<p>一个常常吸引股息投资者的 “警报声” 就是高于平均水平的股息收益率。毕竟，寻求从股票投资中获得收入的投资者喜欢收到他们的股息支票——而且越大越好，对吧？不一定。</p>
<p>希望通过股息来增强投资组合的投资者应该仔细平衡股价增值潜力、股息收益率和股息增长潜力的重要性。过于关注股息收益率可能意味着错过基础股票价格的长期增值和/或公司股息支付的显著增长。</p>
<p><strong>苹果</strong>（AAPL 0.51%）就是这样一家公司，虽然股息收益率较低，但在其他方面，特别是股息增长潜力上，轻松弥补了这一弱点。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ2NTgvYWFwbC1hcHBsZS1zdG9jay1kaXZpZGVuZC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="325" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ2NTgvYWFwbC1hcHBsZS1zdG9jay1kaXZpZGVuZC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>小而强大的股息</h2>
<p>目前，苹果的股息收益率仅为 0.5%。相比之下，<strong>标准普尔 500</strong> 的整体股息收益率为 1.2%。因此，我称苹果为_优秀_的股息股票可能会让人感到困惑。但请听我说。</p>
<p>首先，苹果的股息每年都在增长，而且公司支付的股息仅占其可以支付的股息的一小部分。此外，值得注意的是，苹果目前的年化股息支付率为 1.04 美元，是 10 年前的两倍，比五年前的年化支付高出 27%。更重要的是，未来几年还有很大的增长空间。今天，公司仅支付其收益的 16% 作为股息。</p>
<p>另一种将苹果股息增长潜力放入视角的方法是检查公司的现金流量表。尽管每年产生约 1000 亿美元的自由现金流（在处理常规运营和资本支出后剩余的现金），但这家科技巨头过去 12 个月的年化股息支付总额仅为 153 亿美元。</p>
<p>所有这些都表明，iPhone 制造商实际上可以在想要的情况下以比其收益增长更快的速度增加股息。</p>
<h2>以多种方式向股东返还现金</h2>
<p>尽管苹果的财务状况为股息增长提供了很大的灵活性，但在未来几年，其股息增长的速度可能不会超过其收益增长的速度（如果有的话）。这是因为公司对股票回购的需求极为强烈。例如，在 2024 财年，苹果花费了 950 亿美元回购股票——这一数字远远超过了该期间的股息支付额 152 亿美元。</p>
<p>此外，苹果最近暗示将继续优先考虑股票回购。在 5 月 1 日的 2024 财年第二季度财报发布会上，苹果宣布其董事会批准了额外的 1000 亿美元用于股票回购。此外，在公司的 2024 财年第二季度财报发布会上，苹果表示这一授权反映了管理层对其业务 “现在及未来的持续信心”。换句话说，管理层似乎在暗示他们认为其股票被低估了。</p>
<p>然而，未来几年的适度股息增长几乎是不可避免的。苹果有每年增加股息的历史，并且很可能会继续这样做。自 2012 年开始支付季度股息以来，公司每年都在增加股息。实际上，苹果管理层定期告诉投资者，他们计划每年提高股息。</p>
<p>“我们继续计划在未来进行年度股息增加，就像过去 13 年所做的那样，” 苹果首席财务官 Kevan Parekh 在公司最近的季度电话会议中指出。</p>
<p>我们可以确定的一件事是，苹果将在未来向股东返还大量现金。虽然很难准确预测有多少现金将用于股息，有多少将用于股票回购，但管理层明确表示，他们计划继续积极返还现金，并在最近的财报电话会议中表示，他们将保持实现净现金中立的长期目标（即总现金和可交易证券等于总债务）。凭借 1330 亿美元的现金和可交易证券、约 1000 亿美元的年自由现金流以及约 980 亿美元的总债务，这家科技巨头可能需要在一段时间内继续每年返还超过 1000 亿美元的资金（通过回购和股息）。</p>
<p>因此，不要因为苹果的股息收益率较低就低估它作为股息股票的价值。虽然它的股息收益率较小，但却非常强大。它背后是一家现金充裕、现金流强劲的公司——而且有很多理由使其能够在未来几年每年增长。更重要的是，基础业务质量高，管理层也通过股票回购间接向股东返还现金。</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>苹果的股息收益率较低，仅为 0.5%，但该公司显示出强劲的股息增长潜力，在过去十年中其年化股息支付已翻倍。仅有 16% 的收益用于支付股息，并且每年有 1000 亿美元的自由现金流，苹果还有进一步增加股息的空间。该公司优先进行股票回购，计划在 2024 财年支出 950 亿美元，但仍计划继续每年增加股息。尽管股息收益率较低，苹果强劲的现金状况和对股东回报的承诺使其成为一只引人注目的股息股票</p>

<p>One &#34;siren's song&#34; that lures in dividend investors all too often is an above-average dividend yield. After all, investors looking for income from their stock investments love to receive their dividend paychecks -- and the bigger they are, the better, right? Not necessarily.</p>
<div class="lb-trans"><p>一个常常吸引股息投资者的 “警报声” 就是高于平均水平的股息收益率。毕竟，寻求从股票投资中获得收入的投资者喜欢收到他们的股息支票——而且越大越好，对吧？不一定。</p>
</div><p>Investors looking to bolster their portfolio with dividends should carefully balance the importance of share price appreciation potential, dividend yield, and dividend growth potential. Too much focus on dividend yield could mean missing out on long-term appreciation in the underlying stock price and/or meaningful growth in a company's dividend payments over time.</p>
<div class="lb-trans"><p>希望通过股息来增强投资组合的投资者应该仔细平衡股价增值潜力、股息收益率和股息增长潜力的重要性。过于关注股息收益率可能意味着错过基础股票价格的长期增值和/或公司股息支付的显著增长。</p>
</div><p><strong>Apple</strong>(AAPL 0.51%) is one of those companies that lacks in terms of dividend yield, but easily makes up for this weakness in other areas, particularly in terms of dividend growth potential.</p>
<div class="lb-trans"><p><strong>苹果</strong>（AAPL 0.51%）就是这样一家公司，虽然股息收益率较低，但在其他方面，特别是股息增长潜力上，轻松弥补了这一弱点。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ2NTgvYWFwbC1hcHBsZS1zdG9jay1kaXZpZGVuZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824658%2Faapl-apple-stock-dividend.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>A small but mighty dividend</h2>
<div class="lb-trans"><h2>小而强大的股息</h2>
</div><p>Today, Apple's dividend yield stands at just 0.5%. This compares to a dividend yield of 1.2% for the <strong>S&amp;P 500</strong> overall. So, it might be confusing why I'd call Apple a <em>great</em> dividend stock. But hear me out.</p>
<div class="lb-trans"><p>目前，苹果的股息收益率仅为 0.5%。相比之下，<strong>标准普尔 500</strong> 的整体股息收益率为 1.2%。因此，我称苹果为_优秀_的股息股票可能会让人感到困惑。但请听我说。</p>
</div><p>Let's start with this: Not only is Apple's dividend growing every year, but the company is only paying out a small fraction of what it could pay in dividends. Further, note that Apple's annualized dividend payment run rate of $1.04 today is double what it was 10 years ago and 27% higher than its annualized payments five years ago. More importantly, there's plenty of room for further increases in the years to come. Today, the company pays out just 16% of its earnings in dividends.</p>
<div class="lb-trans"><p>首先，苹果的股息每年都在增长，而且公司支付的股息仅占其可以支付的股息的一小部分。此外，值得注意的是，苹果目前的年化股息支付率为 1.04 美元，是 10 年前的两倍，比五年前的年化支付高出 27%。更重要的是，未来几年还有很大的增长空间。今天，公司仅支付其收益的 16% 作为股息。</p>
</div><p>Another way to put Apple's dividend growth potential into perspective is to examine the company's cash flow statement. Despite generating around $100 billion in free cash flow (the cash left over after both regular operations and capital expenditures are taken care of) annually, the tech giant's annualized dividend payments over the last trailing 12 montamounted to only $15.3 billion.</p>
<div class="lb-trans"><p>另一种将苹果股息增长潜力放入视角的方法是检查公司的现金流量表。尽管每年产生约 1000 亿美元的自由现金流（在处理常规运营和资本支出后剩余的现金），但这家科技巨头过去 12 个月的年化股息支付总额仅为 153 亿美元。</p>
</div><p>All of this to say, the iPhone maker could actually increase its dividend at a faster rate than its earnings growth if it wanted to.</p>
<div class="lb-trans"><p>所有这些都表明，iPhone 制造商实际上可以在想要的情况下以比其收益增长更快的速度增加股息。</p>
</div><h2>Returning cash to shareholders in more ways than one</h2>
<div class="lb-trans"><h2>以多种方式向股东返还现金</h2>
</div><p>Despite all this wiggle room for dividend growth in Apple's finances, it's possible that the pace of its dividend growth in the coming years will not exceed the rate of its earnings growth by much (if at all). This is because the company has an exceptionally strong appetite for share repurchases. In fiscal 2024, for instance, Apple spent $95 billion repurchasing its shares -- a figure that far exceeded its dividend payments of $15.2 billion during the period.</p>
<div class="lb-trans"><p>尽管苹果的财务状况为股息增长提供了很大的灵活性，但在未来几年，其股息增长的速度可能不会超过其收益增长的速度（如果有的话）。这是因为公司对股票回购的需求极为强烈。例如，在 2024 财年，苹果花费了 950 亿美元回购股票——这一数字远远超过了该期间的股息支付额 152 亿美元。</p>
</div><p>Further, Apple recently hinted that it will continue to prioritize share repurchases. Alongside its fiscal second-quarter earnings release on May 1, Apple announced that its board authorized an additional $100 billion for share repurchases. Additionally, during the company's fiscal second-quarter earnings release, Apple said that this authorization reflects management's &#34;continued confidence&#34; in its business &#34;now and into the future.&#34; In other words, management appears to be suggesting that it believes its shares are undervalued.</p>
<div class="lb-trans"><p>此外，苹果最近暗示将继续优先考虑股票回购。在 5 月 1 日的 2024 财年第二季度财报发布会上，苹果宣布其董事会批准了额外的 1000 亿美元用于股票回购。此外，在公司的 2024 财年第二季度财报发布会上，苹果表示这一授权反映了管理层对其业务 “现在及未来的持续信心”。换句话说，管理层似乎在暗示他们认为其股票被低估了。</p>
</div><p>However, at least modest dividend growth in the years ahead is all but inevitable. Apple has a history of increasing its dividend every year, and it is likely to continue doing so. Since initiating its quarterly dividend in 2012, the company has increased its dividend every year. Indeed, Apple management regularly tells investors that it plans to boost its dividend on an annual basis.</p>
<div class="lb-trans"><p>然而，未来几年的适度股息增长几乎是不可避免的。苹果有每年增加股息的历史，并且很可能会继续这样做。自 2012 年开始支付季度股息以来，公司每年都在增加股息。实际上，苹果管理层定期告诉投资者，他们计划每年提高股息。</p>
</div><p>&#34;[W] e continue to plan for annual increases in the dividend going forward as we have done for the last 13 years,&#34; noted Apple chief financial officer Kevan Parekh in the company's most recent quarterly conference call.</p>
<div class="lb-trans"><p>“我们继续计划在未来进行年度股息增加，就像过去 13 年所做的那样，” 苹果首席财务官 Kevan Parekh 在公司最近的季度电话会议中指出。</p>
</div><p>One thing we know for sure is that Apple will be returning a lot of cash to shareholders going forward. While it's difficult to predict exactly how much cash will go toward dividends and how much will go toward share repurchases, management has made it clear that it plans to keep aggressively returning cash by stating in its most recent earnings call that it is maintaining its long-standing goal to get to net cash neutral (when total cash and marketable securities equals total debt). With $133 billion in cash and marketable securities, about $100 billion in annual free cash flow, and about $98 billion in total debt, the tech giant will likely have to keep giving away sums in excess of $100 billion per year (via repurchases and dividends) for some time.</p>
<div class="lb-trans"><p>我们可以确定的一件事是，苹果将在未来向股东返还大量现金。虽然很难准确预测有多少现金将用于股息，有多少将用于股票回购，但管理层明确表示，他们计划继续积极返还现金，并在最近的财报电话会议中表示，他们将保持实现净现金中立的长期目标（即总现金和可交易证券等于总债务）。凭借 1330 亿美元的现金和可交易证券、约 1000 亿美元的年自由现金流以及约 980 亿美元的总债务，这家科技巨头可能需要在一段时间内继续每年返还超过 1000 亿美元的资金（通过回购和股息）。</p>
</div><p>So don't underestimate Apple as a dividend stock just because it has a small dividend yield. It might be small, but it is mighty. It's backed by a cash-rich company with strong cash flows -- and there are plenty of reasons it can grow on an annual basis for years to come. The icing on the cake? The underlying business is high quality, and management is also returning cash to shareholders indirectly through share repurchases.</p>
<div class="lb-trans"><p>因此，不要因为苹果的股息收益率较低就低估它作为股息股票的价值。虽然它的股息收益率较小，但却非常强大。它背后是一家现金充裕、现金流强劲的公司——而且有很多理由使其能够在未来几年每年增长。更重要的是，基础业务质量高，管理层也通过股票回购间接向股东返还现金。</p>
</div>

Why Apple Is a Great Dividend Stock, Despite Its Low Yield

- 苹果的股息收益率仅为 0.5%，低于标普 500 的 1.2%。  
- 尽管如此，苹果的股息每年都在增长，且支付比例仅为 16%。  
- 公司有充足的现金流，未来股息增长潜力巨大。  

为什么苹果是一只优秀的股息股票，尽管其股息收益率较低