<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1565514021506-1dc81b752c5e/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?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://images.unsplash.com/photo-1565514021506-1dc81b752c5e/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>图片来源：Unsplash</em></p>
<p>股息贵族是长期收入投资者最好的股票之一。股息贵族拥有出色的商业模式，能够在经济衰退期间仍然实现年度股息增长。</p>
<p>以下三只股息股票已经连续 25 年增加股息，因而被列入独特的股息贵族名单。</p>
<p>由于股息收益率、未来盈利增长和估值倍数扩张的组合，它们在未来五年内也有很高的预期总回报。</p>
<h3><strong>Nordson Corporation (NDSN)</strong></h3>
<p>Nordson 在 35 个国家开展业务，设计、制造和销售用于分配粘合剂、涂料、密封剂、生物材料、塑料和其他材料的产品，应用范围从尿布和吸管到手机和航空航天。该公司在上一个财年实现了 27 亿美元的销售额。</p>
<p>在 2025 年 8 月 20 日，Nordson 公布了截至 2025 年 7 月 31 日的第三季度业绩。该季度，公司报告销售额为 7.42 亿美元，比 2024 年第三季度的 6.62 亿美元增长了 12%，主要受益于 8% 的积极收购影响、2% 的有机销售增长和 2% 的有利外汇转换。</p>
<p>工业精密、先进技术以及医疗和流体解决方案部门的销售额分别增长了 1%、17% 和 32%。</p>
<p>公司调整后的每股收益为 2.73 美元，比去年同期增长了 13%。由于出货量强劲，订单积压环比下降了 5%。截至目前，Nordson 的业绩仍符合其最初的 2025 财年展望，预计销售额在 27.5 亿到 28.7 亿美元之间，调整后的每股收益在 9.70 到 10.50 美元之间。</p>
<p>Nordson 的主要竞争优势在于其在全球范围内庞大的客户基础。该公司提供在多种制造过程中涉及的细分但关键的产品。因此，竞争对手很难取代公司的市场地位。当然，这并不意味着 Nordson 免受经济衰退的影响。在上一次危机中，公司的收益下降了 32%，但随后强劲反弹。</p>
<p>NDSN 已经连续 62 年增加股息。</p>
<h3><strong>Hormel Corporation (HRL)</strong></h3>
<p>Hormel Foods 是一家多元化的食品生产商，年收入约为 125 亿美元。Hormel 在肉类产品加工方面保持了超过一百年的核心竞争力，同时通过收购扩展到其他业务领域。该公司在全球 80 个国家销售其产品，品牌包括 Skippy、SPAM、Applegate、Justin’s 等 30 多个品牌。</p>
<p>Hormel 在 2025 年 8 月 28 日发布了第三季度财报。调整后的每股收益为 35 美分，低于预期 6 美分。收入同比增长 4.5%，达到 30.3 亿美元，比预期高出 5000 万美元。有机净销售额同比增长 6%，其中销量增长 4%，价格和组合贡献了其他 2%。</p>
<p>公司还指出，其成本节约计划正在发挥作用，每年节省约 1.25 亿美元。毛利润同比持平，通货膨胀压力被销售增长所抵消。公司提到原材料成本通胀为 400 个基点，对利润率构成巨大压力。</p>
<p>经营现金流为 1.57 亿美元，资本支出为 7200 万美元，支付的股息为 1.59 亿美元。对第四季度的指导预计净销售额约为 32 亿美元，低于市场共识约 5000 万美元。预计每股收益约为 39 美分。</p>
<p>Hormel 已经连续 59 年增加股息。Hormel 的派息比率为 80% 的收益，我们预计随着收益超过股息增长，该比率可能会逐渐降低。管理层当然致力于股息，但也希望通过收购实现增长，这需要现金。</p>
<p>Hormel 的主要竞争优势在于其约 40 种产品在各自类别中排名第一或第二。Hormel 拥有经过验证的品牌，这一领导地位对竞争对手来说很难取代。此外，Hormel 拥有全球分销网络，几乎没有其他食品公司能够匹敌。Hormel 的每股收益在大萧条期间实际上增长，证明了公司的防御性特征。</p>
<h3><strong>Brown &amp; Brown (BRO)</strong></h3>
<p>Brown &amp; Brown Inc.是一家领先的保险经纪公司，为个人和企业提供风险管理解决方案，专注于财产和意外保险。Brown &amp; Brown 的内部持股比例显著较高。</p>
<p>Brown &amp; Brown 在 2025 年 10 月 27 日发布了第三季度财报，结果好于预期。调整后的每股收益为 1.05 美元，高出预期 12 美分。由于收购，收入同比飙升 35%，达到 16.1 亿美元，比预期高出 7000 万美元。</p>
<p>佣金和费用同比增长 34%，而有机收入（不包括收购）增长了 3.5%。税前收入为 3.11 亿美元，同比下降 2%，利润率从收入的 26.7% 下降到 19.4%。</p>
<p>在过去九个月中，收入同比增长 19%，达到 43 亿美元，佣金和费用增长 18%。有机收入增长为 4.6%。税前收入为 10 亿美元，同比增长 2%，利润率从收入的 28.4% 下降到 24.4%。EBITDAC 为 16 亿美元，EBITDAC 利润率从 35.9% 上升到 37.1%。</p>
<p>我们略微提高了对今年每股收益的预期至 4.20 美元。该公司还连续第 32 年提高股息，增加 10% 至每股 66 美分的新的派息水平。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>高股息 50：多元化皇家公司。</p>
<p>高股息 50：InPlay Oil Corp。</p>
<p>高股息 50：第六街专业贷款。</p>

荷美尔食品

NDSN

<p>这篇文章讨论了三只适合长期投资者的顶级股息贵族：Nordson Corporation、Hormel Corporation 和 Brown & Brown。Nordson 连续 62 年增加股息，第三季度业绩强劲，销售额增长 12%。Hormel 则有 59 年的股息增长记录，第三季度收益略低于预期，但显示出收入增长。Brown & Brown 在第三季度的收入增长了 35%，超出预期，主要得益于收购。这三家公司都展现了韧性和强大的商业模式，吸引了以收入为导向的投资者</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1565514021506-1dc81b752c5e/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1565514021506-1dc81b752c5e?ixid=MXwxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHw%3D&amp;ixlib=rb-1.2.1&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>图片来源：Unsplash</em></p>
</div><p>The Dividend Aristocrats are among the best stocks for long-term income investors. Dividend Aristocrats have excellent business models that have produced annual dividend increases, even during recessions.</p>
<div class="lb-trans"><p>股息贵族是长期收入投资者最好的股票之一。股息贵族拥有出色的商业模式，能够在经济衰退期间仍然实现年度股息增长。</p>
</div><p>The following 3 dividend stocks have increased their payouts for over 25 consecutive years, placing them on the exclusive Dividend Aristocrats list.</p>
<div class="lb-trans"><p>以下三只股息股票已经连续 25 年增加股息，因而被列入独特的股息贵族名单。</p>
</div><p>They also have high expected total returns over the next five years, due to a combination of dividend yield, future earnings growth, and an expanding valuation multiple.</p>
<div class="lb-trans"><p>由于股息收益率、未来盈利增长和估值倍数扩张的组合，它们在未来五年内也有很高的预期总回报。</p>
</div><h3><strong>Nordson Corporation (NDSN)</strong></h3>
<div class="lb-trans"><h3><strong>Nordson Corporation (NDSN)</strong></h3>
</div><p>Nordson has operations in over 35 countries and engineers, manufactures, and markets products used for dispensing adhesives, coatings, sealants, biomaterials, plastics, and other materials, with applications ranging from diapers and straws to cell phones and aerospace. The company generated $2.7 billion in sales last fiscal year.</p>
<div class="lb-trans"><p>Nordson 在 35 个国家开展业务，设计、制造和销售用于分配粘合剂、涂料、密封剂、生物材料、塑料和其他材料的产品，应用范围从尿布和吸管到手机和航空航天。该公司在上一个财年实现了 27 亿美元的销售额。</p>
</div><p>On August 20th, 2025, Nordson reported third quarter results for the period ending July 31, 2025. For the quarter, the company reported sales of $742 million, 12% higher compared to $662 million in Q3 2024, driven by an 8% positive acquisition impact, 2% organic sales increase, and 2% favorable forex translation.</p>
<div class="lb-trans"><p>在 2025 年 8 月 20 日，Nordson 公布了截至 2025 年 7 月 31 日的第三季度业绩。该季度，公司报告销售额为 7.42 亿美元，比 2024 年第三季度的 6.62 亿美元增长了 12%，主要受益于 8% 的积极收购影响、2% 的有机销售增长和 2% 的有利外汇转换。</p>
</div><p>The Industrial Precision, Advanced Technology, and Medical and Fluid Solutions segments saw sales increase by 1% 17%, and 32%, respectively.</p>
<div class="lb-trans"><p>工业精密、先进技术以及医疗和流体解决方案部门的销售额分别增长了 1%、17% 和 32%。</p>
</div><p>The company generated adjusted earnings per share of $2.73, a 13% increase compared to the same prior year period. The backlog declined 5% sequentially due to strong shipments. Nordson’s results to date are still in line with its initial FY 2025 outlook, which expected sales of $2.75 billion to $2.87 billion and adjusted EPS of $9.70 to $10.50.</p>
<div class="lb-trans"><p>公司调整后的每股收益为 2.73 美元，比去年同期增长了 13%。由于出货量强劲，订单积压环比下降了 5%。截至目前，Nordson 的业绩仍符合其最初的 2025 财年展望，预计销售额在 27.5 亿到 28.7 亿美元之间，调整后的每股收益在 9.70 到 10.50 美元之间。</p>
</div><p>Nordson’s main competitive advantage is its enormous installed base of customers around the world. The company provides niche, but critical, pieces involved in a variety of manufacturing processes. As such, it is difficult for competitors to compete away the company’s position. Of course, this does not mean that Nordson is immune from recessions. During the last crisis, earnings fell -32% for the year, before rebounding strongly.</p>
<div class="lb-trans"><p>Nordson 的主要竞争优势在于其在全球范围内庞大的客户基础。该公司提供在多种制造过程中涉及的细分但关键的产品。因此，竞争对手很难取代公司的市场地位。当然，这并不意味着 Nordson 免受经济衰退的影响。在上一次危机中，公司的收益下降了 32%，但随后强劲反弹。</p>
</div><p>NDSN has increased its dividend for 62 consecutive years.</p>
<div class="lb-trans"><p>NDSN 已经连续 62 年增加股息。</p>
</div><h3><strong>Hormel Corporation (HRL)</strong></h3>
<div class="lb-trans"><h3><strong>Hormel Corporation (HRL)</strong></h3>
</div><p>Hormel Foods is a diversified food producer with about $12.5 billion in annual revenue. Hormel has kept its core competency as a processor of meat products for well over a hundred years but has also grown into other business lines through acquisitions. The company sells its products in 80 countries worldwide, and its brands include Skippy, SPAM, Applegate, Justin’s, and more than 30 others.</p>
<div class="lb-trans"><p>Hormel Foods 是一家多元化的食品生产商，年收入约为 125 亿美元。Hormel 在肉类产品加工方面保持了超过一百年的核心竞争力，同时通过收购扩展到其他业务领域。该公司在全球 80 个国家销售其产品，品牌包括 Skippy、SPAM、Applegate、Justin’s 等 30 多个品牌。</p>
</div><p>Hormel posted third quarter earnings on August 28th, 2025. Adjusted earnings-per-share came to 35 cents, which was six cents light of estimates. Revenue was up 4.5% year-over-year to $3.03 billion, beating estimates by $50 million. Organic net sales were up 6% year-over-year on volume gains of 4%, with price and mix comprising the other 2%.</p>
<div class="lb-trans"><p>Hormel 在 2025 年 8 月 28 日发布了第三季度财报。调整后的每股收益为 35 美分，低于预期 6 美分。收入同比增长 4.5%，达到 30.3 亿美元，比预期高出 5000 万美元。有机净销售额同比增长 6%，其中销量增长 4%，价格和组合贡献了其他 2%。</p>
</div><p>The company also noted its cost savings program is working and helping save about $125 million annually. Gross profit was flat year-on-year, with inflationary headwinds offset by top line gains. The company noted 400 basis points of raw material cost inflation, a massive headwind to margins.</p>
<div class="lb-trans"><p>公司还指出，其成本节约计划正在发挥作用，每年节省约 1.25 亿美元。毛利润同比持平，通货膨胀压力被销售增长所抵消。公司提到原材料成本通胀为 400 个基点，对利润率构成巨大压力。</p>
</div><p>Cash flow from operations were $157 million, while capex was $72 million, and dividends paid were $159 million. Guidance for Q4 was for net sales of ~$3.2 billion, about $50 million light of consensus. Earnings are expected at ~39 cents.</p>
<div class="lb-trans"><p>经营现金流为 1.57 亿美元，资本支出为 7200 万美元，支付的股息为 1.59 亿美元。对第四季度的指导预计净销售额约为 32 亿美元，低于市场共识约 5000 万美元。预计每股收益约为 39 美分。</p>
</div><p>Hormel has increased its dividend for 59 consecutive years. Hormel’s payout ratio is 80% of earnings, and we expect it could drift lower over time as earnings outpace dividend growth. Management is certainly committed to the dividend, but it wants to acquire growth as well, which uses cash.</p>
<div class="lb-trans"><p>Hormel 已经连续 59 年增加股息。Hormel 的派息比率为 80% 的收益，我们预计随着收益超过股息增长，该比率可能会逐渐降低。管理层当然致力于股息，但也希望通过收购实现增长，这需要现金。</p>
</div><p>Hormel’s main competitive advantage is its ~40 products that are either #1 or #2 in their category. Hormel has brands that are proven, and that leadership position is difficult for competitors to supplant. In addition, Hormel has a global network of distributors that few food companies can rival. Hormel’s earnings-per-share actually grew during the Great Recession, a testament to the company’s defensive nature.</p>
<div class="lb-trans"><p>Hormel 的主要竞争优势在于其约 40 种产品在各自类别中排名第一或第二。Hormel 拥有经过验证的品牌，这一领导地位对竞争对手来说很难取代。此外，Hormel 拥有全球分销网络，几乎没有其他食品公司能够匹敌。Hormel 的每股收益在大萧条期间实际上增长，证明了公司的防御性特征。</p>
</div><h3><strong>Brown &amp; Brown (BRO)</strong></h3>
<div class="lb-trans"><h3><strong>Brown &amp; Brown (BRO)</strong></h3>
</div><p>Brown &amp; Brown Inc. is a leading insurance brokerage firm that provides risk management solutions to both individuals and businesses, with a focus on property &amp; casualty insurance. Brown &amp; Brown has a notably high level of insider ownership.</p>
<div class="lb-trans"><p>Brown &amp; Brown Inc.是一家领先的保险经纪公司，为个人和企业提供风险管理解决方案，专注于财产和意外保险。Brown &amp; Brown 的内部持股比例显著较高。</p>
</div><p>Brown &amp; Brown posted third quarter earnings on October 27th, 2025, and results were better than expected. Adjusted earnings-per-share came to $1.05, which was 12 cents ahead of estimates. Revenue soared 35% year-over-year thanks to acquisitions, beating estimates by $70 million at $1.61 billion.</p>
<div class="lb-trans"><p>Brown &amp; Brown 在 2025 年 10 月 27 日发布了第三季度财报，结果好于预期。调整后的每股收益为 1.05 美元，高出预期 12 美分。由于收购，收入同比飙升 35%，达到 16.1 亿美元，比预期高出 7000 万美元。</p>
</div><p>Commissions and fees rose 34% year-over-year, while organic revenue (which excludes acquisitions) rose 3.5%. Income before taxes was $311 million, which was off 2% year-over-year, with margin declining from 26.7% of revenue to 19.4%.</p>
<div class="lb-trans"><p>佣金和费用同比增长 34%，而有机收入（不包括收购）增长了 3.5%。税前收入为 3.11 亿美元，同比下降 2%，利润率从收入的 26.7% 下降到 19.4%。</p>
</div><p>For the nine months, revenue was up 19% year-over-year to $4.3 billion, with commissions and fees up 18%. Organic revenue growth was 4.6%. Income before taxes was $1 billion, up 2%, on margin that fell from 28.4% to 24.4% of revenue. EBITDAC was $1.6 billion on EBITDAC margin that rose from 35.9% to 37.1% of revenue.</p>
<div class="lb-trans"><p>在过去九个月中，收入同比增长 19%，达到 43 亿美元，佣金和费用增长 18%。有机收入增长为 4.6%。税前收入为 10 亿美元，同比增长 2%，利润率从收入的 28.4% 下降到 24.4%。EBITDAC 为 16 亿美元，EBITDAC 利润率从 35.9% 上升到 37.1%。</p>
</div><p>We have slightly boosted our estimate of earnings-per-share for this year to $4.20. The company also boosted its dividend for the 32nd consecutive year, raising it by 10% to a new payout of 66 cents per share annually.</p>
<div class="lb-trans"><p>我们略微提高了对今年每股收益的预期至 4.20 美元。该公司还连续第 32 年提高股息，增加 10% 至每股 66 美分的新的派息水平。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>High Dividend 50: Diversified Royalty Corp.</p>
<div class="lb-trans"><p>高股息 50：多元化皇家公司。</p>
</div><p>High Dividend 50: InPlay Oil Corp.</p>
<div class="lb-trans"><p>高股息 50：InPlay Oil Corp。</p>
</div><p>High Dividend 50: Sixth Street Specialty Lending</p>
<div class="lb-trans"><p>高股息 50：第六街专业贷款。</p>
</div>

三大长期回报的顶级红利贵族