<p>不可否認，2024 年對股市來説是一個驚人的年份。截至目前，<strong>標準普爾 500 指數</strong> 年初至今上漲了近 28%。一如既往，有些股票的表現遠超這一令人印象深刻的回報。</p>
<p>在標準普爾 500 指數的頂級表現者中，<strong>英偉達</strong> 上漲了 180%，而 <strong>Palantir Technologies</strong> 上漲超過 300%。但你可能已經知道這兩隻股票今年表現出色——它們是人們談論的焦點。</p>
<p>我想強調另外三隻標準普爾 500 指數的成分股，你可能會驚訝地發現它們也大幅超越了市場。</p>
<p>在 2024 年的其他大贏家中，或許沒有比我的第一隻股票更令人驚訝的了：<strong>沃爾瑪</strong>（WMT 0.39%）。</p>
<h2>1. 沃爾瑪</h2>
<p>沃爾瑪成立於 60 多年前。它以實體零售業務而聞名，並且在 2024 年之前已經是全球最大的零售商。這並不是一家人們會預期超越標準普爾 500 指數的公司。然而，沃爾瑪的股票年初至今上漲了驚人的 82%。</p>
<p>需要明確的是，沃爾瑪的股價增長速度超過了其商業基本面，這意味着從估值的角度來看，股票變得更加昂貴。儘管如此，該公司的適度銷售增長已轉化為更大的盈利增長，這使得股價值得更高。</p>
<p>沃爾瑪數字能力的增長是其成功的核心。隨着電子商務在業務中佔據越來越大的比重，公司能夠更好地利用高利潤機會，例如數字廣告。通過最近收購智能電視公司 Vizio，沃爾瑪應該能夠保持這一趨勢。</p>
<p>我並不一定期望沃爾瑪的股票在 2025 年再上漲 82%。但該公司似乎正處於一個多年的順風期，因為它更好地利用數字產品來實現盈利。這是沃爾瑪股東緊緊持有股票的好理由。</p>
<h2>2. Deckers</h2>
<p>它並不是在開發人工智能軟件、探索外太空或治癒癌症。不，<strong>Deckers Brands</strong>（DECK 1.45%）只是賣鞋子。但它無疑是一隻非常出色的鞋類股票，在過去五年中上漲了超過 660%，包括今年 85% 的漲幅。</p>
<p>我不能否認估值也是 Deckers 股票的一個影響因素。在過去五年中，它的估值從合理變為昂貴。儘管如此，該公司的增長是驚人的，運營利潤率的提升同樣令人印象深刻。</p>
<p>在其 2025 財年的上半年（截至 9 月），Deckers 的運營利潤率剛剛超過 20%。幾年前，其利潤率低於 10%。換句話説，該公司現在在相同銷售額下賺取的利潤是以前的兩倍。</p>
<p>事情是這樣的：Deckers _並不_只是保持相同的銷售額——其銷售額在近年來大幅增長。預計在整個 2025 財年，其銷售將再次以兩位數的速度增長，尤其是 Hoka 和 Ugg 品牌推動了增長。</p>
<p>簡而言之，Deckers 的鞋子需求旺盛。這導致了更高的銷售和更高的利潤。只要這一趨勢持續下去，即使在近年來大幅上漲之後，押注 Deckers 股票也將是困難的。</p>
<h2>3. GoDaddy</h2>
<p>自從 <strong>GoDaddy</strong>（GDDY -1.02%）在近 20 年前通過首次超級碗廣告成為家喻户曉的名字以來，投資者可能會認為這家企業已經度過了更好的日子。但股價似乎並不認同，因為其股票在 2024 年飆升了 95%。</p>
<p>GoDaddy 被認為是一個購買域名的平台。但它也提供用於運營在線業務的產品。這實際上是它希望推動增長的方向，因為銷售附屬產品可以幫助其自由現金流可持續增長。</p>
<p>去年，GoDaddy 推出了由人工智能驅動的新軟件，極大地提高了其附屬產品的採用率。管理層聲稱，以前需要幾個月才能完成的某些事情現在只需幾秒鐘。其人工智能的有效性自然推動了現有客户的支出，釋放了自由現金流的增長。</p>
<p>這似乎是有效的。正如下圖所示，GoDaddy 的每股自由現金流突然以遠快於收入的速度飆升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a65acc33732ab85a7999fabbb89f0450.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/a65acc33732ab85a7999fabbb89f0450.png"/></p>
<p>GDDY 每股自由現金流數據來源於 YCharts。</p>
<p>需要注意的是，GoDaddy 的股票在近年來大幅上漲，但其漲幅基本上與每股自由現金流的增長相匹配。因此，其估值並沒有大幅上升。可以説，今天的估值仍然合理，交易價格為其自由現金流的 24 倍。</p>
<p>此外，如果其人工智能軟件確實推動了採用，GoDaddy 可能在 2025 年再次迎來強勁增長，因為它相對較新推出的人工智能軟件仍有許多客户可以採用。</p>
<p>今年的贏家股票是尋找明年贏家的一個令人驚訝的好地方——股票與企業相關，商業趨勢往往會在多個年度內展開。因此，在尋找 2025 年良好投資機會時，查看 2024 年的最佳股票是一個明智的選擇。這就是為什麼沃爾瑪、Deckers 和 GoDaddy 是值得更深入考慮的三隻股票。</p>
<p>就我個人而言，考慮到其合理的估值和未來一年或更長時間內強勁增長的潛力，GoDaddy 股票將是我在這三者中的首選。</p>

GDDY

<p>在 2024 年，標準普爾 500 指數上漲了近 28%，其中表現突出的公司包括英偉達和 Palantir。然而，還有另外三隻股票的表現也顯著超過了該指數：沃爾瑪年初至今上漲了 82%，得益於數字化增長；Deckers 今年上漲了 85%，受益於對其鞋類產品的強勁需求；而 GoDaddy 的股票則因成功的人工智能驅動產品推出而上漲了 95%。這些公司正在利用自身優勢實現令人矚目的增長，使其成為當前市場中值得投資的對象</p>

<p>There's no way to deny it: 2024 was a stunning year for the stock market. As of this writing, the <strong>S&amp;P 500</strong> is up nearly 28% year to date. As always, there are stocks significantly outperforming this otherwise impressive return.</p>
<div class="lb-trans"><p>不可否認，2024 年對股市來説是一個驚人的年份。截至目前，<strong>標準普爾 500 指數</strong> 年初至今上漲了近 28%。一如既往，有些股票的表現遠超這一令人印象深刻的回報。</p>
</div><p>Among the top performers for the S&amp;P 500 are <strong>Nvidia</strong>, which is up 180%, and <strong>Palantir Technologies</strong>, which is up more than 300%. But you likely already knew that these two stocks have been big winners this year -- they're the talk of the town.</p>
<div class="lb-trans"><p>在標準普爾 500 指數的頂級表現者中，<strong>英偉達</strong> 上漲了 180%，而 <strong>Palantir Technologies</strong> 上漲超過 300%。但你可能已經知道這兩隻股票今年表現出色——它們是人們談論的焦點。</p>
</div><p>I'd like to highlight three other constituents of the S&amp;P 500, which you may be surprised to learn are beating the market by a wide margin as well.</p>
<div class="lb-trans"><p>我想強調另外三隻標準普爾 500 指數的成分股，你可能會驚訝地發現它們也大幅超越了市場。</p>
</div><p>Among the other big winners of 2024, perhaps none are more surprising than my first stock: <strong>Walmart</strong>(WMT 0.39%).</p>
<div class="lb-trans"><p>在 2024 年的其他大贏家中，或許沒有比我的第一隻股票更令人驚訝的了：<strong>沃爾瑪</strong>（WMT 0.39%）。</p>
</div><h2>1. Walmart</h2>
<div class="lb-trans"><h2>1. 沃爾瑪</h2>
</div><p>Walmart was founded more than 60 years ago. It's known for brick-and-mortar retail operations, and was already the largest retailer in the world going into 2024. This isn't the kind of company that one would expect to outperform the S&amp;P 500. Yet, Walmart stock is up a stunning 82% year to date.</p>
<div class="lb-trans"><p>沃爾瑪成立於 60 多年前。它以實體零售業務而聞名，並且在 2024 年之前已經是全球最大的零售商。這並不是一家人們會預期超越標準普爾 500 指數的公司。然而，沃爾瑪的股票年初至今上漲了驚人的 82%。</p>
</div><p>To be clear, Walmart's stock price has grown faster than its business fundamentals, which means the stock is more expensive from a valuation perspective. That said, the company's modest sales growth has turned into larger growth for profitability, which merits a higher stock price.</p>
<div class="lb-trans"><p>需要明確的是，沃爾瑪的股價增長速度超過了其商業基本面，這意味着從估值的角度來看，股票變得更加昂貴。儘管如此，該公司的適度銷售增長已轉化為更大的盈利增長，這使得股價值得更高。</p>
</div><p>Growth in Walmart's digital capabilities has been central to its success. As e-commerce has become a bigger part of the business, the company has been able to better leverage higher-margin opportunities to its advantage, such as in digital advertising. With its recent acquisition of smart-TV company Vizio, Walmart should be able to keep the trend going.</p>
<div class="lb-trans"><p>沃爾瑪數字能力的增長是其成功的核心。隨着電子商務在業務中佔據越來越大的比重，公司能夠更好地利用高利潤機會，例如數字廣告。通過最近收購智能電視公司 Vizio，沃爾瑪應該能夠保持這一趨勢。</p>
</div><p>I don't necessarily expect Walmart stock to jump another 82% in 2025. But the company appears to be at the start of a multi-year tailwind as it better monetizes its business with digital offerings. That's good reason for Walmart's shareholders to hold on tight.</p>
<div class="lb-trans"><p>我並不一定期望沃爾瑪的股票在 2025 年再上漲 82%。但該公司似乎正處於一個多年的順風期，因為它更好地利用數字產品來實現盈利。這是沃爾瑪股東緊緊持有股票的好理由。</p>
</div><h2>2. Deckers</h2>
<div class="lb-trans"><h2>2. Deckers</h2>
</div><p>It's not developing AI software, exploring outer space, or curing cancer. No, <strong>Deckers Brands</strong>(DECK 1.45%) just sells shoes. But it's admittedly a darn good shoe stock, having gone up more than 660% over the last five years, including this year's 85% jump.</p>
<div class="lb-trans"><p>它並不是在開發人工智能軟件、探索外太空或治癒癌症。不，<strong>Deckers Brands</strong>（DECK 1.45%）只是賣鞋子。但它無疑是一隻非常出色的鞋類股票，在過去五年中上漲了超過 660%，包括今年 85% 的漲幅。</p>
</div><p>I can't deny that valuation is a contributing factor with Deckers stock as well. Over the last five years, it's gone from a reasonable valuation to an expensive valuation for a shoe stock. That said, the company's growth has been spectacular, and the increase of its operating profit margin is equally impressive.</p>
<div class="lb-trans"><p>我不能否認估值也是 Deckers 股票的一個影響因素。在過去五年中，它的估值從合理變為昂貴。儘管如此，該公司的增長是驚人的，運營利潤率的提升同樣令人印象深刻。</p>
</div><p>In the first half of its fiscal 2025 (which ended in September), Deckers had an operating margin of just over 20%. Several years ago, its margin was below 10%. To think about this another way, the company is now earning twice as much profit for the same amount of sales.</p>
<div class="lb-trans"><p>在其 2025 財年的上半年（截至 9 月），Deckers 的運營利潤率剛剛超過 20%。幾年前，其利潤率低於 10%。換句話説，該公司現在在相同銷售額下賺取的利潤是以前的兩倍。</p>
</div><p>Here's the thing: Deckers <em>doesn't</em> just have the same amount of sales -- its sales are up dramatically in recent years. And sales are expected to grow at a double-digit rate again for all of its fiscal 2025, with particular strength in its Hoka and Ugg brands driving growth.</p>
<div class="lb-trans"><p>事情是這樣的：Deckers _並不_只是保持相同的銷售額——其銷售額在近年來大幅增長。預計在整個 2025 財年，其銷售將再次以兩位數的速度增長，尤其是 Hoka 和 Ugg 品牌推動了增長。</p>
</div><p>In short, Deckers' shoes are in high demand. This is leading to higher sales and higher profits. As long as this trend continues, it will be hard to bet against Deckers stock even after its massive gains in recent years.</p>
<div class="lb-trans"><p>簡而言之，Deckers 的鞋子需求旺盛。這導致了更高的銷售和更高的利潤。只要這一趨勢持續下去，即使在近年來大幅上漲之後，押注 Deckers 股票也將是困難的。</p>
</div><h2>3. GoDaddy</h2>
<div class="lb-trans"><h2>3. GoDaddy</h2>
</div><p>It's been nearly 20 years since <strong>GoDaddy</strong>(GDDY -1.02%) became a household name after running its first Super Bowl commercial. Investors could be forgiven if they thought this business had seen better days. But the stock price seems to disagree, since shares soared 95% in 2024.</p>
<div class="lb-trans"><p>自從 <strong>GoDaddy</strong>（GDDY -1.02%）在近 20 年前通過首次超級碗廣告成為家喻户曉的名字以來，投資者可能會認為這家企業已經度過了更好的日子。但股價似乎並不認同，因為其股票在 2024 年飆升了 95%。</p>
</div><p>GoDaddy is known as a platform for buying domain names. But it also offers products for running an online business. That's really what it wants to drive growth, because selling ancillary products can help its free cash flow grow sustainably.</p>
<div class="lb-trans"><p>GoDaddy 被認為是一個購買域名的平台。但它也提供用於運營在線業務的產品。這實際上是它希望推動增長的方向，因為銷售附屬產品可以幫助其自由現金流可持續增長。</p>
</div><p>Last year, GoDaddy launched new software powered by AI that's drastically increasing the adoption of its ancillary products. Management claims that certain things that used to take months to create now take seconds. The effectiveness of its AI is naturally driving spend from its existing customer base, unlocking free-cash-flow growth.</p>
<div class="lb-trans"><p>去年，GoDaddy 推出了由人工智能驅動的新軟件，極大地提高了其附屬產品的採用率。管理層聲稱，以前需要幾個月才能完成的某些事情現在只需幾秒鐘。其人工智能的有效性自然推動了現有客户的支出，釋放了自由現金流的增長。</p>
</div><p>It appears to be working. As the chart below shows, GoDaddy's free cash flow per share is suddenly skyrocketing much faster than revenue.</p>
<div class="lb-trans"><p>這似乎是有效的。正如下圖所示，GoDaddy 的每股自由現金流突然以遠快於收入的速度飆升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a65acc33732ab85a7999fabbb89f0450.png" alt="" original-src="https://media.ycharts.com/charts/a65acc33732ab85a7999fabbb89f0450.png"/></p>
<p>GDDY Free Cash Flow Per Share data by YCharts.</p>
<div class="lb-trans"><p>GDDY 每股自由現金流數據來源於 YCharts。</p>
</div><p>It's important to note that GoDaddy stock is up big in recent years, but its gains largely match its growth in free cash flow per share. Therefore, its valuation hasn't increased by much. It's arguably still a good value today, trading at 24 times its free cash flow.</p>
<div class="lb-trans"><p>需要注意的是，GoDaddy 的股票在近年來大幅上漲，但其漲幅基本上與每股自由現金流的增長相匹配。因此，其估值並沒有大幅上升。可以説，今天的估值仍然合理，交易價格為其自由現金流的 24 倍。</p>
</div><p>Moreover, if it's true that its AI software is driving adoption, GoDaddy could be poised for strong growth again in 2025, since it launched its AI software relatively recently and there are still plenty of customers that could adopt it.</p>
<div class="lb-trans"><p>此外，如果其人工智能軟件確實推動了採用，GoDaddy 可能在 2025 年再次迎來強勁增長，因為它相對較新推出的人工智能軟件仍有許多客户可以採用。</p>
</div><p>This year's winning stocks are a surprisingly good place to look for next year's winners -- stocks are tied to businesses, and business trends tend to play out over multiple years. For this reason, looking at the best stocks from 2024 is a good use of time when looking for good investment opportunities for 2025. That's why Walmart, Deckers, and GoDaddy are three stocks to consider in more depth.</p>
<div class="lb-trans"><p>今年的贏家股票是尋找明年贏家的一個令人驚訝的好地方——股票與企業相關，商業趨勢往往會在多個年度內展開。因此，在尋找 2025 年良好投資機會時，查看 2024 年的最佳股票是一個明智的選擇。這就是為什麼沃爾瑪、Deckers 和 GoDaddy 是值得更深入考慮的三隻股票。</p>
</div><p>For what it's worth, GoDaddy stock would be my pick of this trio, given its reasonable valuation and its potential for strong growth in the coming year or more.</p>
<div class="lb-trans"><p>就我個人而言，考慮到其合理的估值和未來一年或更長時間內強勁增長的潛力，GoDaddy 股票將是我在這三者中的首選。</p>
</div>

Everyone Knows About Nvidia and Palantir. But These Other 3 Stocks Are Quietly Crushing the S&P 500 in 2024 As Well.

- 2024 年，標普 500 指數上漲近 28%，Nvidia 和 Palantir 表現突出。  
- Walmart、Deckers 和 GoDaddy 等股票也大幅上漲，分別增長 82%、85% 和 95%。  
- 這些公司在數字化和產品創新方面的成功，預示着未來的增長潛力。

Motley Fool

每個人都知道 Nvidia 和 Palantir。但是這另外三隻股票在 2024 年也悄然超越了標普 500 指數