<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/main/91/454.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="635" height="400" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/main/91/454.jpg"/></p>
<p><em>图片来源：Bigstock</em></p>
<h3><strong>关键要点</strong></h3>
<ul>
<li>卡特彼勒发布的第三季度收入为 176 亿美元，同比增长 9.5%，结束了连续六个季度的下滑。</li>
<li>卡特彼勒的订单积压环比增加 24 亿美元，达到创纪录的 399 亿美元，提高了收入可见性。</li>
<li>由于成本上升，卡特彼勒第三季度的收益下降了 4%，但降幅较 2025 年前几个季度大幅放缓。</li>
</ul>
<p>卡特彼勒公司（CAT - 免费报告）过去一年股价上涨了 57.9%，超过了制造业 - 建筑和矿业行业的 55.9% 的增长。相比之下，Zacks 工业产品部门和标准普尔 500 指数的涨幅则较为温和，分别为 5.5% 和 18.7%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/45/139724.jpg/query-dj0xNjAyMDMwNjg3?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="349" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/45/139724.jpg/query-dj0xNjAyMDMwNjg3"/></p>
<p><em>图片来源：Zacks 投资研究</em></p>
<p>卡特彼勒的表现也优于其同行小松（KMTUY - 免费报告）和特雷克斯公司（TEX - 免费报告），如下图所示。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/03/139723.jpg/query-dj0xNjUzNzg2NzY?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="350" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/03/139723.jpg/query-dj0xNjUzNzg2NzY"/></p>
<p><em>图片来源：Zacks 投资研究</em></p>
<p>从技术角度来看，卡特彼勒自去年 5 月以来一直在其 200 日简单移动平均线（SMA）之上交易，并且始终高于其 50 日 SMA，显示出持续的上升动能。这一价格走势反映了投资者对卡特彼勒运营表现、资产负债表实力和长期增长前景的信心。</p>
<h3><strong>卡特彼勒股价高于 50 日和 200 日 SMA</strong></h3>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/73/139730.jpg/query-dj0zOTIyMjU0MDI?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="242" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/73/139730.jpg/query-dj0zOTIyMjU0MDI"/></p>
<p><em>图片来源：Zacks 投资研究</em></p>
<h3><strong>卡特彼勒在第三季度恢复收入增长，创下订单积压新高</strong></h3>
<p>卡特彼勒不断改善的基本面支撑了其在 2025 年的股票表现。在 2025 年第三季度，该公司发布的收入约为 176 亿美元，创下季度收入新高。收入同比增长 9.5%，其中销售量增长 10% 和 1% 的有利汇率影响抵消了 1.3% 的不利价格实现。</p>
<p>广泛的销量增长帮助卡特彼勒打破了连续六个季度收入下滑的局面。订单积压也有所增强，环比增加 24 亿美元，达到创纪录的 399 亿美元，为未来收入提供了良好的可见性。</p>
<p>卡特彼勒现在预计 2025 年的收入将比 2024 年 “适度” 增长，较之前 “略微” 增长的预测有所改善。</p>
<h3><strong>卡特彼勒显示出改善的盈利韧性</strong></h3>
<p>由于制造成本和关税影响，第三季度销售成本上升了 16%，导致每股收益同比下降 4%，降至 4.95 美元。令人鼓舞的是，收益下降的速度从 2025 年第一季度的 27% 降至第二季度的 15.7% 和第三季度的 4%，显示出运营动能的改善。</p>
<p>与此同时，同行们继续面临更明显的挑战。特雷克斯在其材料处理部门经历了连续七个季度的负有机增长，原因是需求疲软。该公司预计这一趋势将反映在其 2025 年的业绩上。此外，特雷克斯的高空作业部门也经历了连续八个季度的负有机增长。</p>
<p>小松在其建筑、矿业和公用事业设备部门的销量在 2024 财年出现下降，这一趋势在 2025 财年上半年（截至 2025 年 9 月 30 日）持续。小松预计 2025 财年建筑、矿业和公用事业设备的需求将与 2024 财年持平。</p>
<h3><strong>盈利预估显示卡特彼勒将在 2026 年反弹</strong></h3>
<p>卡特彼勒在过去 60 天的 2025 年和 2026 年的盈利预估均有所上调。Zacks 共识预估显示，卡特彼勒 2025 年的盈利预计同比下降 15.57%，而收入则预计增长 2.29%。2026 年的盈利预估显示增长 18.95%，收入增长 8.30%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/3f/139729.jpg/query-dj0xNjMxMjEwNjQ5?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="205" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/3f/139729.jpg/query-dj0xNjMxMjEwNjQ5"/></p>
<p><em>图片来源：Zacks 投资研究</em></p>
<h3><strong>卡特彼勒股票交易溢价</strong></h3>
<p>卡特彼勒最近的前瞻性 12 个月市盈率（P/E）为 30.96 倍，而行业平均为 28.51 倍。与此同时，小松和特雷克斯的市盈率分别为 12.02 倍和 10.83 倍，低于行业水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/14/139725.jpg/query-dj0yMTkzMTEy?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="277" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/14/139725.jpg/query-dj0yMTkzMTEy"/></p>
<p><em>图片来源：Zacks 投资研究</em></p>
<h3><strong>卡特彼勒提供吸引人的回报</strong></h3>
<p>卡特彼勒的股本回报率（ROE）为 47.16%，高于行业平均的 46.52%。也高于标准普尔 500 的 32.48%。与此同时，小松的 ROE 为 12.41%，特雷克斯的 ROE 为 15.93%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/e3/139733.jpg/query-dj03NDE3NzI0MTE?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="278" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/e3/139733.jpg/query-dj03NDE3NzI0MTE"/></p>
<p><em>图片来源：Zacks 投资研究</em></p>
<h3><strong>卡特彼勒为长期增长做好准备</strong></h3>
<p>从长远来看，卡特彼勒将受益于美国基础设施投资和就业法案下的基础设施支出增加。全球能源转型预计也将提升对关键矿物的需求，从而增强卡特彼勒矿业设备组合的前景。卡特彼勒的自主矿业车队的采用正在加速，受益于生产力、安全性和成本效益。</p>
<p>随着科技公司在全球建立数据中心以支持其生成性人工智能应用，卡特彼勒正在见证数据中心用往复式发动机的订单水平强劲。该公司计划通过多年的资本投资将产量翻倍。</p>
<p>卡特彼勒最近与亨特能源公司（Hunt Energy Company, L.P.）达成了一项长期战略合作，以满足数据中心日益增长的电力需求。第一个项目计划在德克萨斯州进行，预计将作为一个多年的计划的启动平台，为北美的数据中心提供高达一吉瓦的发电能力。</p>
<p>卡特彼勒还达成了一项协议，开发数据中心的先进能源优化解决方案。此次合作专注于将 Vertiv 的电力分配和冷却产品组合与卡特彼勒在发电和 CCHP（联合冷却、供热和发电）方面的专业知识相结合。卡特彼勒在售后零部件和服务相关收入方面的增长努力，将有助于推动其增长，这些收入的利润率较高。</p>
<h3><strong>投资者现在应该如何看待卡特彼勒的股票？</strong></h3>
<p>考虑到卡特彼勒的收入增长回归、创纪录的订单积压、改善的盈利轨迹以及在充满挑战的宏观环境中相对于同行的相对强势，其溢价估值似乎是合理的。公司的强大长期增长驱动因素，依托基础设施投资、能源转型趋势、数据中心扩张以及不断增长的高利润服务业务，为未来的盈利能力提供了清晰的可见性。</p>
<p>预计到 2026 年，盈利将显著反弹，增长前景不断增强，卡特彼勒的 Zacks 评级为#2（买入），进一步巩固了我们对其积极前景的看法。</p>
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卡特彼勒

<p>卡特彼勒的股票在过去一年中上涨了 57.9%，表现优于行业同行。在 2025 年第三季度，收入达到了 176 亿美元，同比增长 9.5%，并创下了 399 亿美元的历史订单积压。尽管由于成本上升，盈利下降了 4%，但下降的速度有所放缓。2026 年的盈利预期显示出反弹，预计增长 18.95%。卡特彼勒的市盈率为 30.96，回报率强劲，达到 47.16%。该公司在基础设施支出和对矿山设备需求的推动下，具备良好的长期增长潜力</p>

<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/main/91/454.jpg" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/main/91/454.jpg"/></p>
<p><em>Image: Bigstock</em></p>
<div class="lb-trans"><p><em>图片来源：Bigstock</em></p>
</div><h3><strong>Key Takeaways</strong></h3>
<div class="lb-trans"><h3><strong>关键要点</strong></h3>
</div><ul>
<li>Caterpillar posted Q3 revenues of $17.6 billion, up 9.5%, snapping six straight quarters of declines.</li>
<li>Caterpillar's backlog rose $2.4 billion sequentially to a record $39.9 billion, improving revenue visibility.</li>
<li>Caterpillar earnings fell 4% in Q3 as costs rose, but the decline slowed sharply from earlier 2025 quarters.</li>
</ul>
<div class="lb-trans"><ul>
<li>卡特彼勒发布的第三季度收入为 176 亿美元，同比增长 9.5%，结束了连续六个季度的下滑。</li>
<li>卡特彼勒的订单积压环比增加 24 亿美元，达到创纪录的 399 亿美元，提高了收入可见性。</li>
<li>由于成本上升，卡特彼勒第三季度的收益下降了 4%，但降幅较 2025 年前几个季度大幅放缓。</li>
</ul>
</div><p>Caterpillar Inc. (CAT - Free Report) shares have delivered a strong 57.9% in the past year, outpacing the Manufacturing - Construction and Mining industry's 55.9% growth. In contrast, the Zacks Industrial Products sector and the S&amp;P 500 posted more modest gains of 5.5% and 18.7%, respectively.</p>
<div class="lb-trans"><p>卡特彼勒公司（CAT - 免费报告）过去一年股价上涨了 57.9%，超过了制造业 - 建筑和矿业行业的 55.9% 的增长。相比之下，Zacks 工业产品部门和标准普尔 500 指数的涨幅则较为温和，分别为 5.5% 和 18.7%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/45/139724.jpg/query-dj0xNjAyMDMwNjg3" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/45/139724.jpg?v=1602030687"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>图片来源：Zacks 投资研究</em></p>
</div><p>Caterpillar has also outperformed its peers, Komatsu (KMTUY - Free Report) and Terex Corp. (TEX - Free Report), as shown in the chart below.</p>
<div class="lb-trans"><p>卡特彼勒的表现也优于其同行小松（KMTUY - 免费报告）和特雷克斯公司（TEX - 免费报告），如下图所示。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/03/139723.jpg/query-dj0xNjUzNzg2NzY" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/03/139723.jpg?v=165378676"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>图片来源：Zacks 投资研究</em></p>
</div><p>From a technical standpoint, Caterpillar has been trading above its 200-day simple moving average (SMA) since May last year, and it has remained above its 50-day SMA, signaling sustained upward momentum. This price action reflects investor confidence in Caterpillar’s operating performance, balance sheet strength, and long-term growth prospects.</p>
<div class="lb-trans"><p>从技术角度来看，卡特彼勒自去年 5 月以来一直在其 200 日简单移动平均线（SMA）之上交易，并且始终高于其 50 日 SMA，显示出持续的上升动能。这一价格走势反映了投资者对卡特彼勒运营表现、资产负债表实力和长期增长前景的信心。</p>
</div><h3><strong>Caterpillar Trades Above 50-Day &amp; 200-Day SMA</strong></h3>
<div class="lb-trans"><h3><strong>卡特彼勒股价高于 50 日和 200 日 SMA</strong></h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/73/139730.jpg/query-dj0zOTIyMjU0MDI" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/73/139730.jpg?v=392225402"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>图片来源：Zacks 投资研究</em></p>
</div><h3><strong>Caterpillar Returns to Revenue Growth in Q3, Posts Record Backlog</strong></h3>
<div class="lb-trans"><h3><strong>卡特彼勒在第三季度恢复收入增长，创下订单积压新高</strong></h3>
</div><p>Caterpillar’s improving fundamentals supported its stock performance in 2025. In the third quarter of 2025, the company posted revenues of approximately $17.6 billion, marking its highest quarterly number on record. Revenues were up 9.5%, as a 10% increase in sales volume and a favorable currency impact of 1% were offset by an unfavorable price realization of 1.3%.</p>
<div class="lb-trans"><p>卡特彼勒不断改善的基本面支撑了其在 2025 年的股票表现。在 2025 年第三季度，该公司发布的收入约为 176 亿美元，创下季度收入新高。收入同比增长 9.5%，其中销售量增长 10% 和 1% 的有利汇率影响抵消了 1.3% 的不利价格实现。</p>
</div><p>Broad-based volume gains helped Caterpillar break the streak of six straight quarters of revenue declines. Backlog also strengthened, rising sequentially by $2.4 billion to a record $39.9 billion, providing solid visibility into future revenues.</p>
<div class="lb-trans"><p>广泛的销量增长帮助卡特彼勒打破了连续六个季度收入下滑的局面。订单积压也有所增强，环比增加 24 亿美元，达到创纪录的 399 亿美元，为未来收入提供了良好的可见性。</p>
</div><p>Caterpillar now expects 2025 revenues to be “modestly” higher compared with 2024, an improvement from its prior projection of “slightly” higher revenues.</p>
<div class="lb-trans"><p>卡特彼勒现在预计 2025 年的收入将比 2024 年 “适度” 增长，较之前 “略微” 增长的预测有所改善。</p>
</div><h3><strong>Caterpillar Shows Improving Earnings Resilience</strong></h3>
<div class="lb-trans"><h3><strong>卡特彼勒显示出改善的盈利韧性</strong></h3>
</div><p>Cost of sales climbed 16% in the third quarter due to higher manufacturing costs and tariff impacts, resulting in a 4% year-over-year decline in earnings to $4.95 per share. Encouragingly, the pace of earnings decline has slowed meaningfully from the 27% drop in the first quarter of 2025 to a 15.7% decline in the second quarter and the 4% decline reported in the third quarter, highlighting improving operational momentum.</p>
<div class="lb-trans"><p>由于制造成本和关税影响，第三季度销售成本上升了 16%，导致每股收益同比下降 4%，降至 4.95 美元。令人鼓舞的是，收益下降的速度从 2025 年第一季度的 27% 降至第二季度的 15.7% 和第三季度的 4%，显示出运营动能的改善。</p>
</div><p>Meanwhile, peers have continued to face more pronounced challenges. Terex has seen seven straight quarters of negative organic growth in its Material Processing segment due to subdued demand. The company expects this trend to reflect on its 2025 results. Additionally, Terex’s Aerial segment has seen eight straight quarters of negative organic growth.</p>
<div class="lb-trans"><p>与此同时，同行们继续面临更明显的挑战。特雷克斯在其材料处理部门经历了连续七个季度的负有机增长，原因是需求疲软。该公司预计这一趋势将反映在其 2025 年的业绩上。此外，特雷克斯的高空作业部门也经历了连续八个季度的负有机增长。</p>
</div><p>Komatsu experienced a decline in volumes within its Construction, Mining &amp; Utility Equipment segment during fiscal 2024, which persisted in the first half of fiscal 2025 (ended Sept. 30, 2025). Komatsu expects demand for construction, mining, and utility equipment in fiscal 2025 to remain flat compared with the fiscal 2024 level.</p>
<div class="lb-trans"><p>小松在其建筑、矿业和公用事业设备部门的销量在 2024 财年出现下降，这一趋势在 2025 财年上半年（截至 2025 年 9 月 30 日）持续。小松预计 2025 财年建筑、矿业和公用事业设备的需求将与 2024 财年持平。</p>
</div><h3><strong>Earnings Estimates Suggest Caterpillar Will Rebound in 2026</strong></h3>
<div class="lb-trans"><h3><strong>盈利预估显示卡特彼勒将在 2026 年反弹</strong></h3>
</div><p>Earnings estimates for Caterpillar for both 2025 and 2026 have moved up over the past 60 days. The Zacks Consensus Estimate for Caterpillar’s 2025 earnings indicates a year-over-year decline of 15.57%, with revenues suggesting growth of 2.29%. The earnings estimates for 2026 suggest 18.95% growth, with revenues rising 8.30%.</p>
<div class="lb-trans"><p>卡特彼勒在过去 60 天的 2025 年和 2026 年的盈利预估均有所上调。Zacks 共识预估显示，卡特彼勒 2025 年的盈利预计同比下降 15.57%，而收入则预计增长 2.29%。2026 年的盈利预估显示增长 18.95%，收入增长 8.30%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/3f/139729.jpg/query-dj0xNjMxMjEwNjQ5" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/3f/139729.jpg?v=1631210649"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>图片来源：Zacks 投资研究</em></p>
</div><h3><strong>Caterpillar Stock Trades at a Premium</strong></h3>
<div class="lb-trans"><h3><strong>卡特彼勒股票交易溢价</strong></h3>
</div><p>Caterpillar has recently been trading at a forward 12-month price/earnings (P/E) ratio of 30.96X compared with the industry average of 28.51X. Meanwhile, Komatsu and Terex Corp. have been trading below the industry at 12.02X and 10.83X, respectively.</p>
<div class="lb-trans"><p>卡特彼勒最近的前瞻性 12 个月市盈率（P/E）为 30.96 倍，而行业平均为 28.51 倍。与此同时，小松和特雷克斯的市盈率分别为 12.02 倍和 10.83 倍，低于行业水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/14/139725.jpg/query-dj0yMTkzMTEy" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/14/139725.jpg?v=2193112"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>图片来源：Zacks 投资研究</em></p>
</div><h3><strong>Caterpillar Delivers Attractive Returns</strong></h3>
<div class="lb-trans"><h3><strong>卡特彼勒提供吸引人的回报</strong></h3>
</div><p>Caterpillar’s return on equity (ROE) is 47.16%, which is higher than the industry’s average of 46.52%. It is also higher than the S&amp;P 500’s return of 32.48%. Meanwhile, Komatsu offers an ROE of 12.41%, and Terex offers an ROE of 15.93%.</p>
<div class="lb-trans"><p>卡特彼勒的股本回报率（ROE）为 47.16%，高于行业平均的 46.52%。也高于标准普尔 500 的 32.48%。与此同时，小松的 ROE 为 12.41%，特雷克斯的 ROE 为 15.93%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/e3/139733.jpg/query-dj03NDE3NzI0MTE" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/e3/139733.jpg?v=741772411"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>图片来源：Zacks 投资研究</em></p>
</div><h3><strong>Caterpillar Positioned for Long-Term Growth</strong></h3>
<div class="lb-trans"><h3><strong>卡特彼勒为长期增长做好准备</strong></h3>
</div><p>Over the long-term, Caterpillar stands to benefit from increased infrastructure spending under the U.S. Infrastructure Investment and Jobs Act. The global energy transition is also expected to lift demand for critical minerals, strengthening the outlook for Caterpillar’s mining equipment portfolio. Adoption of Caterpillar’s autonomous mining fleet continues to accelerate, driven by productivity, safety, and cost-efficiency benefits.</p>
<div class="lb-trans"><p>从长远来看，卡特彼勒将受益于美国基础设施投资和就业法案下的基础设施支出增加。全球能源转型预计也将提升对关键矿物的需求，从而增强卡特彼勒矿业设备组合的前景。卡特彼勒的自主矿业车队的采用正在加速，受益于生产力、安全性和成本效益。</p>
</div><p>As technology companies establish data centers globally to support their generative AI applications, Caterpillar is witnessing robust order levels for reciprocating engines for data centers. The company is planning to double its output with a multi-year capital investment.</p>
<div class="lb-trans"><p>随着科技公司在全球建立数据中心以支持其生成性人工智能应用，卡特彼勒正在见证数据中心用往复式发动机的订单水平强劲。该公司计划通过多年的资本投资将产量翻倍。</p>
</div><p>Caterpillar recently entered into a long-term strategic collaboration with Hunt Energy Company, L.P., to meet the surging power needs of data centers. The first project is planned for Texas and is expected to serve as the launchpad for a multi-year program to deliver up to one gigawatt of power generation capacity for data centers across North America.</p>
<div class="lb-trans"><p>卡特彼勒最近与亨特能源公司（Hunt Energy Company, L.P.）达成了一项长期战略合作，以满足数据中心日益增长的电力需求。第一个项目计划在德克萨斯州进行，预计将作为一个多年的计划的启动平台，为北美的数据中心提供高达一吉瓦的发电能力。</p>
</div><p>Caterpillar has also entered into an agreement to develop advanced energy optimization solutions for data centers. This collaboration focuses on integrating Vertiv's power distribution and cooling portfolio with Caterpillar’s know-how in power generation and CCHP (Combined Cooling, Heat and Power). Caterpillar’s efforts to grow its aftermarket parts and service-related revenues, which generate high margins, will also aid growth.</p>
<div class="lb-trans"><p>卡特彼勒还达成了一项协议，开发数据中心的先进能源优化解决方案。此次合作专注于将 Vertiv 的电力分配和冷却产品组合与卡特彼勒在发电和 CCHP（联合冷却、供热和发电）方面的专业知识相结合。卡特彼勒在售后零部件和服务相关收入方面的增长努力，将有助于推动其增长，这些收入的利润率较高。</p>
</div><h3><strong>How Should Investors Approach Caterpillar Stock Now?</strong></h3>
<div class="lb-trans"><h3><strong>投资者现在应该如何看待卡特彼勒的股票？</strong></h3>
</div><p>Caterpillar’s premium valuation appears justified given its return to revenue growth, record backlog, improving earnings trajectory, and relative strength versus peers in a challenging macro environment. The company’s strong long-term growth drivers, anchored by infrastructure investment, energy-transition trends, data center expansion, and a growing high-margin services business, provide clear visibility into future earnings power.</p>
<div class="lb-trans"><p>考虑到卡特彼勒的收入增长回归、创纪录的订单积压、改善的盈利轨迹以及在充满挑战的宏观环境中相对于同行的相对强势，其溢价估值似乎是合理的。公司的强大长期增长驱动因素，依托基础设施投资、能源转型趋势、数据中心扩张以及不断增长的高利润服务业务，为未来的盈利能力提供了清晰的可见性。</p>
</div><p>With earnings expected to rebound meaningfully in 2026 and growth prospects strengthening, Caterpillar’s Zacks Rank #2 (Buy) rating further reinforces our positive outlook.</p>
<div class="lb-trans"><p>预计到 2026 年，盈利将显著反弹，增长前景不断增强，卡特彼勒的 Zacks 评级为#2（买入），进一步巩固了我们对其积极前景的看法。</p>
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在 2025 年上涨 58% 之后，卡特彼勒的股票在 2026 年是否仍然值得购买？