<p>烟草巨头 <strong>奥驰亚集团</strong>(MO -0.24%) 在过去 12 个月中经历了令人瞩目的股价增长，涨幅超过 30%，仅比五年高点低几美元。</p>
<p>奥驰亚集团成功地组建了一个令人印象深刻的品牌组合，拥有包括万宝路、哥本哈根、斯科尔、黑与温和、国会和最近收购的 Njoy 等品牌。</p>
<p>尽管一些人对投资奥驰亚集团持保留态度，因为烟草行业的性质，但它仍然是一只优秀的分红股票。如果你在考虑这只股票，这里有三个理由可以将其加入你的投资组合。</p>
<h2>1. 这全是关于奥驰亚的分红</h2>
<p>无论最近的股价表现如何，奥驰亚股票的吸引力无疑在于其分红。这是大多数人投资该公司的原因。</p>
<p>其分红收益率约为 7%，是市场上分红支付最高的股票之一，当然也是 <strong>标准普尔 500</strong> 指数中的佼佼者。这是在股价上涨之后的收益率，去年其收益率超过 9.6%。这并不一定值得庆祝，因为分红收益率与股价呈反向关系，但值得指出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d9091ea7a46a81ee18d77873f9bd7c7c.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/d9091ea7a46a81ee18d77873f9bd7c7c.png"/></p>
<p>MO 分红收益率数据来自 YCharts</p>
<p>奥驰亚的超高分红收益率是标准普尔 500 平均水平的五倍以上，并且很可能与该指数保持显著差距。</p>
<p>然而，奥驰亚分红中最重要的部分可能是它连续增加的年份。当奥驰亚去年将年度分红提高至 4.08 美元时，这标志着连续第 55 年增加。这使其成为分红之王，只有大约 60 家公司获得了这一称号。</p>
<h2>2. 奥驰亚利用定价权应对销量下降</h2>
<p>影响奥驰亚长期业务的首要因素是美国吸烟率的下降。根据美国肺脏协会的数据，从 2017 年到 2022 年，美国成年人吸烟的比例下降了 17%，降至 11.6%。二十年前，大约每五个美国成年人中就有一个吸烟。</p>
<p>当一家公司的大部分收入来自香烟时，就像奥驰亚一样，你可以看到这一趋势可能会令人担忧。当然，戒烟对健康是有益的，应该受到庆祝，但这并没有让奥驰亚的业务变得更轻松。</p>
<p>幸运的是，奥驰亚能够通过灵活运用定价权来抵消其可吸烟产品销量的下降或停滞。吸烟者是一些对价格最不敏感的客户，因为相对小幅的价格上涨通常不足以阻止吸烟者购买他们的首选产品。</p>
<p>在 2024 年，奥驰亚的可吸烟产品部门的出货量下降了 10%，但它提高了价格，使整体收入下降保持在 0.8%（不计消费税）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/11a383c38649902321402d5ad90d2ffc.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/11a383c38649902321402d5ad90d2ffc.png"/></p>
<p>MO 收入（年度）数据来自 YCharts</p>
<p>“只需提高价格” 并不是奥驰亚问题的长期解决方案，但它确实为公司赢得了一些时间，直到其真正转型为无烟产品。</p>
<h2>3. Njoy 在电子烟领域取得积极进展</h2>
<p>Njoy 是一个无烟电子烟品牌，奥驰亚在 2023 年收购了该品牌，以帮助其在无烟烟草行业中获得更强的市场存在感。</p>
<p>去年，Njoy 显示出一些急需的动力。其可消费产品的出货量同比增长超过 15%，达到 1280 万单位，其设备出货量同比增长超过 22%，达到 110 万单位。</p>
<p>这对该品牌的市场地位大有裨益，其可消费产品在便利店和多渠道零售（如杂货店、折扣店、批发俱乐部等）的零售份额从 3.6% 跃升至 6.4%。这可能看起来不算太多，但对于奥驰亚希望成为未来增长驱动力的品牌来说，这是一个良好的开端。</p>
<p>奥驰亚指出，扩展的零售分销和高端店铺定位有助于其成功。Njoy 在超过 100,000 家商店中可用，并在超过 80% 的合同商店中享有高端位置。理想情况下，这种更高的可见性带来更多的客户认知，Njoy 可以更好地与行业领导者如 Vuse 和 Juul 竞争（讽刺的是，奥驰亚曾拥有 Juul）。</p>
<p>Njoy 的一个竞争优势是成为 FDA 首个也是唯一一个获得薄荷电子烟产品营销批准的品牌。这一优势本身并不能保证成功，但在 FDA 努力停止薄荷香烟销售的背景下，这是一个重要的加分项。</p>
<p>尽管在吸烟者数量下降的情况下，奥驰亚仍有一些工作要做，但 Njoy 的初步成功应该让投资者感到鼓舞。</p>

奥驰亚集团

<p>奥驰亚集团的股票在过去一年中上涨了超过 30%，这得益于其约 7% 的强劲股息收益率，标志着连续 55 年的增长。尽管吸烟率下降，奥驰亚集团利用定价权来抵消销量损失，保持了收入的稳定。此外，其最近收购的 Njoy 在电子烟市场显示出良好的增长，出货量和市场份额显著增加。Njoy 获得的薄荷电子烟产品的 FDA 批准使其在竞争对手中处于有利地位，为奥驰亚集团在行业挑战中提供了潜在的增长途径</p>

<p>Tobacco giant <strong>Altria</strong>(MO -0.24%) has experienced impressive stock price growth over the past 12 months, up more than 30% and only a couple of dollars below its five-year high.</p>
<div class="lb-trans"><p>烟草巨头 <strong>奥驰亚集团</strong>(MO -0.24%) 在过去 12 个月中经历了令人瞩目的股价增长，涨幅超过 30%，仅比五年高点低几美元。</p>
</div><p>Altria has managed to put together an impressive portfolio, owning brands including Marlboro, Copenhagen, Skoal, Black &amp; Mild, Parliament, and most recently, Njoy.</p>
<div class="lb-trans"><p>奥驰亚集团成功地组建了一个令人印象深刻的品牌组合，拥有包括万宝路、哥本哈根、斯科尔、黑与温和、国会和最近收购的 Njoy 等品牌。</p>
</div><p>Although some people have reservations about investing in Altria because of the nature of the tobacco business, it's still a great dividend stock. If it's a stock you're considering, here are three reasons to add it to your portfolio.</p>
<div class="lb-trans"><p>尽管一些人对投资奥驰亚集团持保留态度，因为烟草行业的性质，但它仍然是一只优秀的分红股票。如果你在考虑这只股票，这里有三个理由可以将其加入你的投资组合。</p>
</div><h2>1. It's all about Altria's dividend</h2>
<div class="lb-trans"><h2>1. 这全是关于奥驰亚的分红</h2>
</div><p>Regardless of recent stock price success, the appeal of Altria's stock is undoubtedly its dividend. It's <em>the</em> reason most people invest in the company.</p>
<div class="lb-trans"><p>无论最近的股价表现如何，奥驰亚股票的吸引力无疑在于其分红。这是大多数人投资该公司的原因。</p>
</div><p>With a dividend yield of around 7%, it's one of the highest-paying dividend stocks on the market and certainly in the <strong>S&amp;P 500</strong>. And this is after a stock price run; its yield hit over 9.6% last year. That isn't necessarily a celebration because dividend yields move inversely with stock prices, but it's worth pointing out.</p>
<div class="lb-trans"><p>其分红收益率约为 7%，是市场上分红支付最高的股票之一，当然也是 <strong>标准普尔 500</strong> 指数中的佼佼者。这是在股价上涨之后的收益率，去年其收益率超过 9.6%。这并不一定值得庆祝，因为分红收益率与股价呈反向关系，但值得指出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d9091ea7a46a81ee18d77873f9bd7c7c.png" alt="" original-src="https://media.ycharts.com/charts/d9091ea7a46a81ee18d77873f9bd7c7c.png"/></p>
<p>MO Dividend Yield data by YCharts</p>
<div class="lb-trans"><p>MO 分红收益率数据来自 YCharts</p>
</div><p>Altria's ultra-high dividend yield is more than 5 times the S&amp;P 500 average, and it's likely to maintain a significant distance between the index.</p>
<div class="lb-trans"><p>奥驰亚的超高分红收益率是标准普尔 500 平均水平的五倍以上，并且很可能与该指数保持显著差距。</p>
</div><p>Maybe the most important part of Altria's dividend, however, is how many consecutive years it has increased it. When Altria increased its annual dividend to $4.08 last year, it marked the 55th consecutive year of increases. That makes it a Dividend King, a title only around 60 companies have earned.</p>
<div class="lb-trans"><p>然而，奥驰亚分红中最重要的部分可能是它连续增加的年份。当奥驰亚去年将年度分红提高至 4.08 美元时，这标志着连续第 55 年增加。这使其成为分红之王，只有大约 60 家公司获得了这一称号。</p>
</div><h2>2. Altria is using pricing power to help with declining volume</h2>
<div class="lb-trans"><h2>2. 奥驰亚利用定价权应对销量下降</h2>
</div><p>The No. 1 factor weighing on Altria's long-term business is the falling smoking rates in the U.S. According to the American Lung Association, the percentage of U.S. adults who smoked cigarettes dropped 17% from 2017 to 2022 to 11.6%. Twenty years ago, around 1 in every 5 U.S. adults smoked cigarettes.</p>
<div class="lb-trans"><p>影响奥驰亚长期业务的首要因素是美国吸烟率的下降。根据美国肺脏协会的数据，从 2017 年到 2022 年，美国成年人吸烟的比例下降了 17%，降至 11.6%。二十年前，大约每五个美国成年人中就有一个吸烟。</p>
</div><p>When the vast majority of a company's revenue comes from cigarettes, like Altria's does, you can see how this trend could be troubling. Of course, people quitting smoking is a plus health-wise and should be celebrated, but that doesn't make life any easier for Altria's business.</p>
<div class="lb-trans"><p>当一家公司的大部分收入来自香烟时，就像奥驰亚一样，你可以看到这一趋势可能会令人担忧。当然，戒烟对健康是有益的，应该受到庆祝，但这并没有让奥驰亚的业务变得更轻松。</p>
</div><p>Luckily, Altria has been able to offset declining or stagnant volume in its smokeable products by flexing its pricing power. Smokers are some of the most price-insensitive customers because a relatively small increase in prices isn't generally enough to deter a smoker from buying their go-to products.</p>
<div class="lb-trans"><p>幸运的是，奥驰亚能够通过灵活运用定价权来抵消其可吸烟产品销量的下降或停滞。吸烟者是一些对价格最不敏感的客户，因为相对小幅的价格上涨通常不足以阻止吸烟者购买他们的首选产品。</p>
</div><p>In 2024, Altria's smokeable products segment saw a 10% decrease in shipment volume, but it increased prices to keep its overall revenue decline to 0.8% (not accounting for excise taxes).</p>
<div class="lb-trans"><p>在 2024 年，奥驰亚的可吸烟产品部门的出货量下降了 10%，但它提高了价格，使整体收入下降保持在 0.8%（不计消费税）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/11a383c38649902321402d5ad90d2ffc.png" alt="" original-src="https://media.ycharts.com/charts/11a383c38649902321402d5ad90d2ffc.png"/></p>
<p>MO Revenue (Annual) data by YCharts</p>
<div class="lb-trans"><p>MO 收入（年度）数据来自 YCharts</p>
</div><p>&#34;Just raise prices&#34; isn't a long-term solution to Altria's problem, but it is working to buy the company some time until it makes a legitimate transition to smoke-free products.</p>
<div class="lb-trans"><p>“只需提高价格” 并不是奥驰亚问题的长期解决方案，但它确实为公司赢得了一些时间，直到其真正转型为无烟产品。</p>
</div><h2>3. Njoy has been making positive progress in e-vapor</h2>
<div class="lb-trans"><h2>3. Njoy 在电子烟领域取得积极进展</h2>
</div><p>Njoy is a smoke-free e-vapor brand that Altria purchased in 2023 to help give it a stronger presence in the smoke-free tobacco industry.</p>
<div class="lb-trans"><p>Njoy 是一个无烟电子烟品牌，奥驰亚在 2023 年收购了该品牌，以帮助其在无烟烟草行业中获得更强的市场存在感。</p>
</div><p>Last year, Njoy showed some much-needed momentum. Its consumable shipment volume grew more than 15% year over year to 12.8 million units, and its device shipments increased more than 22% year over year to 1.1 million units.</p>
<div class="lb-trans"><p>去年，Njoy 显示出一些急需的动力。其可消费产品的出货量同比增长超过 15%，达到 1280 万单位，其设备出货量同比增长超过 22%，达到 110 万单位。</p>
</div><p>This did well for the brand's market position, with its retail share of consumables jumping from 3.6% to 6.4% in convenience and multi-outlet channels (grocery stores, dollar stores, wholesale clubs, etc.). That might not seem like much, but it's a good start for a brand Altria hopes will be a future growth driver.</p>
<div class="lb-trans"><p>这对该品牌的市场地位大有裨益，其可消费产品在便利店和多渠道零售（如杂货店、折扣店、批发俱乐部等）的零售份额从 3.6% 跃升至 6.4%。这可能看起来不算太多，但对于奥驰亚希望成为未来增长驱动力的品牌来说，这是一个良好的开端。</p>
</div><p>Altria notes that an expanded retail distribution and premium store positioning helped contribute to its success. Njoy is available in more than 100,000 stores and has premium placement in more than 80% of contracted stores. Ideally, this higher visibility brings more customer awareness, and Njoy can better compete with industry leaders like Vuse and Juul (which Altria ironically used to own).</p>
<div class="lb-trans"><p>奥驰亚指出，扩展的零售分销和高端店铺定位有助于其成功。Njoy 在超过 100,000 家商店中可用，并在超过 80% 的合同商店中享有高端位置。理想情况下，这种更高的可见性带来更多的客户认知，Njoy 可以更好地与行业领导者如 Vuse 和 Juul 竞争（讽刺的是，奥驰亚曾拥有 Juul）。</p>
</div><p>One competitive advantage Njoy has is being the first and only brand that the FDA has granted marketing approval for menthol e-vapor products. This alone won't guarantee success, but it's a major bonus as the FDA has been battling to stop the sale of menthol cigarettes.</p>
<div class="lb-trans"><p>Njoy 的一个竞争优势是成为 FDA 首个也是唯一一个获得薄荷电子烟产品营销批准的品牌。这一优势本身并不能保证成功，但在 FDA 努力停止薄荷香烟销售的背景下，这是一个重要的加分项。</p>
</div><p>Altria still has some work to do amid declining ranks of smokers, but Njoy's initial success should be encouraging for investors.</p>
<div class="lb-trans"><p>尽管在吸烟者数量下降的情况下，奥驰亚仍有一些工作要做，但 Njoy 的初步成功应该让投资者感到鼓舞。</p>
</div>

3 个理由让你像没有明天一样购买奥驰亚集团的股票