，这与 DIY 家居改善支出的放缓有关。</p>
</div><p>Both of these consumer goods companies are leaders in their respective markets and, while their current share price gains don't compare, either could be great long-term investments. But which is the better buy right now? Let's take a look.</p>
<div class="lb-trans"><p>这两家消费品公司在各自市场中都是领导者，尽管它们当前的股价涨幅不可同日而语，但两者都可能是很好的长期投资。那么，哪一只股票现在更值得购买呢？让我们来看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDI0OTgvZ2V0dHlpbWFnZXMtMjE0ODgwNTE1Ny5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F802498%2Fgettyimages-2148805157.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><strong>The case for Amazon</strong></h2>
<div class="lb-trans"><h2><strong>支持亚马逊的理由</strong></h2>
</div><p>Amazon is, of course, a dominant e-commerce company that also has its hands in a range of things from cloud computing to artificial intelligence (AI). While not all of its endeavors are successful, many avenues Amazon pursues often work out well for the company, making the stock a no-brainer buy for many investors.</p>
<div class="lb-trans"><p>亚马逊当然是一家主导的电子商务公司，同时还涉足从云计算到人工智能（AI）等多个领域。虽然并非所有的业务都成功，但亚马逊追求的许多方向通常对公司有利，使得这只股票对许多投资者来说是个毫无疑问的购买选择。</p>
</div><p>Consider that Amazon has 40% of the U.S. e-commerce market, easily outpacing rival <strong>Walmart</strong>, which has just over 7% market share. This lead translates to massive sales, with North American revenue rising 9% in the third quarter (ended Sept. 30) to $95.5 billion.</p>
<div class="lb-trans"><p>考虑到亚马逊在美国电子商务市场占有 40% 的份额，远远超过竞争对手 <strong>沃尔玛</strong> 的 7% 市场份额。这一领先地位转化为巨大的销售额，北美收入在第三季度（截至 9 月 30 日）增长了 9%，达到了 955 亿美元。</p>
</div><p>Amazon recently launched a new, lower-priced version of its marketplace called Amazon Haul to maintain its lead and fight off increasing competition. The mobile-only e-commerce platform is Amazon's answer to China-based Temu (owned by <strong>PDD Holdings</strong>) and gives U.S. customers access to items priced under $20.</p>
<div class="lb-trans"><p>亚马逊最近推出了一款名为 Amazon Haul 的新低价市场，以保持其领先地位并应对日益激烈的竞争。这个仅限移动端的电子商务平台是亚马逊对中国公司 Temu（由 <strong>PDD Holdings</strong> 拥有）的回应，为美国客户提供价格低于 20 美元的商品。</p>
</div><p>That move should help Amazon stay even more competitive in e-commerce, but it's the company's cloud computing business, Amazon Web Services (AWS), that is the true key to its success.</p>
<div class="lb-trans"><p>这一举措应该会帮助亚马逊在电子商务中保持更强的竞争力，但真正推动其成功的关键在于公司的云计算业务——亚马逊网络服务（AWS）。</p>
</div><p>AWS' operating income rose nearly 50% in the third quarter to $10.4 billion, and Amazon likely has many more years of AWS growth ahead of it. The company already holds 31% of the cloud computing market, and spending on cloud data centers is accelerating. <strong>Goldman Sachs</strong> estimates revenue from the entire cloud computing market will reach $2 trillion by 2030, thanks to a rapid increase in AI spending.</p>
<div class="lb-trans"><p>AWS 的营业收入在第三季度增长了近 50%，达到了 104 亿美元，亚马逊在 AWS 方面还有许多增长的空间。该公司已经占据了 31% 的云计算市场，云数据中心的支出正在加速。<strong>高盛</strong> 预计，到 2030 年，整个云计算市场的收入将达到 2 万亿美元，这得益于 AI 支出的快速增长。</p>
</div><p>Some investors may overlook Amazon because they believe its best days are behind it, but with the company's continued dominance in e-commerce and its expanding cloud operating income as AI investments accelerate, there's likely more growth ahead for Amazon.</p>
<div class="lb-trans"><p>一些投资者可能会忽视亚马逊，因为他们认为其最佳时期已经过去，但随着公司在电子商务中的持续主导地位以及 AI 投资加速带来的云营业收入增长，亚马逊未来可能还有更多的增长空间。</p>
</div><h2><strong>The case for Home Depot</strong></h2>
<div class="lb-trans"><h2><strong>支持家得宝的理由</strong></h2>
</div><p>Home Depot is the leader in DIY home improvement, with more than $40 billion in sales in the third quarter (ended Oct. 27), compared to rival <strong>Lowe's</strong> $20 billion in revenue. But despite its lead, Home Depot is struggling a bit.</p>
<div class="lb-trans"><p>家得宝是 DIY 家居改善领域的领导者，第三季度（截至 10 月 27 日）的销售额超过 400 亿美元，而竞争对手 <strong>Lowe's</strong> 的收入为 200 亿美元。但尽管处于领先地位，家得宝的表现却有些挣扎。</p>
</div><p>The company's same-store sales fell 1.3% compared to the year-ago quarter, an indication that customers aren't as eager to walk through its doors and make purchases as they were this time last year. Home Depot management doesn't expect the remainder of the year to be much better, estimating a 2.5% decline in comparable sales for the fiscal year.</p>
<div class="lb-trans"><p>公司的同店销售额较去年同期下降了 1.3%，这表明顾客不再像去年这个时候那样热衷于走进店内购物。家得宝管理层预计，剩余的年度表现不会好太多，预计财年的可比销售额将下降 2.5%。</p>
</div><p>The North American home improvement market was worth $667 billion in 2023 and will reach an estimated $1.2 trillion by 2032. While Home Depot will benefit from this, the current slowdown in customer spending means the company will have to wait a little longer before customers are eager to jump into DIY projects again.</p>
<div class="lb-trans"><p>2023 年北美家居改善市场的价值为 6670 亿美元，预计到 2032 年将达到 1.2 万亿美元。虽然家得宝将从中受益，但当前顾客支出的放缓意味着公司需要再等一段时间，才能让顾客重新热衷于 DIY 项目。</p>
</div><p>&#34;We continue to see pressure on larger remodeling projects, driven by the higher interest rate environment and continued macroeconomic uncertainty,&#34; Home Depot CEO Ted Decker said during the most recent earnings call. Decker is optimistic that demand will return to normal, but added, &#34;We just don't think we're quite there yet.&#34;</p>
<div class="lb-trans"><p>“我们继续看到大型翻新项目面临压力，这主要是由于高利率环境和持续的宏观经济不确定性，” 家得宝首席执行官 Ted Decker 在最近的财报电话会议上表示。Decker 对需求恢复正常持乐观态度，但补充道：“我们认为现在还没有达到那个阶段。”</p>
</div><h2><strong>The verdict: Amazon is the better buy now</strong></h2>
<div class="lb-trans"><h2><strong>结论：亚马逊现在是更好的购买选择</strong></h2>
</div><p>Home Depot's shares have a forward price-to-earnings ratio of 24.8, compared to Amazon's forward P/E ratio of 35.7. That makes Home Depot's stock less expensive than Amazon's, but I still don't think it's the better buy.</p>
<div class="lb-trans"><p>家得宝的股票前瞻市盈率为 24.8，而亚马逊的前瞻市盈率为 35.7。这使得家得宝的股票相对亚马逊便宜，但我仍然认为它不是更好的购买选择。</p>
</div><p>If the housing market has shown anything over the past few years, it's that no one can reliably predict where it's going. Home Depot's management doesn't seem confident that it's out of the woods just yet with comparable-store sales slowdowns, which means it might be better to put your money toward Amazon's stock for now.</p>
<div class="lb-trans"><p>如果住房市场在过去几年中显示了什么，那就是没有人能可靠地预测它的走向。家得宝的管理层似乎对可比店销售放缓并不自信，这意味着现在将资金投入亚马逊的股票可能更为明智。</p>
</div><p>Of course, if you're willing to be patient for home improvement spending to increase again, adding some Home Depot stock amid its recent share price pullback probably isn't a bad idea either.</p>
<div class="lb-trans"><p>当然，如果你愿意耐心等待家居改善支出再次增加，在家得宝最近股价回调时增持一些股票也未尝不是个好主意。</p>
</div>

Best Stock to Buy Now: Amazon vs. Home Depot

- 亚马逊在 2024 年股价上涨 45%，远超标普 500 的 24% 增长。  
- 家得宝的同店销售下降 1.3%，预计全年销售将下降 2.5%。  
- 目前亚马逊被认为是更好的投资选择。  

当前最值得购买的股票：亚马逊 vs. 家得宝