<p>毫無疑問，<strong>家得寶</strong>(HD -0.29%) 和 <strong>Lowe's</strong>(LOW 0.04%) 主導了家居改善零售行業。兩者在該行業的市場份額估計達 45%。</p>
<p>從下面的圖表可以看出，儘管 Lowe's 的表現略優於家得寶，但這兩隻股票在過去 10 年中表現都很好。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/70c533c5dfea99728224063139521b1e.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://media.ycharts.com/charts/70c533c5dfea99728224063139521b1e.png"/></p>
<p>HD 數據來源於 YCharts</p>
<p>如果你打算投資這個行業，你可能在這兩隻股票之間進行選擇。它們在這個領域佔據主導地位，且都是純粹的投資選擇。那麼，今天哪一隻股票更值得購買呢？讓我們深入細節來找出答案。</p>
<h2>商業模式：家得寶 vs. Lowe's</h2>
<p>家得寶和 Lowe's 在同一行業運營，但這兩家公司有些許不同的商業模式。其中一個區別是，家得寶更傾向於關注專業客户，而不是個人 DIY 客户，而 Lowe's 則更傾向於 DIY 購物者。</p>
<p>家得寶今年早些時候以 180 億美元收購了 SRS Distribution，以增強其在專業客户中的競爭力。SRS 在全國範圍內為家得寶提供了數百個網點，使其更接近客户，並能夠輕鬆提供建築材料。</p>
<p>與此同時，Lowe's 則以針對女性客户而聞名，回應了女性在大多數家居改善項目中發起的數據顯示。Lowe's 重新設計了其商店，注重更明亮的照明、更易讀的標識、更寬的過道和更低的貨架，以使其對女性更具吸引力。</p>
<p>根據其聲譽，家得寶也被認為在電子商務和技術方面投入了更多資源，為客户提供便捷的取貨選項和幫助客户的員工設備。</p>
<p>儘管存在差異，家得寶和 Lowe's 有很多共同點，這兩隻股票似乎對經濟中的類似趨勢做出反應。它們都對消費者支出和房地產市場的強度敏感。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU2MjEvYS13b21hbi10YWtpbmctYS1waWVjZS1vZi1hLWx1bWJlci1pbi1hLXN0b3JlLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU2MjEvYS13b21hbi10YWtpbmctYS1waWVjZS1vZi1hLWx1bWJlci1pbi1hLXN0b3JlLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>財務狀況：家得寶 vs. Lowe's</h2>
<p>這兩家公司都在疲軟的房地產市場中掙扎，這對家居改善支出造成了壓力。</p>
<p>在第二季度，家得寶的收入增長了 0.6%，達到了 432 億美元，但可比銷售下降了 3.3%。這一季度受益於 SRS Distribution 的收購，這一收購在六週的業績中有所體現。營業收入為 65 億美元，低於去年同期的 66 億美元，調整後的營業利潤率從 15.5% 降至 15.3%。</p>
<p>在 Lowe's，第二季度可比銷售下降了 5.1%，整體收入下降了 5.6%，降至 236 億美元。Lowe's 的營業收入下降了 11.3%，降至 34.5 億美元，營業利潤率為 14.6%。</p>
<p>如你所見，家得寶的規模明顯大於 Lowe's。家得寶的盈利能力更強，在可比銷售方面也優於 Lowe's。</p>
<h2>估值和股息：家得寶 vs. Lowe's</h2>
<p>家得寶和 Lowe's 都以支付股息而聞名。事實上，Lowe's 是一個股息之王，因為它已經連續 61 年提高股息。目前的股息收益率為 1.7%。</p>
<p>另一方面，家得寶自 2009 年以來每年都提高股息，季度支付額在此期間增加了 10 倍。家得寶現在的股息收益率為 2.3%。</p>
<p>在估值方面，家得寶的股票市盈率為 26.8。相比之下，Lowe's 的市盈率為 22.1。</p>
<h2>哪個更值得購買？</h2>
<p>如果你想在家居改善零售行業中獲得投資，購買這兩隻股票並不是一個壞選擇，但在它們之間，家得寶略佔優勢。</p>
<p>其近期財務狀況優於 Lowe's，利潤率和可比銷售更好。它也是兩家公司中規模更大的，具有更好的規模經濟，並且股息收益率更高。</p>
<p>雖然這兩隻股票在房地產復甦中都是不錯的選擇，但家得寶是更好的選擇。</p>

家得寶

<p>家得寶和 Lowe's 在家居改善零售行業佔據主導地位，合計市場份額為 45%。雖然兩隻股票表現良好，但在過去十年中，Lowe's 的表現略優於家得寶。家得寶專注於專業客户，並在電子商務上進行了投資，而 Lowe's 則主要面向 DIY 購物者，尤其是女性。在財務上，家得寶規模更大，盈利能力更強，近期表現也更好。家得寶的股息收益率為 2.3%，高於 Lowe's 的 1.7%。總體而言，家得寶被認為是該行業投資者的更佳選擇</p>

<p>There's no question about it. <strong>Home Depot</strong>(HD -0.29%) and <strong>Lowe's</strong>(LOW 0.04%) dominate the home improvement retail sector. Together, they have an estimated 45% market share in the industry.</p>
<div class="lb-trans"><p>毫無疑問，<strong>家得寶</strong>(HD -0.29%) 和 <strong>Lowe's</strong>(LOW 0.04%) 主導了家居改善零售行業。兩者在該行業的市場份額估計達 45%。</p>
</div><p>As you can see from the chart below, both stocks have performed well over the last 10 years, though Lowe's has slightly outperformed Home Depot.</p>
<div class="lb-trans"><p>從下面的圖表可以看出，儘管 Lowe's 的表現略優於家得寶，但這兩隻股票在過去 10 年中表現都很好。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/70c533c5dfea99728224063139521b1e.png" alt="" original-src="https://media.ycharts.com/charts/70c533c5dfea99728224063139521b1e.png"/></p>
<p>HD data by YCharts</p>
<div class="lb-trans"><p>HD 數據來源於 YCharts</p>
</div><p>If you're looking to invest in the sector, you're likely choosing between these two stocks. They dominate the space, and they're both pure plays. So which is the better buy today? Let's get into the details to find out.</p>
<div class="lb-trans"><p>如果你打算投資這個行業，你可能在這兩隻股票之間進行選擇。它們在這個領域佔據主導地位，且都是純粹的投資選擇。那麼，今天哪一隻股票更值得購買呢？讓我們深入細節來找出答案。</p>
</div><h2>Business model: Home Depot vs. Lowe's</h2>
<div class="lb-trans"><h2>商業模式：家得寶 vs. Lowe's</h2>
</div><p>Home Depot and Lowe's operate in the same industry, but the two companies have slightly different business models. Among the differences is that Home Depot tends to focus more on the pro customer rather than the individual DIY customer, while Lowe's is known more for leaning toward DIY shoppers.</p>
<div class="lb-trans"><p>家得寶和 Lowe's 在同一行業運營，但這兩家公司有些許不同的商業模式。其中一個區別是，家得寶更傾向於關注專業客户，而不是個人 DIY 客户，而 Lowe's 則更傾向於 DIY 購物者。</p>
</div><p>Home Depot also acquired SRS Distribution earlier this year for $18 billion to give it a leg up with pro customers. SRS gives Home Depot hundreds of locations across the country that bring it close to the customer and can easily supply them with building materials.</p>
<div class="lb-trans"><p>家得寶今年早些時候以 180 億美元收購了 SRS Distribution，以增強其在專業客户中的競爭力。SRS 在全國範圍內為家得寶提供了數百個網點，使其更接近客户，並能夠輕鬆提供建築材料。</p>
</div><p>Lowe's, meanwhile, is known for targeting women customers, responding to data that women initiate most home improvement projects. Lowe's redesigned its stores, focusing on brighter lighting, easier-to-read signage, wider aisles, and lower shelves to make them more attractive to women.</p>
<div class="lb-trans"><p>與此同時，Lowe's 則以針對女性客户而聞名，回應了女性在大多數家居改善項目中發起的數據顯示。Lowe's 重新設計了其商店，注重更明亮的照明、更易讀的標識、更寬的過道和更低的貨架，以使其對女性更具吸引力。</p>
</div><p>According to its reputation, Home Depot is also seen as having invested more resources in e-commerce and technology, giving customers easy pickup options and devices for employees to help customers.</p>
<div class="lb-trans"><p>根據其聲譽，家得寶也被認為在電子商務和技術方面投入了更多資源，為客户提供便捷的取貨選項和幫助客户的員工設備。</p>
</div><p>Despite their differences, Home Depot and Lowe's have a lot in common and the two stocks seem to respond to similar trends in the economy. They're both sensitive to consumer spending and the strength of the housing market.</p>
<div class="lb-trans"><p>儘管存在差異，家得寶和 Lowe's 有很多共同點，這兩隻股票似乎對經濟中的類似趨勢做出反應。它們都對消費者支出和房地產市場的強度敏感。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU2MjEvYS13b21hbi10YWtpbmctYS1waWVjZS1vZi1hLWx1bWJlci1pbi1hLXN0b3JlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F795621%2Fa-woman-taking-a-piece-of-a-lumber-in-a-store.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Financials: Home Depot vs. Lowe's</h2>
<div class="lb-trans"><h2>財務狀況：家得寶 vs. Lowe's</h2>
</div><p>Both companies have struggled with the sluggish housing market, which has weighed on home improvement spending.</p>
<div class="lb-trans"><p>這兩家公司都在疲軟的房地產市場中掙扎，這對家居改善支出造成了壓力。</p>
</div><p>In its second quarter, Home Depot's revenue rose 0.6% to $43.2 billion on a comparable sales decline of 3.3%. The quarter benefited from the acquisition of SRS Distribution, which factored into six weeks of results. Operating income came in at $6.5 billion, down from $6.6 billion in the quarter a year ago, and its adjusted operating margin was down from 15.5% to 15.3%.</p>
<div class="lb-trans"><p>在第二季度，家得寶的收入增長了 0.6%，達到了 432 億美元，但可比銷售下降了 3.3%。這一季度受益於 SRS Distribution 的收購，這一收購在六週的業績中有所體現。營業收入為 65 億美元，低於去年同期的 66 億美元，調整後的營業利潤率從 15.5% 降至 15.3%。</p>
</div><p>At Lowe's, the company reported a second-quarter comparable sales decline of 5.1%, and overall revenue was down 5.6% to $23.6 billion. Lowe's operating income fell 11.3% to $3.45 billion and its operating margin was 14.6%.</p>
<div class="lb-trans"><p>在 Lowe's，第二季度可比銷售下降了 5.1%，整體收入下降了 5.6%，降至 236 億美元。Lowe's 的營業收入下降了 11.3%，降至 34.5 億美元，營業利潤率為 14.6%。</p>
</div><p>As you can see, Home Depot is significantly larger than Lowe's. Home Depot is more profitable, and it has outperformed Lowe's in comparable sales.</p>
<div class="lb-trans"><p>如你所見，家得寶的規模明顯大於 Lowe's。家得寶的盈利能力更強，在可比銷售方面也優於 Lowe's。</p>
</div><h2>Valuation and dividend: Home Depot vs. Lowe's</h2>
<div class="lb-trans"><h2>估值和股息：家得寶 vs. Lowe's</h2>
</div><p>Both Home Depot and Lowe's are well-known as dividend payers. In fact, Lowe's is a Dividend King, as it's raised its dividend every year for 61 years. It currently offers a dividend yield of 1.7%.</p>
<div class="lb-trans"><p>家得寶和 Lowe's 都以支付股息而聞名。事實上，Lowe's 是一個股息之王，因為它已經連續 61 年提高股息。目前的股息收益率為 1.7%。</p>
</div><p>Home Depot, on the other hand, has raised its dividend every year since 2009, and the quarterly payout has increased by 10 times over that period. Home Depot now offers a dividend yield of 2.3%.</p>
<div class="lb-trans"><p>另一方面，家得寶自 2009 年以來每年都提高股息，季度支付額在此期間增加了 10 倍。家得寶現在的股息收益率為 2.3%。</p>
</div><p>In terms of valuation, Home Depot stock trades at a price-to-earnings ratio of 26.8. By comparison, Lowe's is valued at a P/E of 22.1.</p>
<div class="lb-trans"><p>在估值方面，家得寶的股票市盈率為 26.8。相比之下，Lowe's 的市盈率為 22.1。</p>
</div><h2>Which is the better buy?</h2>
<div class="lb-trans"><h2>哪個更值得購買？</h2>
</div><p>Buying both of these stocks wouldn't be a bad move if you're looking for exposure to the home improvement retail sectors, but of the two of them, Home Depot has the slight edge here.</p>
<div class="lb-trans"><p>如果你想在家居改善零售行業中獲得投資，購買這兩隻股票並不是一個壞選擇，但在它們之間，家得寶略佔優勢。</p>
</div><p>Its recent financials are better than Lowe's with better margins and comp sales. It's also the larger of the two companies, giving it better economies of scale, and it has a higher dividend yield.</p>
<div class="lb-trans"><p>其近期財務狀況優於 Lowe's，利潤率和可比銷售更好。它也是兩家公司中規模更大的，具有更好的規模經濟，並且股息收益率更高。</p>
</div><p>While both stocks are good bets to outperform in a housing recovery, Home Depot is a better choice.</p>
<div class="lb-trans"><p>雖然這兩隻股票在房地產復甦中都是不錯的選擇，但家得寶是更好的選擇。</p>
</div>

當前最值得購買的股票：家得寶 vs. Lowe's