<p><strong>苹果</strong>(AAPL -0.59%) 正在进行领导层变更。长期担任首席运营官的杰夫·威廉姆斯（Jeff Williams）将退休，由公司高级副总裁萨比赫·汗（Sabih Khan）接任。此次过渡计划在本月晚些时候进行，但这是否能帮助苹果股票扭转这一令人失望的年度表现？</p>
<p>苹果长期以来一直是你可以拥有的最佳成长股之一——它是 iPhone、iPad、Apple Watch 和 MacBook 电脑的制造商，也是其利润丰厚的 App Store 的拥有者。从 2011 年到 2024 年，苹果是全球最有价值的公司。</p>
<p>但最近，它的表现不佳。苹果仍然带来可观的收入和不错的利润，但在过去两年中，其增长几乎微不足道。这就是为什么苹果股票在全球最大公司的排名中下滑，在过去两年中被 <strong>微软</strong> 和 <strong>英伟达</strong> 超越，而今年迄今为止，股票下跌了 16%。</p>
<p>如果苹果想要恢复往日的辉煌，汗的工作将会非常艰巨。我认为你对苹果能否在短期内扭转局面持怀疑态度是正确的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1MjkvYWFwbC5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1MjkvYWFwbC5wbmcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>认识苹果的新首席运营官</h2>
<p>汗是苹果的内部人士；他在公司工作了 30 年，并于 2019 年晋升为高级副总裁，负责运营。他的工作涉及管理公司的全球供应链——这是一项困难的工作，因为苹果在中国、印度和越南制造其 iPhone 和其他电子产品。在加入苹果之前，他曾是 GE Plastics 的应用开发工程师和关键客户技术负责人——该部门后来被 <strong>通用电气</strong> 出售给沙特基础工业公司。</p>
<p>现在，他将进入一个不仅要管理供应链，还要负责扩大苹果客户基础的角色。与此同时，设计团队将开始直接向首席执行官蒂姆·库克汇报。而我认为，苹果的设计团队实际上最需要帮助。</p>
<h2>苹果已变得停滞不前</h2>
<p>苹果在其成长的辉煌时期最好的事情之一就是它推出的创新产品——麦金塔电脑，当然这为 MacBook 铺平了道路；iPod 首次使人们能够在口袋中携带数百首歌曲的音乐库；iPhone 本质上是一台完整的计算机，奠定了现代智能手机的基础；iPad 让人们可以在平板电脑上工作和娱乐，而不仅仅是用来阅读；AirPods 使无线耳塞变得流行；Apple Watch 则通过可穿戴技术使人们更容易管理自己的健康。</p>
<p>设计师们也迅速对每一款 iPhone 进行改进，引入了面部识别、响应捏合和滑动操作的屏幕，以及前后摄像头。每当苹果推出 iPhone 的重大新改进时，都会获得数十亿美元的销售额，因为人们争相以旧换新，获取最新的科技。</p>
<p>苹果仍然推出新的智能手机型号——目前正在销售 iPhone 16——但突破性的创新并没有那么频繁。这意味着人们更愿意保留他们的旧手机，只要它们仍然正常工作，而不是花费高达 1000 美元购买一款没有太大不同的新型号。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/09c29c71e88997b18876b69b4a621bee.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/09c29c71e88997b18876b69b4a621bee.png"/></p>
<p>AAPL 年收入数据来源于 YCharts</p>
<p>这对苹果来说是个问题，直接反映在公司最近的收益中。正如图表所示，自 2022 年以来，苹果的收入和收益相对停滞。虽然苹果仍在盈利，但它没有五年前或十年前那样的增长故事。</p>
<h2>苹果的未来是什么？</h2>
<p>坦率地说，苹果对汗的晋升让我觉得这是一种维持现状的举动，而不是信号显示出激进扩张。也许这没什么问题。通过将设计团队交给库克，苹果并没有引入任何新鲜血液，因此我不相信会有任何戏剧性的创新。</p>
<p>是时候承认苹果今天的状态——一只可靠的价值股，前瞻市盈率为 26.3，市销率为 8。对于一家科技公司来说，这些数字并不离谱。苹果还支付不断增长的股息（收益率为 0.5%），这使得该股票对收入投资者更具吸引力。</p>
<p>但苹果作为一个动态成长股的日子似乎已经结束，至少目前是这样。</p>

苹果

2 倍做多 AAPL ETF - GraniteShares

苹果每日 1 倍做空 ETF - Direxion

苹果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>苹果公司正在经历领导层变动，首席运营官杰夫·威廉姆斯（Jeff Williams）退休，萨比赫·汗（Sabih Khan）接任。尽管苹果历史上取得了成功，但公司在过去两年面临增长停滞，今年股价下降了 16%。作为苹果的资深员工，汗将负责管理供应链和客户基础，但对重大创新仍然存在怀疑。苹果最近的表现反映出其从成长型股票转变为可靠的价值型股票，前瞻市盈率为 26.3，股息收益率为 0.5%</p>

<p>There's a leadership change at <strong>Apple</strong>(AAPL -0.59%). Longtime Chief Operating Officer Jeff Williams is retiring and will be replaced by Sabih Khan, the company's senior vice president of operations. The transition is scheduled to occur later this month, but will it help Apple stock turn around what's been a disappointing year?</p>
<div class="lb-trans"><p><strong>苹果</strong>(AAPL -0.59%) 正在进行领导层变更。长期担任首席运营官的杰夫·威廉姆斯（Jeff Williams）将退休，由公司高级副总裁萨比赫·汗（Sabih Khan）接任。此次过渡计划在本月晚些时候进行，但这是否能帮助苹果股票扭转这一令人失望的年度表现？</p>
</div><p>Apple has long been one of the best growth stocks you can own -- the maker of the iPhone, iPad, Apple Watch, and MacBook computer and owner of its massively profitable App store. From 2011 to 2024, Apple was the most valuable company in the world.</p>
<div class="lb-trans"><p>苹果长期以来一直是你可以拥有的最佳成长股之一——它是 iPhone、iPad、Apple Watch 和 MacBook 电脑的制造商，也是其利润丰厚的 App Store 的拥有者。从 2011 年到 2024 年，苹果是全球最有价值的公司。</p>
</div><p>But lately, it's faltering. Apple still brings in solid revenue and decent profits, but its growth has been negligible for the last two years. That's why Apple stock is slipping in the rankings of the world's biggest companies, passed in the last two years by both <strong>Microsoft</strong> and <strong>Nvidia</strong>, and the stock is down 16% so far this year.</p>
<div class="lb-trans"><p>但最近，它的表现不佳。苹果仍然带来可观的收入和不错的利润，但在过去两年中，其增长几乎微不足道。这就是为什么苹果股票在全球最大公司的排名中下滑，在过去两年中被 <strong>微软</strong> 和 <strong>英伟达</strong> 超越，而今年迄今为止，股票下跌了 16%。</p>
</div><p>Kahn has his work cut out for him if Apple is going to regain any of its mojo. I think you would be right to be skeptical about Apple turning around anytime soon.</p>
<div class="lb-trans"><p>如果苹果想要恢复往日的辉煌，汗的工作将会非常艰巨。我认为你对苹果能否在短期内扭转局面持怀疑态度是正确的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1MjkvYWFwbC5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824529%2Faapl.png&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>Meet Apple's new COO</h2>
<div class="lb-trans"><h2>认识苹果的新首席运营官</h2>
</div><p>Khan is an Apple insider; he's been with the company for 30 years and was promoted to an executive position as senior vice president of operations in 2019. His job involved managing the company's global supply chain -- a difficult job, as Apple manufactured its iPhones and other electronics in China, India, and Vietnam. Before Apple, he was an applications development engineer and key account technical leader at GE Plastics -- a division that <strong>General Electric</strong> later sold to Saudi Basic Industries Corp.</p>
<div class="lb-trans"><p>汗是苹果的内部人士；他在公司工作了 30 年，并于 2019 年晋升为高级副总裁，负责运营。他的工作涉及管理公司的全球供应链——这是一项困难的工作，因为苹果在中国、印度和越南制造其 iPhone 和其他电子产品。在加入苹果之前，他曾是 GE Plastics 的应用开发工程师和关键客户技术负责人——该部门后来被 <strong>通用电气</strong> 出售给沙特基础工业公司。</p>
</div><p>Now, he'll be stepping into a role where he will manage not only the supply chain but will be in charge of expanding Apple's customer base. Meanwhile, the design team will begin reporting directly to CEO Tim Cook. And Apple's design team that actually needs the most help, in my opinion.</p>
<div class="lb-trans"><p>现在，他将进入一个不仅要管理供应链，还要负责扩大苹果客户基础的角色。与此同时，设计团队将开始直接向首席执行官蒂姆·库克汇报。而我认为，苹果的设计团队实际上最需要帮助。</p>
</div><h2>Apple has become stagnant</h2>
<div class="lb-trans"><h2>苹果已变得停滞不前</h2>
</div><p>One of the best things about Apple back in its growth heyday was the innovative products it came out with -- the Macintosh computer, which of course gave way to the MacBook; the iPod that for the first time made it possible to carry a music library of hundreds of songs in your pocket; the iPhone, which is essentially a complete computer that established the modern smartphone; the iPad that allowed people to work and play on tablets rather than just use them to read; AirPods, which made wireless earbuds popular; and the Apple Watch, with wearable tech that made it easier for people to manage their health.</p>
<div class="lb-trans"><p>苹果在其成长的辉煌时期最好的事情之一就是它推出的创新产品——麦金塔电脑，当然这为 MacBook 铺平了道路；iPod 首次使人们能够在口袋中携带数百首歌曲的音乐库；iPhone 本质上是一台完整的计算机，奠定了现代智能手机的基础；iPad 让人们可以在平板电脑上工作和娱乐，而不仅仅是用来阅读；AirPods 使无线耳塞变得流行；Apple Watch 则通过可穿戴技术使人们更容易管理自己的健康。</p>
</div><p>Designers were also quick to make improvements to the iPhone with each model, introducing things like facial recognition, a screen that responded to pinch and swipe actions, and forward and rear-facing cameras. Every time Apple came out with a major new improvement to the iPhone, it would get billions in sales as people rushed to trade in and receive the latest tech.</p>
<div class="lb-trans"><p>设计师们也迅速对每一款 iPhone 进行改进，引入了面部识别、响应捏合和滑动操作的屏幕，以及前后摄像头。每当苹果推出 iPhone 的重大新改进时，都会获得数十亿美元的销售额，因为人们争相以旧换新，获取最新的科技。</p>
</div><p>Apple still rolls out new smartphone models -- it's currently selling the iPhone 16 -- but the groundbreaking innovations don't happen nearly as often. That means people are more willing to hold on to their older phones, as long as they're still working fine, rather than spend up to $1,000 on a newer model that isn't much different.</p>
<div class="lb-trans"><p>苹果仍然推出新的智能手机型号——目前正在销售 iPhone 16——但突破性的创新并没有那么频繁。这意味着人们更愿意保留他们的旧手机，只要它们仍然正常工作，而不是花费高达 1000 美元购买一款没有太大不同的新型号。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/09c29c71e88997b18876b69b4a621bee.png" alt="" original-src="https://media.ycharts.com/charts/09c29c71e88997b18876b69b4a621bee.png"/></p>
<p>AAPL Revenue (Annual) data by YCharts</p>
<div class="lb-trans"><p>AAPL 年收入数据来源于 YCharts</p>
</div><p>And that's a problem for Apple that is reflected directly in the company's recent earnings. As the chart shows, Apple's revenue and earnings have been relatively stagnant since 2022. While it's great that Apple is still making money, it doesn't have the same growth story that it had five or 10 years ago.</p>
<div class="lb-trans"><p>这对苹果来说是个问题，直接反映在公司最近的收益中。正如图表所示，自 2022 年以来，苹果的收入和收益相对停滞。虽然苹果仍在盈利，但它没有五年前或十年前那样的增长故事。</p>
</div><h2>What's ahead for Apple?</h2>
<div class="lb-trans"><h2>苹果的未来是什么？</h2>
</div><p>To be frank, Apple's promotion of Khan strikes me as a move to maintain the status quo rather than signaling aggressive expansion. And maybe that's OK. By turning over the design team to Cook, Apple's not bringing in any new blood, so I'm not convinced that there will be any dramatic innovation.</p>
<div class="lb-trans"><p>坦率地说，苹果对汗的晋升让我觉得这是一种维持现状的举动，而不是信号显示出激进扩张。也许这没什么问题。通过将设计团队交给库克，苹果并没有引入任何新鲜血液，因此我不相信会有任何戏剧性的创新。</p>
</div><p>It's time to recognize Apple for what it is today -- a reliable value stock with a decent forward price-to-earnings ratio of 26.3 and a price-to-sales ratio of 8. For a technology company, those aren't outrageous numbers. And Apple also pays a growing dividend (the yield is 0.5%) that makes the stock a little more appealing for an income investor.</p>
<div class="lb-trans"><p>是时候承认苹果今天的状态——一只可靠的价值股，前瞻市盈率为 26.3，市销率为 8。对于一家科技公司来说，这些数字并不离谱。苹果还支付不断增长的股息（收益率为 0.5%），这使得该股票对收入投资者更具吸引力。</p>
</div><p>But Apple's days as a dynamic growth play appear to be over, for now.</p>
<div class="lb-trans"><p>但苹果作为一个动态成长股的日子似乎已经结束，至少目前是这样。</p>
</div>

Will a Leadership Change Be Enough to Turn Apple Around?

- 苹果公司首席运营官杰夫·威廉姆斯退休，萨比赫·汗接任。  
- 苹果在过去两年增长乏力，股价下跌 16%。  
- 新任 COO 需管理供应链并扩展客户基础，创新面临挑战。  

领导层的变动是否足以让苹果公司重振旗鼓？