<p>家得寶（HD -0.94%）是有史以來表現最好的股票之一，如今仍保持着令人印象深刻的競爭優勢。</p>
<p>它是龐大的家居裝修零售行業中最大的公司，該行業的總可尋址市場接近 1 萬億美元。它基本上與競爭對手 Lowe's 形成了雙頭壟斷，使得兩家公司都能獲得較高的營運利潤率和投資資本回報率。</p>
<p>自疫情高峰以來，家得寶一直面臨困難，因為房地產市場一直疲軟，公司的業務與房屋銷售和翻修項目密切相關。然而，這為未來幾年的股票復甦奠定了基礎，因為房地產市場預計會反彈。讓我們看看目前購買該股票的三個原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ4NzgvaG9tZS1kZXBvdC1haXNsZS5qcGcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ4NzgvaG9tZS1kZXBvdC1haXNsZS5qcGcmdz03MDA"/></p>
<p>圖片來源：家得寶。</p>
<h2>1. 房地產復甦即將到來</h2>
<p>在疫情推動的房地產繁榮消退後，利率上升，房屋銷售下降，導致家得寶業務放緩。</p>
<p>然而，美聯儲上個月啓動了降息週期，降息 50 個基點。雖然抵押貸款利率尚未作出反應，但隨着美聯儲預計到明年底再次降息 1.5 個百分點，抵押貸款利率應會下降。</p>
<p>現有房屋銷售量也比疫情爆發前下降了約 30%，這意味着房地產市場有很大的復甦空間。隨着現有房屋銷售的反彈，家得寶可能會看到增長加速。</p>
<p>此外，美國存在數百萬的住房短缺問題，兩位總統候選人都有填補這一缺口的計劃。隨着國內房地產市場供需平衡正常化，家得寶也有望成為贏家。</p>
<h2>2. 房屋淨值創紀錄高位</h2>
<p>雖然房屋銷售速度較慢，但房價上漲。越來越多的美國人在家中居住時間更長，這意味着房屋淨值創紀錄高位。美國人現在擁有超過 32 萬億美元的房屋淨值，隨着房屋淨值貸款和信用額度貸款利率下降，他們更容易動用這筆資金。平均借款人現在擁有約 21.4 萬美元的淨值，這筆資金可能推動家庭裝修項目的支出。</p>
<p>同樣，隨着股市創歷史新高，這也是美國人可以用於此類項目的另一筆資金來源。</p>
<p>這些發展將與房地產復甦相輔相成，推動家得寶股票潛在飆升。</p>
<h2>3. 其競爭優勢強勁</h2>
<p>家得寶的銷售最近有所下降，其財政第二季度（截至 7 月 28 日）的可比銷售額下降了 3.3%。公司預計全年可比銷售額將下降 3% 至 4%。</p>
<p>儘管頂線疲軟，家得寶的利潤率仍然強勁。公司預計 2024 財年的營運利潤率將達到 13.5% 至 13.6%。雖然這低於最近的高點，但家得寶有望在復甦中擴大其盈利能力。</p>
<p>這些數字也應該讓投資者放心，公司能夠應對行業中出現的任何挑戰或逆風。</p>
<h2>為什麼家得寶是值得購買的</h2>
<p>家得寶目前的估值可能看起來並不吸引人，市盈率為 27 倍，但一旦業務恢復增長，公司將具有很大的槓桿效應。此外，其對 SRS Distribution 的收購應該開始產生效果，並幫助公司更好地進入專業市場。</p>
<p>家得寶是一個經過驗證的贏家，擁有廣泛的經濟護城河，公司將利用房地產復甦和努力填補美國住房短缺的機會。</p>

家得寶

<p>家得寶（HD）在房地產市場復甦的背景下，具備增長潛力。購買的關鍵原因包括：1）預期由於美聯儲降息而帶來的房屋銷售復甦，2）創紀錄的房屋淨值水平使得人們能夠增加在裝修上的支出，3）強大的競爭優勢，穩健的營運利潤率。儘管最近銷售額有所下降，但家得寶的盈利能力仍然強勁，使其成為一個具有吸引力的投資標的，因為它正在充分利用房地產市場的復甦，並應對美國的住房短缺問題</p>

<p><strong>Home Depot</strong>(HD -0.94%) is one of the best-performing stocks of all time, and today, it still retains impressive competitive advantages.</p>
<div class="lb-trans"><p>家得寶（HD -0.94%）是有史以來表現最好的股票之一，如今仍保持着令人印象深刻的競爭優勢。</p>
</div><p>It's the largest company in the massive home improvement retail industry, which has a total addressable market of close to $1 trillion. It essentially operates a duopoly with rival <strong>Lowe's</strong>, allowing both companies to earn wide operating margins and returns on invested capital.</p>
<div class="lb-trans"><p>它是龐大的家居裝修零售行業中最大的公司，該行業的總可尋址市場接近 1 萬億美元。它基本上與競爭對手 Lowe's 形成了雙頭壟斷，使得兩家公司都能獲得較高的營運利潤率和投資資本回報率。</p>
</div><p>Home Depot has generally struggled since the pandemic's height as the housing market has been sluggish, and the company's business is closely tied to home sales and home renovation projects. However, that sets the stock up for a recovery in the coming years as the housing market should bounce back. Let's take a look at three reasons to buy the stock right now.</p>
<div class="lb-trans"><p>自疫情高峰以來，家得寶一直面臨困難，因為房地產市場一直疲軟，公司的業務與房屋銷售和翻修項目密切相關。然而，這為未來幾年的股票復甦奠定了基礎，因為房地產市場預計會反彈。讓我們看看目前購買該股票的三個原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ4NzgvaG9tZS1kZXBvdC1haXNsZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F794878%2Fhome-depot-aisle.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Home Depot.</p>
<div class="lb-trans"><p>圖片來源：家得寶。</p>
</div><h2>1. The housing recovery is coming</h2>
<div class="lb-trans"><h2>1. 房地產復甦即將到來</h2>
</div><p>After the pandemic-fueled housing boom faded, interest rates spiked and home sales plunged, leading to a slowdown for Home Depot's business.</p>
<div class="lb-trans"><p>在疫情推動的房地產繁榮消退後，利率上升，房屋銷售下降，導致家得寶業務放緩。</p>
</div><p>However, the Federal Reserve kicked off its rate-cutting cycle with a 50-basis-point reduction last month. While mortgage rates haven't responded yet, they should come down as the Fed expects to cut rates by another 1.5 percentage points by the end of next year.</p>
<div class="lb-trans"><p>然而，美聯儲上個月啓動了降息週期，降息 50 個基點。雖然抵押貸款利率尚未作出反應，但隨着美聯儲預計到明年底再次降息 1.5 個百分點，抵押貸款利率應會下降。</p>
</div><p>Existing home sales are also about 30% below where they were before the pandemic started, meaning there's a lot of room for recovery in the housing market. As existing home sales rebound, Home Depot is likely to see accelerating growth.</p>
<div class="lb-trans"><p>現有房屋銷售量也比疫情爆發前下降了約 30%，這意味着房地產市場有很大的復甦空間。隨着現有房屋銷售的反彈，家得寶可能會看到增長加速。</p>
</div><p>Additionally, there's a housing shortage in the U.S. estimated in the millions, and both presidential candidates have plans to fill that gap. As the supply and demand balance in the domestic housing market normalizes, Home Depot also figures to be a winner.</p>
<div class="lb-trans"><p>此外，美國存在數百萬的住房短缺問題，兩位總統候選人都有填補這一缺口的計劃。隨着國內房地產市場供需平衡正常化，家得寶也有望成為贏家。</p>
</div><h2>2. Home equity levels are at record highs</h2>
<div class="lb-trans"><h2>2. 房屋淨值創紀錄高位</h2>
</div><p>While home sales have been slow, prices have risen. More Americans are staying in their homes for longer, which has meant record levels of home equity. Americans now have more than $32 trillion in home equity, and it will get easier for them to tap into it as lending rates on home-equity loans and lines of credit come down. The average borrower now has around $214,000 in equity, and that money is likely to drive spending on home improvement projects.</p>
<div class="lb-trans"><p>雖然房屋銷售速度較慢，但房價上漲。越來越多的美國人在家中居住時間更長，這意味着房屋淨值創紀錄高位。美國人現在擁有超過 32 萬億美元的房屋淨值，隨着房屋淨值貸款和信用額度貸款利率下降，他們更容易動用這筆資金。平均借款人現在擁有約 21.4 萬美元的淨值，這筆資金可能推動家庭裝修項目的支出。</p>
</div><p>Similarly, with the stock market at all-time highs, that's another source of money Americans can put toward such projects.</p>
<div class="lb-trans"><p>同樣，隨着股市創歷史新高，這也是美國人可以用於此類項目的另一筆資金來源。</p>
</div><p>Together, these developments should complement the housing recovery and drive a potential surge in Home Depot stock.</p>
<div class="lb-trans"><p>這些發展將與房地產復甦相輔相成，推動家得寶股票潛在飆升。</p>
</div><h2>3. Its competitive advantage is strong</h2>
<div class="lb-trans"><h2>3. 其競爭優勢強勁</h2>
</div><p>Home Depot's sales have fallen recently with comparable sales down 3.3% in its fiscal second quarter (ended July 28). The company is calling for a comparable sales decline of 3% to 4% for the full year.</p>
<div class="lb-trans"><p>家得寶的銷售最近有所下降，其財政第二季度（截至 7 月 28 日）的可比銷售額下降了 3.3%。公司預計全年可比銷售額將下降 3% 至 4%。</p>
</div><p>Despite the top-line weakness, Home Depot's margins remain strong. The company is on track to post an operating margin of 13.5% to 13.6% in fiscal 2024. While that's down from recent highs, Home Depot is well-positioned to expand its profitability in a recovery.</p>
<div class="lb-trans"><p>儘管頂線疲軟，家得寶的利潤率仍然強勁。公司預計 2024 財年的營運利潤率將達到 13.5% 至 13.6%。雖然這低於最近的高點，但家得寶有望在復甦中擴大其盈利能力。</p>
</div><p>Those numbers should also reassure investors that the company can handle any challenges or headwinds that come up in the industry.</p>
<div class="lb-trans"><p>這些數字也應該讓投資者放心，公司能夠應對行業中出現的任何挑戰或逆風。</p>
</div><h2>Why Home Depot is a buy</h2>
<div class="lb-trans"><h2>為什麼家得寶是值得購買的</h2>
</div><p>Home Depot's valuation might not seem attractive right now at a price-to-earnings ratio of 27, but there's a lot of leverage in the business once it returns to growth. Additionally, its acquisition of SRS Distribution should begin to yield results and help the company better tap into the pro market.</p>
<div class="lb-trans"><p>家得寶目前的估值可能看起來並不吸引人，市盈率為 27 倍，但一旦業務恢復增長，公司將具有很大的槓桿效應。此外，其對 SRS Distribution 的收購應該開始產生效果，並幫助公司更好地進入專業市場。</p>
</div><p>Home Depot is a proven winner with a wide economic moat, and the company is set to capitalize on the housing recovery and efforts to close the housing shortage across the U.S.</p>
<div class="lb-trans"><p>家得寶是一個經過驗證的贏家，擁有廣泛的經濟護城河，公司將利用房地產復甦和努力填補美國住房短缺的機會。</p>
</div>

The Bull Market Keeps Growing. 3 Reasons to Buy Home Depot Stock Like There's No Tomorrow

- Home Depot 是家居改善零售行業的最大公司，市場潛力巨大。  
- 儘管疫情後銷售放緩，但房屋市場預計將復甦，推動公司增長。  
- 公司的競爭優勢依然強勁，預計將從房屋復甦中受益。

牛市持續增長。購買家得寶股票的三個理由：抓住時機