<p>你很难找到比 <strong>苹果</strong>(AAPL 0.07%) 和 <strong>开市客</strong>(COST 0.23%) 更好的面向消费者的公司。</p>
<p>这两家公司建立了庞大而忠诚的客户群，其股票多年来为投资者带来了改变人生的投资回报，成为全球市值最大的两家公司之一。</p>
<p>虽然这两只股票可能难以再现早期的高回报，但它们仍然可以在股票投资组合中成为长期赢家。也就是说，你不应该在任何价格下购买，尤其是对于像苹果和开市客这样的成熟公司。</p>
<p>那么，现在哪个更值得购买呢？以下是你需要知道的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMjQvYWFwbC5wbmcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMjQvYWFwbC5wbmcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>两家公司仍然有一些增长潜力</h2>
<p>苹果是一家领先的智能手机和个人电子产品公司，以其拥有超过 23.5 亿活跃用户的 iOS 生态系统而闻名。开市客是一家领先的会员制大宗商品零售商，会员可以购买各种商品，通常以大宗数量出售。</p>
<p>这两家公司在其核心业务中都已建立良好的基础，但仍然展现出增长的能力，尽管增速比过去慢。年收入达到数十亿美元，保持高增长率是具有挑战性的，但增长依然存在。</p>
<p>苹果继续缓慢增加其用户基础，同时通过向用户提供多种订阅服务实现增长。今年上半年，服务收入接近 530 亿美元，同比增长 12.7%。</p>
<p>对于开市客，商品销售在通货膨胀推高价格的情况下有所增长，但其核心增长引擎是会员增长。开市客的付费会员在最新季度同比增长 6.8%，达到 7960 万。会员费为公司的大部分利润做出了贡献。</p>
<p>总体而言，这两家公司都有稳健的——如果不是巨大的——增长前景。分析师预计，苹果的长期年均收益增长率将达到 10.6%，而开市客约为 9%。</p>
<h2>过去十年这两只股票表现非常相似</h2>
<p>尽管这两家公司经营着截然不同的业务，但它们的股价在过去 10 年中表现相似。从股价的角度来看，开市客和苹果在过去十年中产生了几乎相同的年化回报，并且都大幅超越了 <strong>标准普尔 500 指数</strong>。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cddf0f7bc6cc6319f1ab67c5a857a7f3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="473" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cddf0f7bc6cc6319f1ab67c5a857a7f3.png"/></p>
<p>AAPL 数据来源于 YCharts</p>
<p>这两家公司也支付小额的常规股息。苹果已经连续 12 年支付并提高其股息，而开市客则连续 20 年如此。它们的股息收益率相似，约为 0.4% 到 0.5%。然而，开市客偶尔会支付特别股息，这对寻求股息收入的投资者来说略有优势。</p>
<h2>但现在一个更值得购买</h2>
<p>分析师目前预计，苹果未来的增长会比开市客稍强，但这也可能比开市客风险更大。</p>
<p>苹果在将人工智能（AI）功能整合到其 iOS 设备中时遇到了困难。公司不得不重新审视设计。然而，苹果用户往往非常忠诚，iOS 生态系统也非常粘性。因此，虽然现在可能还不需要恐慌，但苹果需要在某个时刻正确处理 AI，否则可能面临来自竞争对手的颠覆性威胁。</p>
<p>尽管如此，苹果仍然是现在更值得购买的股票。</p>
<p>为什么？开市客在过去十年的股票回报部分是由于估值扩张。换句话说，开市客的股价扩张速度超过了其利润。如今，开市客的市盈率接近 54，这对于一家预计未来以 9% 的年化速度增长的企业来说，实在是太高了。</p>
<p>苹果的市盈率为 33，虽然不是便宜货，但假设公司能实现预期的两位数收益增长，吸引力要大得多。苹果还回购大量股票，这应该有助于推动收益增长，即使公司在应对其 AI 学习曲线时面临挑战。</p>

苹果

开市客

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>苹果和开市客是两家领先的面向消费者的公司，拥有强大的客户忠诚度和显著的市场资本化。预计这两家公司将继续增长，尽管增速会放缓，苹果的年收益增长预计为 10.6%，而开市客为 9%。尽管在过去十年中两者的股票表现相似，分析师仍然更看好苹果，认为其增长潜力更高，尽管与人工智能整合相关的一些风险存在。开市客的高市盈率引发了对其估值的担忧，使得苹果目前成为更具吸引力的投资选择</p>

<p>You'll struggle to find better consumer-facing companies than <strong>Apple</strong>(AAPL 0.07%) and <strong>Costco Wholesale</strong>(COST 0.23%).</p>
<div class="lb-trans"><p>你很难找到比 <strong>苹果</strong>(AAPL 0.07%) 和 <strong>开市客</strong>(COST 0.23%) 更好的面向消费者的公司。</p>
</div><p>These two companies have built massive, loyal customer followings, and their stocks have delivered life-changing investment returns over the years on their way to becoming two of the world's largest companies by market cap.</p>
<div class="lb-trans"><p>这两家公司建立了庞大而忠诚的客户群，其股票多年来为投资者带来了改变人生的投资回报，成为全球市值最大的两家公司之一。</p>
</div><p>While both stocks may struggle to deliver the same level of returns they did in their earlier years, both can still be long-term winners in a stock portfolio. That said, you shouldn't just buy at any price, especially for maturing companies like Apple and Costco Wholesale.</p>
<div class="lb-trans"><p>虽然这两只股票可能难以再现早期的高回报，但它们仍然可以在股票投资组合中成为长期赢家。也就是说，你不应该在任何价格下购买，尤其是对于像苹果和开市客这样的成熟公司。</p>
</div><p>So, which is the better buy now? Here is what you need to know.</p>
<div class="lb-trans"><p>那么，现在哪个更值得购买呢？以下是你需要知道的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMjQvYWFwbC5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825124%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>Both companies still have some juice left</h2>
<div class="lb-trans"><h2>两家公司仍然有一些增长潜力</h2>
</div><p>Apple is a leading smartphone and personal electronics company, renowned for its iOS ecosystem, which has over 2.35 billion active users worldwide. Costco is a leading membership-only big-box warehouse retailer, where members can buy a variety of goods, often sold in bulk quantities.</p>
<div class="lb-trans"><p>苹果是一家领先的智能手机和个人电子产品公司，以其拥有超过 23.5 亿活跃用户的 iOS 生态系统而闻名。开市客是一家领先的会员制大宗商品零售商，会员可以购买各种商品，通常以大宗数量出售。</p>
</div><p>Both companies are well-established in their core businesses, but continue to demonstrate the ability to grow, albeit at a slower pace than in the past. With annual revenue in the billions, it's challenging to maintain high growth rates, but growth remains.</p>
<div class="lb-trans"><p>这两家公司在其核心业务中都已建立良好的基础，但仍然展现出增长的能力，尽管增速比过去慢。年收入达到数十亿美元，保持高增长率是具有挑战性的，但增长依然存在。</p>
</div><p>Apple continues to slowly increase its user base while also growing by offering a variety of subscription services to its users. Service revenue totaled nearly $53 billion through the first half of this year, up 12.7% year over year.</p>
<div class="lb-trans"><p>苹果继续缓慢增加其用户基础，同时通过向用户提供多种订阅服务实现增长。今年上半年，服务收入接近 530 亿美元，同比增长 12.7%。</p>
</div><p>For Costco, there is some growth in merchandise sales as inflation lifts prices higher, but its core growth engine is membership growth. Costco's paid memberships increased by 6.8% year over year in the latest quarter to 79.6 million. Membership dues contribute the majority of the company's profits.</p>
<div class="lb-trans"><p>对于开市客，商品销售在通货膨胀推高价格的情况下有所增长，但其核心增长引擎是会员增长。开市客的付费会员在最新季度同比增长 6.8%，达到 7960 万。会员费为公司的大部分利润做出了贡献。</p>
</div><p>Overall, both companies have solid -- if not gigantic -- growth prospects. Analysts estimate that Apple will grow its earnings by an average of 10.6% annually over the long term, compared to about 9% for Costco.</p>
<div class="lb-trans"><p>总体而言，这两家公司都有稳健的——如果不是巨大的——增长前景。分析师预计，苹果的长期年均收益增长率将达到 10.6%，而开市客约为 9%。</p>
</div><h2>The two stocks have performed remarkably similarly over the past decade</h2>
<div class="lb-trans"><h2>过去十年这两只股票表现非常相似</h2>
</div><p>Despite these companies operating very different businesses, their stock prices have performed similarly over the past 10 years. From a share price standpoint, Costco and Apple have generated nearly identical annualized returns over the past decade, and both have vastly outperformed the <strong>S&amp;P 500</strong>.</p>
<div class="lb-trans"><p>尽管这两家公司经营着截然不同的业务，但它们的股价在过去 10 年中表现相似。从股价的角度来看，开市客和苹果在过去十年中产生了几乎相同的年化回报，并且都大幅超越了 <strong>标准普尔 500 指数</strong>。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cddf0f7bc6cc6319f1ab67c5a857a7f3.png" alt="" original-src="https://media.ycharts.com/charts/cddf0f7bc6cc6319f1ab67c5a857a7f3.png"/></p>
<p>AAPL data by YCharts</p>
<div class="lb-trans"><p>AAPL 数据来源于 YCharts</p>
</div><p>Both companies pay small-yielding regular dividends, too. Apple has paid and raised its dividend for 12 consecutive years, while Costco has done the same for 20 years. Their dividend yields are similar, ranging from about 0.4% to 0.5%. However, Costco occasionally pays special dividends, giving it a slight edge for investors who look for dividend income.</p>
<div class="lb-trans"><p>这两家公司也支付小额的常规股息。苹果已经连续 12 年支付并提高其股息，而开市客则连续 20 年如此。它们的股息收益率相似，约为 0.4% 到 0.5%。然而，开市客偶尔会支付特别股息，这对寻求股息收入的投资者来说略有优势。</p>
</div><h2>But one is the better buy right now</h2>
<div class="lb-trans"><h2>但现在一个更值得购买</h2>
</div><p>Analysts currently expect a little more growth from Apple moving forward than from Costco, but it may also be a bit riskier than Costco.</p>
<div class="lb-trans"><p>分析师目前预计，苹果未来的增长会比开市客稍强，但这也可能比开市客风险更大。</p>
</div><p>Apple has struggled to integrate artificial intelligence (AI) features into its iOS devices. The company has had to revisit the drawing board. However, Apple users tend to be quite loyal, and the iOS ecosystem is very sticky. So, while it may be too soon to panic, Apple needs to get AI right at some point, or it could face disruptive threats from competitors.</p>
<div class="lb-trans"><p>苹果在将人工智能（AI）功能整合到其 iOS 设备中时遇到了困难。公司不得不重新审视设计。然而，苹果用户往往非常忠诚，iOS 生态系统也非常粘性。因此，虽然现在可能还不需要恐慌，但苹果需要在某个时刻正确处理 AI，否则可能面临来自竞争对手的颠覆性威胁。</p>
</div><p>Despite this, Apple is still the better stock to buy now.</p>
<div class="lb-trans"><p>尽管如此，苹果仍然是现在更值得购买的股票。</p>
</div><p>Why? Costco's stock returns over the past decade have been driven in part by valuation expansion. In other words, Costco's stock price has expanded faster than its profits. Today, Costco Wholesale trades at a price-to-earnings (P/E) ratio of nearly 54. That's far too high for a business expected to grow earnings at a 9% annualized pace moving forward.</p>
<div class="lb-trans"><p>为什么？开市客在过去十年的股票回报部分是由于估值扩张。换句话说，开市客的股价扩张速度超过了其利润。如今，开市客的市盈率接近 54，这对于一家预计未来以 9% 的年化速度增长的企业来说，实在是太高了。</p>
</div><p>Apple isn't a bargain at a P/E ratio of 33, but it is far more attractive, assuming the company delivers double-digit earnings growth as expected. Apple also repurchases massive amounts of its stock, which should help drive earnings growth, even as the company navigates its AI learning curve.</p>
<div class="lb-trans"><p>苹果的市盈率为 33，虽然不是便宜货，但假设公司能实现预期的两位数收益增长，吸引力要大得多。苹果还回购大量股票，这应该有助于推动收益增长，即使公司在应对其 AI 学习曲线时面临挑战。</p>
</div>

Best Stock to Buy Right Now: Apple vs. Costco Wholesale

- 苹果和好市多是消费者面向的顶尖公司，拥有庞大的忠实客户群。  
- 苹果的服务收入在今年上半年达到近 530 亿美元，同比增长 12.7%。  
- 分析师预计苹果未来的年均收益增长率为 10.6%，高于好市多的 9%。  

当前最佳购买股票：苹果与开市客