<p><strong>家得寶</strong>(HD -0.40%) 和 <strong>好市多批發店</strong>(COST 0.38%) 是如今許多人熟悉的兩家企業，無論是從顧客角度還是投資角度來看。在它們悠久而成功的歷史中，這些公司的股票表現非常出色。</p>
<p>但是，這兩家大市值零售股票中哪一家是當前更好的投資組合？讓我們來看一下。</p>
<h2>為好市多辯護</h2>
<p>好市多在 2023 財年的淨銷售額達到 2380 億美元，是世界第三大零售商（僅次於 <strong>沃爾瑪</strong> 和 <strong>亞馬遜</strong>）。這種無與倫比的規模為企業帶來了一些強大的好處。</p>
<p>好市多與供應商擁有巨大的談判槓桿。這導致商品成本較低。這些節省成本以每日低價的形式傳遞給顧客，從而帶來更多收入。這是一個難以複製的正反饋循環，而且好市多成功的會員計劃進一步加強了這一點。</p>
<p>該公司正在證明自己有多麼具有韌性。儘管受到疫情、供應鏈瓶頸、高通脹、高利率和不確定的經濟影響，好市多在 2020、2021、2022 和 2023 財年以及 2024 財年前三個季度都能夠報告一致的同店銷售增長。</p>
<p>儘管這是一家龐大的公司，但好市多仍然具有可觀的增長潛力。管理層計劃在未來每年開設 25 至 30 家淨新倉庫，這是在 2023 財年開設 23 家新倉庫之後的計劃。國際市場提供了巨大的機會。</p>
<h2>聚焦家得寶</h2>
<p>家得寶也是一家龐大的零售商，過去 12 個月的營收達到 1520 億美元。然而，它專注於家居裝修行業，向 DIY 和專業客户銷售工具和用品。</p>
<p>該企業在該領域中是明顯的領導者，其規模使家得寶處於有利位置。它擁有品牌認知度、廣泛覆蓋（美國有 2017 家門店）和全渠道能力，以滿足客户的需求。</p>
<p>2023 財年（截至 1 月 28 日）同店銷售下降了 3.2%。而在 2024 財年第一季度（截至 4 月 28 日），這一數字下降了 2.8%。這並不是特別令人鼓舞。但這可能只是暫時的，因為現在更多的消費者正在推遲購買大額商品。</p>
<p>然而，從長期來看很容易持樂觀態度。國內家居裝修行業價值 1 萬億美元，家得寶佔有相對較小的 15% 份額，有增長空間。</p>
<p>投資者可能會被這家公司的有利資本回報計劃所吸引。該公司不僅在上個財季回購了 6.49 億美元的股票，還支付了 22 億美元的股息。這些舉措提升了投資者的回報。</p>
<h2>決定性因素</h2>
<p>好市多和家得寶都是零售行業的優秀企業。然而，我認為前者是一家更好的公司。它在宏觀背景下持續增長，表明它更具韌性。會員計劃激勵顧客重複訪問。</p>
<p>然而，這並不意味着好市多股票是一個不用考慮的購買。事實上，情況恰恰相反。該股票的價格 - 收益（P/E）比率為 52。除了最近的高點外，自世紀之交以來，股票從未如此昂貴。</p>
<p>另一方面，家得寶股票的價格 - 收益（P/E）比率為 23。要明確的是，我認為大多數投資者會同意好市多應該獲得更高的估值倍數。但是倉儲連鎖店當前的 P/E 比率告訴我，該股票目前被嚴重高估。</p>
<p>家得寶仍然是一家出色的企業，其股票價格更具吸引力。它是今天添加到您的投資組合並持有五年的更好選擇。</p>

家得寶

開市客

<p>Costco 和家得寶都是知名的零售公司。Costco 在與供應商的談判中擁有強大的議價能力，導致商品成本低廉且銷售持續增長。另一方面，家得寶專注於家居裝修行業，並擁有良好的資本回報計劃。雖然 Costco 具有韌性和增長潛力，但其股票目前被認為是被高估的。家得寶的股票價格吸引人，是更好的投資組合選擇</p>

<p><strong>Costco Wholesale</strong>(COST 0.38%) and <strong>Home Depot</strong>(HD -0.40%) are certainly two businesses that many people are familiar with these days, both from a customer perspective and an investment point of view. Over their long and successful histories, the shares of these companies have performed extremely well.</p>
<div class="lb-trans"><p><strong>家得寶</strong>(HD -0.40%) 和 <strong>好市多批發店</strong>(COST 0.38%) 是如今許多人熟悉的兩家企業，無論是從顧客角度還是投資角度來看。在它們悠久而成功的歷史中，這些公司的股票表現非常出色。</p>
</div><p>But which of these megacap retail stocks is the better addition to your portfolio right now? Let's take a look.</p>
<div class="lb-trans"><p>但是，這兩家大市值零售股票中哪一家是當前更好的投資組合？讓我們來看一下。</p>
</div><h2>The case for Costco</h2>
<div class="lb-trans"><h2>為好市多辯護</h2>
</div><p>With fiscal 2023 net sales of $238 billion, Costco is the world's third-biggest retailer (only <strong>Walmart</strong> and <strong>Amazon</strong> are larger). This unrivaled scale creates some powerful benefits for the business.</p>
<div class="lb-trans"><p>好市多在 2023 財年的淨銷售額達到 2380 億美元，是世界第三大零售商（僅次於 <strong>沃爾瑪</strong> 和 <strong>亞馬遜</strong>）。這種無與倫比的規模為企業帶來了一些強大的好處。</p>
</div><p>Costco has tremendous negotiating leverage with its suppliers. This results in low costs for merchandise. The savings are passed to customers in the form of everyday low prices, which results in more revenue. It's a positive feedback loop that is hard to replicate, and it's strengthened by Costco's successful membership program.</p>
<div class="lb-trans"><p>好市多與供應商擁有巨大的談判槓桿。這導致商品成本較低。這些節省成本以每日低價的形式傳遞給顧客，從而帶來更多收入。這是一個難以複製的正反饋循環，而且好市多成功的會員計劃進一步加強了這一點。</p>
</div><p>The company is proving just how resilient it can be. Despite the pandemic, supply chain bottlenecks, high inflation, high interest rates, and the uncertain economy, Costco has been able to report consistent same-store sales growth in fiscal 2020, 2021, 2022, and 2023. And it's been the same story through the first three quarters of fiscal 2024.</p>
<div class="lb-trans"><p>該公司正在證明自己有多麼具有韌性。儘管受到疫情、供應鏈瓶頸、高通脹、高利率和不確定的經濟影響，好市多在 2020、2021、2022 和 2023 財年以及 2024 財年前三個季度都能夠報告一致的同店銷售增長。</p>
</div><p>Even though this is a massive corporation, Costco still has meaningful growth potential. Executives plan to open 25 to 30 net new warehouses per year going forward, after opening 23 in fiscal 2023. International markets present a huge opportunity.</p>
<div class="lb-trans"><p>儘管這是一家龐大的公司，但好市多仍然具有可觀的增長潛力。管理層計劃在未來每年開設 25 至 30 家淨新倉庫，這是在 2023 財年開設 23 家新倉庫之後的計劃。國際市場提供了巨大的機會。</p>
</div><h2>Homing in on Home Depot</h2>
<div class="lb-trans"><h2>聚焦家得寶</h2>
</div><p>Home Depot is also a gigantic retailer, with trailing-12-month revenue of $152 billion. However, it focuses exclusively on the home improvement industry, selling tools and supplies to both DIY and professional customers.</p>
<div class="lb-trans"><p>家得寶也是一家龐大的零售商，過去 12 個月的營收達到 1520 億美元。然而，它專注於家居裝修行業，向 DIY 和專業客户銷售工具和用品。</p>
</div><p>This business is the clear leader in the space, and its size puts Home Depot in an advantageous position. It has the brand recognition, wide reach (2,017 stores in the U.S.), and omnichannel capabilities to cater to its customers' needs.</p>
<div class="lb-trans"><p>該企業在該領域中是明顯的領導者，其規模使家得寶處於有利位置。它擁有品牌認知度、廣泛覆蓋（美國有 2017 家門店）和全渠道能力，以滿足客户的需求。</p>
</div><p>Same-store sales dipped 3.2% in fiscal 2023 (ended Jan. 28). And during Q1 2024 (ended April 28), this figure was down 2.8%. That's not particularly encouraging. But it might just be temporary, because more consumers are holding off on big-ticket purchases nowadays.</p>
<div class="lb-trans"><p>2023 財年（截至 1 月 28 日）同店銷售下降了 3.2%。而在 2024 財年第一季度（截至 4 月 28 日），這一數字下降了 2.8%。這並不是特別令人鼓舞。但這可能只是暫時的，因為現在更多的消費者正在推遲購買大額商品。</p>
</div><p>It's easy to be optimistic over the long term, though. The domestic home improvement industry is valued at $1 trillion, giving Home Depot a relatively small 15% share that it can grow.</p>
<div class="lb-trans"><p>然而，從長期來看很容易持樂觀態度。國內家居裝修行業價值 1 萬億美元，家得寶佔有相對較小的 15% 份額，有增長空間。</p>
</div><p>Investors might be drawn to this stock because of Home Depot's favorable capital return program. The company not only repurchased $649 million of shares last fiscal quarter, but it also paid $2.2 billion in dividends. These moves boost investor returns.</p>
<div class="lb-trans"><p>投資者可能會被這家公司的有利資本回報計劃所吸引。該公司不僅在上個財季回購了 6.49 億美元的股票，還支付了 22 億美元的股息。這些舉措提升了投資者的回報。</p>
</div><h2>The deciding factor</h2>
<div class="lb-trans"><h2>決定性因素</h2>
</div><p>Both Costco and Home Depot are wonderful businesses that are leaders in the retail sector. However, I believe the former is a better company. It's posting durable growth regardless of the macro backdrop, indicating that it's more resilient. And the memberships incentivize repeat visits from customers.</p>
<div class="lb-trans"><p>好市多和家得寶都是零售行業的優秀企業。然而，我認為前者是一家更好的公司。它在宏觀背景下持續增長，表明它更具韌性。會員計劃激勵顧客重複訪問。</p>
</div><p>However, this doesn't automatically mean Costco shares are a no-brainer buy. It's actually the opposite. The stock is extremely expensive, trading at a price-to-earnings (P/E) ratio of 52. Apart from recent highs, the stock hasn't been this pricey since before the turn of the century.</p>
<div class="lb-trans"><p>然而，這並不意味着好市多股票是一個不用考慮的購買。事實上，情況恰恰相反。該股票的價格 - 收益（P/E）比率為 52。除了最近的高點外，自世紀之交以來，股票從未如此昂貴。</p>
</div><p>Home Depot shares, on the other hand, trade at a P/E ratio of 23. To be clear, I think most investors would agree that Costco deserves a higher valuation multiple. But the warehouse chain's current P/E ratio tells me that the stock is way overvalued right now.</p>
<div class="lb-trans"><p>另一方面，家得寶股票的價格 - 收益（P/E）比率為 23。要明確的是，我認為大多數投資者會同意好市多應該獲得更高的估值倍數。但是倉儲連鎖店當前的 P/E 比率告訴我，該股票目前被嚴重高估。</p>
</div><p>Home Depot is still a great business, and its shares are much more attractively priced. It's the better company to add to your portfolio today and hold for the next five years.</p>
<div class="lb-trans"><p>家得寶仍然是一家出色的企業，其股票價格更具吸引力。它是今天添加到您的投資組合並持有五年的更好選擇。</p>
</div>

當前最值得購買的股票：Costco 與家得寶