<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE.jpg?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://ik.imagekit.io/invezz/uploads/2024/09/HPE.jpg"/></p>
<p>惠普公司（HPQ）和惠普企業（HPE）自 2015 年分拆以來，股票回報表現參差不齊。</p>
<p>HPQ 股票在同一時期上漲了超過 263%，而 HPE 上漲了 159%。標普 500 指數上漲了超過 200%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE-vs-HPQ.png?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://ik.imagekit.io/invezz/uploads/2024/09/HPE-vs-HPQ.png"/></p>
<p><em>惠普企業 vs 惠普 vs 標普 500</em></p>
<h2>惠普企業的困境持續存在</h2>
<p>HPE 是一家為全球公司提供多元化解決方案的公司。其主要產品是服務器、存儲解決方案以及在雲計算和人工智能行業中至關重要的其他產品。</p>
<p>多年來，該公司專注於有機增長和收購。它以超過 140 億美元的現金收購了網絡行業領先公司 Juniper Networks。</p>
<p>此外，為了觸達更多客户並使其產品多樣化，該公司還收購了 OpsRamp、Morpheus、Zerto 和 Determined AI。</p>
<p>然而，惠普企業的業務長期以來基本保持不變，這解釋了為什麼其股票表現不佳。</p>
<p>2019 年，其年收入超過 291 億美元。2020 年下降至 200 億美元后，其收入在上一財年回升至 291 億美元。這表明該公司在此期間沒有增長。</p>
<p>積極的一點是，該公司通過削減成本來彌補其緩慢的收入增長，這解釋了為什麼其淨收入從 2019 年的 10 億美元增加到上一財年的 20 億美元以上。</p>
<p>最近的財務結果顯示，其收入在第三財季增長了 10%，達到 77 億美元，而年化收入增長率則躍升至 17 億美元。</p>
<p>然而，財務報表中還有更多警示信號表明該公司表現不佳。首先，其毛利率下降了 420 個基點，至 31.6%。</p>
<p>其次，儘管對 IT 的投資增加，但其大部分業務板塊增速放緩。根據 Gartner 的數據，全球 IT 支出將因生成式人工智能的推動而增長超過 7.5%，達到 5.26 萬億美元。其中大部分增長來自軟件、IT 服務和數據中心繫統。</p>
<p>因此，儘管行業增長強勁，HPE 的智能邊緣收入下降了 23%，而其混合雲收入下降了 7%，至 13 億美元。唯一增長的板塊是其服務器業務，其收入增長了 35%，達到 43 億美元以上。</p>
<p>從技術上講，HPE 股票面臨風險，因為其形成了一個上升楔形圖表模式，這是一種常見的熊市信號。因此，存在其股價可能跌至今年 2 月的最低擺動價 14.28 美元的風險。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE-Stock1.png?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://ik.imagekit.io/invezz/uploads/2024/09/HPE-Stock1.png"/></p>
<h2>惠普公司面臨重大挑戰</h2>
<p>惠普公司與惠普企業不同，是一家專注於為消費者和企業客户提供產品的科技公司。其主要解決方案是筆記本電腦、台式電腦和打印機。</p>
<p>其大部分收入來自全球個人電腦銷售，與戴爾、聯想和蘋果等公司競爭。</p>
<p>與惠普企業一樣，惠普公司在過去面臨了一些重大挑戰。最引人注目的問題是疫情期間的巨大需求以及隨後的放緩。其收入在 2021 年達到最高點 634 億美元，此後一直在放緩。上一財年收入達到 537 億美元。其利潤增長也停滯不前。</p>
<p>最新的結果顯示，惠普的收入增長並不十分強勁。收入增長了 2%，達到 135 億美元，而其自由現金流為 13 億美元。其打印業務板塊的收入下降了 2.8%，至 41 億美元，而個人系統增長了 4.9%，至 93 億美元。</p>
<p>惠普面臨的挑戰是個人電腦銷售增長仍然面臨壓力，並逐漸恢復。根據 Gartner 的最新數據，全球個人電腦出貨量連續三個季度上升，聯想成為最暢銷品牌，其次是惠普、戴爾、蘋果和宏碁。研究人員預計增長將繼續，儘管速度較慢。</p>
<h2>哪個更值得購買？</h2>
<p>因此，問題在於惠普企業和惠普公司之間哪家更值得購買。這兩家公司是知名品牌，擁有堅實的客户羣，並且與整個市場相比交易價格便宜。</p>
<p>例如，惠普公司的前瞻市盈率為 13.18，而行業中位數為 28.2。它的前瞻企業價值與息税折舊攤銷前利潤比率為 8，低於行業的 14。</p>
<p>同樣，惠普企業的前瞻市盈率為 11，前瞻企業價值與息税折舊攤銷前利潤倍數為 6.11。</p>
<p>這兩家公司之所以便宜，是因為它們的業務增長不再像過去那樣強勁。此外，它們都是低毛利潤公司，淨利潤率不到 5%。因此，雖然我會避免這兩隻股票，但我認為惠普公司更好，因為其在計算和打印行業中擁有較大的市場份額。這與 Quint Tatro 在 2023 年推薦的觀點一致。</p>
<p>文章來源：Invezz</p>

惠普

<p>惠普公司（HPQ）和惠普企業（HPE）自 2015 年分拆以來，股票回報表現參差不齊。HPQ 股價上漲了 263%，而 HPE 上漲了 159%。HPQ 的表現歸因於其專注於消費類產品，而 HPE 儘管試圖多元化和削減成本，但營收增長停滯。目前的估值表明，兩隻股票的交易倍數吸引人，HPQ 的前瞻市盈率為 13.18，HPE 為 11。由於它們面臨不同的挑戰和增長前景，關於購買哪隻股票的決定仍然是一個爭論話題</p>

<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE.jpg" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/09/HPE.jpg"/></p>
<p>HP Inc. (HPQ) and HP Enterprise (HPE) stocks have had mixed returns since the two companies separated in 2015.</p>
<div class="lb-trans"><p>惠普公司（HPQ）和惠普企業（HPE）自 2015 年分拆以來，股票回報表現參差不齊。</p>
</div><p>HPQ stock has jumped by over 263% while HPE has risen by 159% in the same period. The S&amp;P 500 index has jumped by over 200%.</p>
<div class="lb-trans"><p>HPQ 股票在同一時期上漲了超過 263%，而 HPE 上漲了 159%。標普 500 指數上漲了超過 200%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE-vs-HPQ.png" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/09/HPE-vs-HPQ.png"/></p>
<p><em>HP vs HPE vs S&amp;P 500</em></p>
<div class="lb-trans"><p><em>惠普企業 vs 惠普 vs 標普 500</em></p>
</div><h2>HP Enterprise woes have continued</h2>
<div class="lb-trans"><h2>惠普企業的困境持續存在</h2>
</div><p>HPE is a company that provides diverse solutions to companies from around the world. Its top products are servers, storage solutions, and other products that are essential in the cloud computing and AI industries.</p>
<div class="lb-trans"><p>HPE 是一家為全球公司提供多元化解決方案的公司。其主要產品是服務器、存儲解決方案以及在雲計算和人工智能行業中至關重要的其他產品。</p>
</div><p>Over the years, the company has focused on organic growth and acquisitions. It acquired Juniper Networks, a leading company in the networking industry for over $14 billion in cash.</p>
<div class="lb-trans"><p>多年來，該公司專注於有機增長和收購。它以超過 140 億美元的現金收購了網絡行業領先公司 Juniper Networks。</p>
</div><p>It also bought OpsRamp, Morpheus, Zerto, and Determined AI in a bid to reach more customers and diversify its offerings.</p>
<div class="lb-trans"><p>此外，為了觸達更多客户並使其產品多樣化，該公司還收購了 OpsRamp、Morpheus、Zerto 和 Determined AI。</p>
</div><p>The challenge, however, is that HP Enterprise’s business has largely been unchanged for a long time, which explains why the stock has underperformed the market.</p>
<div class="lb-trans"><p>然而，惠普企業的業務長期以來基本保持不變，這解釋了為什麼其股票表現不佳。</p>
</div><p>Its annual revenue in 2019 stood at over $29.1 billion. After dropping to $20 billion in 2020, its revenue rose to $29.1 billion in the last financial year. This is a sign that the company has not grown at all in this period.</p>
<div class="lb-trans"><p>2019 年，其年收入超過 291 億美元。2020 年下降至 200 億美元后，其收入在上一財年回升至 291 億美元。這表明該公司在此期間沒有增長。</p>
</div><p>Positively, the company has compensated its slow revenue growth by slashing costs, which explains why its net income has jumped from over $1 billion in 2019 to over $2 billion in the last financial year.</p>
<div class="lb-trans"><p>積極的一點是，該公司通過削減成本來彌補其緩慢的收入增長，這解釋了為什麼其淨收入從 2019 年的 10 億美元增加到上一財年的 20 億美元以上。</p>
</div><p>The most recent financial results showed that its revenue rose by 10% in the fiscal third quarter to $7.7 billion while its annualized revenue run rate jumped to $1.7 billion.</p>
<div class="lb-trans"><p>最近的財務結果顯示，其收入在第三財季增長了 10%，達到 77 億美元，而年化收入增長率則躍升至 17 億美元。</p>
</div><p>However, the financial statement had more red flags that showed that the company was not doing well. First, its gross margins dropped by 420 basis points to 31.6%.</p>
<div class="lb-trans"><p>然而，財務報表中還有更多警示信號表明該公司表現不佳。首先，其毛利率下降了 420 個基點，至 31.6%。</p>
</div><p>Second, most of its segments are slowing, even as investments in IT rose. According to Gartner, global IT spending will jump by over 7.5% this year to over $5.26 trillion, helped by generative AI. Most of this growth is coming from software, IT services, and data center systems.</p>
<div class="lb-trans"><p>其次，儘管對 IT 的投資增加，但其大部分業務板塊增速放緩。根據 Gartner 的數據，全球 IT 支出將因生成式人工智能的推動而增長超過 7.5%，達到 5.26 萬億美元。其中大部分增長來自軟件、IT 服務和數據中心繫統。</p>
</div><p>Therefore, despite this industry growth, HPE’s intelligence edge revenue fell by 23% while its hybrid cloud fell by 7% to $1.3 billion. The only division that grew was its servers whose revenue rose by 35% to over $4.3 billion.</p>
<div class="lb-trans"><p>因此，儘管行業增長強勁，HPE 的智能邊緣收入下降了 23%，而其混合雲收入下降了 7%，至 13 億美元。唯一增長的板塊是其服務器業務，其收入增長了 35%，達到 43 億美元以上。</p>
</div><p>Technically, HPE stock faces risks as well since it formed a rising wedge chart pattern, a popular bearish sign. Therefore, there is a risk that it will crash to $14.28, its lowest swing in February this year.</p>
<div class="lb-trans"><p>從技術上講，HPE 股票面臨風險，因為其形成了一個上升楔形圖表模式，這是一種常見的熊市信號。因此，存在其股價可能跌至今年 2 月的最低擺動價 14.28 美元的風險。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/HPE-Stock1.png" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/09/HPE-Stock1.png"/></p>
<h2>HP Inc. faces major challenges</h2>
<div class="lb-trans"><h2>惠普公司面臨重大挑戰</h2>
</div><p>HP Inc., unlike HP Enterprise, is a tech company that focuses on products for consumers and enterprise customers. Its primary solutions are laptops, desktop computers, and printers.</p>
<div class="lb-trans"><p>惠普公司與惠普企業不同，是一家專注於為消費者和企業客户提供產品的科技公司。其主要解決方案是筆記本電腦、台式電腦和打印機。</p>
</div><p>Most of its revenue comes from selling personal computers around the world, where it competes with the likes of Dell, Lenovo, and Apple.</p>
<div class="lb-trans"><p>其大部分收入來自全球個人電腦銷售，與戴爾、聯想和蘋果等公司競爭。</p>
</div><p>Like HP Enterprise, HP Inc. has faced some major challenges in the past. The most notable issue was the significant demand during the pandemic and the eventual slowdown. Its revenue peaked at $63.4 billion in 2021 and has been slowing down since then. It hit $53.7 billion in the last financial year. Its profit growth has also stalled.</p>
<div class="lb-trans"><p>與惠普企業一樣，惠普公司在過去面臨了一些重大挑戰。最引人注目的問題是疫情期間的巨大需求以及隨後的放緩。其收入在 2021 年達到最高點 634 億美元，此後一直在放緩。上一財年收入達到 537 億美元。其利潤增長也停滯不前。</p>
</div><p>The most recent results revealed that HP’s revenue growth was not all that strong. Revenue rose by 2% to $13.5 billion while its free cash flow came in at $1.3 billion. Its printing segment’s revenue dropped by 2.8% to $4.1 billion while personal systems jumped by 4.9% to $9.3 billion.</p>
<div class="lb-trans"><p>最新的結果顯示，惠普的收入增長並不十分強勁。收入增長了 2%，達到 135 億美元，而其自由現金流為 13 億美元。其打印業務板塊的收入下降了 2.8%，至 41 億美元，而個人系統增長了 4.9%，至 93 億美元。</p>
</div><p>HP’s challenge is that PC sales growth is still under pressure and recovering gradually. In a recent note, Gartner said that global PC shipments rose for three consecutive quarters, with Lenovo being the best seller. It was followed by HP, Dell, Apple, and Acer. The researchers expect the growth to continue albeit at a slower pace.</p>
<div class="lb-trans"><p>惠普面臨的挑戰是個人電腦銷售增長仍然面臨壓力，並逐漸恢復。根據 Gartner 的最新數據，全球個人電腦出貨量連續三個季度上升，聯想成為最暢銷品牌，其次是惠普、戴爾、蘋果和宏碁。研究人員預計增長將繼續，儘管速度較慢。</p>
</div><h2>Which is a better buy?</h2>
<div class="lb-trans"><h2>哪個更值得購買？</h2>
</div><p>Therefore, the question is on the better company to buy between HP Enterprise and HP Inc. The two are well-known brands with a solid customer base and are trading at a big bargain compared to the broader market.</p>
<div class="lb-trans"><p>因此，問題在於惠普企業和惠普公司之間哪家更值得購買。這兩家公司是知名品牌，擁有堅實的客户羣，並且與整個市場相比交易價格便宜。</p>
</div><p>For example, HP Inc. has a forward price-to-earnings ratio of 13.18 while the industry median is 28.2. It also trades at a forward EV to EBITDA ratio of 8, lower than the industry’s 14.</p>
<div class="lb-trans"><p>例如，惠普公司的前瞻市盈率為 13.18，而行業中位數為 28.2。它的前瞻企業價值與息税折舊攤銷前利潤比率為 8，低於行業的 14。</p>
</div><p>Similarly, HP Enterprise has a forward P/E ratio of 11 and a forward EV to EBITDA multiple of 6.11.</p>
<div class="lb-trans"><p>同樣，惠普企業的前瞻市盈率為 11，前瞻企業價值與息税折舊攤銷前利潤倍數為 6.11。</p>
</div><p>These companies are cheap because their businesses are no longer growing as they did in the past. Also, they are both low-margin companies with a net profit margin of less than 5%.Therefore, while I would avoid both stocks, I think that HP Inc. is a better one because of its large market share in the computing and printing industry. This is in line with what Quint Tatro recommended in 2023.</p>
<div class="lb-trans"><p>這兩家公司之所以便宜，是因為它們的業務增長不再像過去那樣強勁。此外，它們都是低毛利潤公司，淨利潤率不到 5%。因此，雖然我會避免這兩隻股票，但我認為惠普公司更好，因為其在計算和打印行業中擁有較大的市場份額。這與 Quint Tatro 在 2023 年推薦的觀點一致。</p>
</div><p>The post HP (HPQ) vs HP Enterprise (HPE): which is a better stock to buy? appeared first on Invezz</p>
<div class="lb-trans"><p>文章來源：Invezz</p>
</div>

惠普（HPQ）與惠普企業（HPE）：哪個股票更值得買入？