<p>煙草巨頭 <strong>奧馳亞集團</strong>(MO -0.24%) 在過去 12 個月中經歷了令人矚目的股價增長，漲幅超過 30%，僅比五年高點低幾美元。</p>
<p>奧馳亞集團成功地組建了一個令人印象深刻的品牌組合，擁有包括萬寶路、哥本哈根、斯科爾、黑與温和、國會和最近收購的 Njoy 等品牌。</p>
<p>儘管一些人對投資奧馳亞集團持保留態度，因為煙草行業的性質，但它仍然是一隻優秀的分紅股票。如果你在考慮這隻股票，這裏有三個理由可以將其加入你的投資組合。</p>
<h2>1. 這全是關於奧馳亞的分紅</h2>
<p>無論最近的股價表現如何，奧馳亞股票的吸引力無疑在於其分紅。這是大多數人投資該公司的原因。</p>
<p>其分紅收益率約為 7%，是市場上分紅支付最高的股票之一，當然也是 <strong>標準普爾 500</strong> 指數中的佼佼者。這是在股價上漲之後的收益率，去年其收益率超過 9.6%。這並不一定值得慶祝，因為分紅收益率與股價呈反向關係，但值得指出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d9091ea7a46a81ee18d77873f9bd7c7c.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/d9091ea7a46a81ee18d77873f9bd7c7c.png"/></p>
<p>MO 分紅收益率數據來自 YCharts</p>
<p>奧馳亞的超高分紅收益率是標準普爾 500 平均水平的五倍以上，並且很可能與該指數保持顯著差距。</p>
<p>然而，奧馳亞分紅中最重要的部分可能是它連續增加的年份。當奧馳亞去年將年度分紅提高至 4.08 美元時，這標誌着連續第 55 年增加。這使其成為分紅之王，只有大約 60 家公司獲得了這一稱號。</p>
<h2>2. 奧馳亞利用定價權應對銷量下降</h2>
<p>影響奧馳亞長期業務的首要因素是美國吸煙率的下降。根據美國肺臟協會的數據，從 2017 年到 2022 年，美國成年人吸煙的比例下降了 17%，降至 11.6%。二十年前，大約每五個美國成年人中就有一個吸煙。</p>
<p>當一家公司的大部分收入來自香煙時，就像奧馳亞一樣，你可以看到這一趨勢可能會令人擔憂。當然，戒煙對健康是有益的，應該受到慶祝，但這並沒有讓奧馳亞的業務變得更輕鬆。</p>
<p>幸運的是，奧馳亞能夠通過靈活運用定價權來抵消其可吸煙產品銷量的下降或停滯。吸煙者是一些對價格最不敏感的客户，因為相對小幅的價格上漲通常不足以阻止吸煙者購買他們的首選產品。</p>
<p>在 2024 年，奧馳亞的可吸煙產品部門的出貨量下降了 10%，但它提高了價格，使整體收入下降保持在 0.8%（不計消費税）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/11a383c38649902321402d5ad90d2ffc.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/11a383c38649902321402d5ad90d2ffc.png"/></p>
<p>MO 收入（年度）數據來自 YCharts</p>
<p>“只需提高價格” 並不是奧馳亞問題的長期解決方案，但它確實為公司贏得了一些時間，直到其真正轉型為無煙產品。</p>
<h2>3. Njoy 在電子煙領域取得積極進展</h2>
<p>Njoy 是一個無煙電子煙品牌，奧馳亞在 2023 年收購了該品牌，以幫助其在無煙煙草行業中獲得更強的市場存在感。</p>
<p>去年，Njoy 顯示出一些急需的動力。其可消費產品的出貨量同比增長超過 15%，達到 1280 萬單位，其設備出貨量同比增長超過 22%，達到 110 萬單位。</p>
<p>這對該品牌的市場地位大有裨益，其可消費產品在便利店和多渠道零售（如雜貨店、折扣店、批發俱樂部等）的零售份額從 3.6% 躍升至 6.4%。這可能看起來不算太多，但對於奧馳亞希望成為未來增長驅動力的品牌來説，這是一個良好的開端。</p>
<p>奧馳亞指出，擴展的零售分銷和高端店鋪定位有助於其成功。Njoy 在超過 100,000 家商店中可用，並在超過 80% 的合同商店中享有高端位置。理想情況下，這種更高的可見性帶來更多的客户認知，Njoy 可以更好地與行業領導者如 Vuse 和 Juul 競爭（諷刺的是，奧馳亞曾擁有 Juul）。</p>
<p>Njoy 的一個競爭優勢是成為 FDA 首個也是唯一一個獲得薄荷電子煙產品營銷批准的品牌。這一優勢本身並不能保證成功，但在 FDA 努力停止薄荷香煙銷售的背景下，這是一個重要的加分項。</p>
<p>儘管在吸煙者數量下降的情況下，奧馳亞仍有一些工作要做，但 Njoy 的初步成功應該讓投資者感到鼓舞。</p>

奧馳亞集團

<p>奧馳亞集團的股票在過去一年中上漲了超過 30%，這得益於其約 7% 的強勁股息收益率，標誌着連續 55 年的增長。儘管吸煙率下降，奧馳亞集團利用定價權來抵消銷量損失，保持了收入的穩定。此外，其最近收購的 Njoy 在電子煙市場顯示出良好的增長，出貨量和市場份額顯著增加。Njoy 獲得的薄荷電子煙產品的 FDA 批准使其在競爭對手中處於有利地位，為奧馳亞集團在行業挑戰中提供了潛在的增長途徑</p>

<p>Tobacco giant <strong>Altria</strong>(MO -0.24%) has experienced impressive stock price growth over the past 12 months, up more than 30% and only a couple of dollars below its five-year high.</p>
<div class="lb-trans"><p>煙草巨頭 <strong>奧馳亞集團</strong>(MO -0.24%) 在過去 12 個月中經歷了令人矚目的股價增長，漲幅超過 30%，僅比五年高點低幾美元。</p>
</div><p>Altria has managed to put together an impressive portfolio, owning brands including Marlboro, Copenhagen, Skoal, Black &amp; Mild, Parliament, and most recently, Njoy.</p>
<div class="lb-trans"><p>奧馳亞集團成功地組建了一個令人印象深刻的品牌組合，擁有包括萬寶路、哥本哈根、斯科爾、黑與温和、國會和最近收購的 Njoy 等品牌。</p>
</div><p>Although some people have reservations about investing in Altria because of the nature of the tobacco business, it's still a great dividend stock. If it's a stock you're considering, here are three reasons to add it to your portfolio.</p>
<div class="lb-trans"><p>儘管一些人對投資奧馳亞集團持保留態度，因為煙草行業的性質，但它仍然是一隻優秀的分紅股票。如果你在考慮這隻股票，這裏有三個理由可以將其加入你的投資組合。</p>
</div><h2>1. It's all about Altria's dividend</h2>
<div class="lb-trans"><h2>1. 這全是關於奧馳亞的分紅</h2>
</div><p>Regardless of recent stock price success, the appeal of Altria's stock is undoubtedly its dividend. It's <em>the</em> reason most people invest in the company.</p>
<div class="lb-trans"><p>無論最近的股價表現如何，奧馳亞股票的吸引力無疑在於其分紅。這是大多數人投資該公司的原因。</p>
</div><p>With a dividend yield of around 7%, it's one of the highest-paying dividend stocks on the market and certainly in the <strong>S&amp;P 500</strong>. And this is after a stock price run; its yield hit over 9.6% last year. That isn't necessarily a celebration because dividend yields move inversely with stock prices, but it's worth pointing out.</p>
<div class="lb-trans"><p>其分紅收益率約為 7%，是市場上分紅支付最高的股票之一，當然也是 <strong>標準普爾 500</strong> 指數中的佼佼者。這是在股價上漲之後的收益率，去年其收益率超過 9.6%。這並不一定值得慶祝，因為分紅收益率與股價呈反向關係，但值得指出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d9091ea7a46a81ee18d77873f9bd7c7c.png" alt="" original-src="https://media.ycharts.com/charts/d9091ea7a46a81ee18d77873f9bd7c7c.png"/></p>
<p>MO Dividend Yield data by YCharts</p>
<div class="lb-trans"><p>MO 分紅收益率數據來自 YCharts</p>
</div><p>Altria's ultra-high dividend yield is more than 5 times the S&amp;P 500 average, and it's likely to maintain a significant distance between the index.</p>
<div class="lb-trans"><p>奧馳亞的超高分紅收益率是標準普爾 500 平均水平的五倍以上，並且很可能與該指數保持顯著差距。</p>
</div><p>Maybe the most important part of Altria's dividend, however, is how many consecutive years it has increased it. When Altria increased its annual dividend to $4.08 last year, it marked the 55th consecutive year of increases. That makes it a Dividend King, a title only around 60 companies have earned.</p>
<div class="lb-trans"><p>然而，奧馳亞分紅中最重要的部分可能是它連續增加的年份。當奧馳亞去年將年度分紅提高至 4.08 美元時，這標誌着連續第 55 年增加。這使其成為分紅之王，只有大約 60 家公司獲得了這一稱號。</p>
</div><h2>2. Altria is using pricing power to help with declining volume</h2>
<div class="lb-trans"><h2>2. 奧馳亞利用定價權應對銷量下降</h2>
</div><p>The No. 1 factor weighing on Altria's long-term business is the falling smoking rates in the U.S. According to the American Lung Association, the percentage of U.S. adults who smoked cigarettes dropped 17% from 2017 to 2022 to 11.6%. Twenty years ago, around 1 in every 5 U.S. adults smoked cigarettes.</p>
<div class="lb-trans"><p>影響奧馳亞長期業務的首要因素是美國吸煙率的下降。根據美國肺臟協會的數據，從 2017 年到 2022 年，美國成年人吸煙的比例下降了 17%，降至 11.6%。二十年前，大約每五個美國成年人中就有一個吸煙。</p>
</div><p>When the vast majority of a company's revenue comes from cigarettes, like Altria's does, you can see how this trend could be troubling. Of course, people quitting smoking is a plus health-wise and should be celebrated, but that doesn't make life any easier for Altria's business.</p>
<div class="lb-trans"><p>當一家公司的大部分收入來自香煙時，就像奧馳亞一樣，你可以看到這一趨勢可能會令人擔憂。當然，戒煙對健康是有益的，應該受到慶祝，但這並沒有讓奧馳亞的業務變得更輕鬆。</p>
</div><p>Luckily, Altria has been able to offset declining or stagnant volume in its smokeable products by flexing its pricing power. Smokers are some of the most price-insensitive customers because a relatively small increase in prices isn't generally enough to deter a smoker from buying their go-to products.</p>
<div class="lb-trans"><p>幸運的是，奧馳亞能夠通過靈活運用定價權來抵消其可吸煙產品銷量的下降或停滯。吸煙者是一些對價格最不敏感的客户，因為相對小幅的價格上漲通常不足以阻止吸煙者購買他們的首選產品。</p>
</div><p>In 2024, Altria's smokeable products segment saw a 10% decrease in shipment volume, but it increased prices to keep its overall revenue decline to 0.8% (not accounting for excise taxes).</p>
<div class="lb-trans"><p>在 2024 年，奧馳亞的可吸煙產品部門的出貨量下降了 10%，但它提高了價格，使整體收入下降保持在 0.8%（不計消費税）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/11a383c38649902321402d5ad90d2ffc.png" alt="" original-src="https://media.ycharts.com/charts/11a383c38649902321402d5ad90d2ffc.png"/></p>
<p>MO Revenue (Annual) data by YCharts</p>
<div class="lb-trans"><p>MO 收入（年度）數據來自 YCharts</p>
</div><p>&#34;Just raise prices&#34; isn't a long-term solution to Altria's problem, but it is working to buy the company some time until it makes a legitimate transition to smoke-free products.</p>
<div class="lb-trans"><p>“只需提高價格” 並不是奧馳亞問題的長期解決方案，但它確實為公司贏得了一些時間，直到其真正轉型為無煙產品。</p>
</div><h2>3. Njoy has been making positive progress in e-vapor</h2>
<div class="lb-trans"><h2>3. Njoy 在電子煙領域取得積極進展</h2>
</div><p>Njoy is a smoke-free e-vapor brand that Altria purchased in 2023 to help give it a stronger presence in the smoke-free tobacco industry.</p>
<div class="lb-trans"><p>Njoy 是一個無煙電子煙品牌，奧馳亞在 2023 年收購了該品牌，以幫助其在無煙煙草行業中獲得更強的市場存在感。</p>
</div><p>Last year, Njoy showed some much-needed momentum. Its consumable shipment volume grew more than 15% year over year to 12.8 million units, and its device shipments increased more than 22% year over year to 1.1 million units.</p>
<div class="lb-trans"><p>去年，Njoy 顯示出一些急需的動力。其可消費產品的出貨量同比增長超過 15%，達到 1280 萬單位，其設備出貨量同比增長超過 22%，達到 110 萬單位。</p>
</div><p>This did well for the brand's market position, with its retail share of consumables jumping from 3.6% to 6.4% in convenience and multi-outlet channels (grocery stores, dollar stores, wholesale clubs, etc.). That might not seem like much, but it's a good start for a brand Altria hopes will be a future growth driver.</p>
<div class="lb-trans"><p>這對該品牌的市場地位大有裨益，其可消費產品在便利店和多渠道零售（如雜貨店、折扣店、批發俱樂部等）的零售份額從 3.6% 躍升至 6.4%。這可能看起來不算太多，但對於奧馳亞希望成為未來增長驅動力的品牌來説，這是一個良好的開端。</p>
</div><p>Altria notes that an expanded retail distribution and premium store positioning helped contribute to its success. Njoy is available in more than 100,000 stores and has premium placement in more than 80% of contracted stores. Ideally, this higher visibility brings more customer awareness, and Njoy can better compete with industry leaders like Vuse and Juul (which Altria ironically used to own).</p>
<div class="lb-trans"><p>奧馳亞指出，擴展的零售分銷和高端店鋪定位有助於其成功。Njoy 在超過 100,000 家商店中可用，並在超過 80% 的合同商店中享有高端位置。理想情況下，這種更高的可見性帶來更多的客户認知，Njoy 可以更好地與行業領導者如 Vuse 和 Juul 競爭（諷刺的是，奧馳亞曾擁有 Juul）。</p>
</div><p>One competitive advantage Njoy has is being the first and only brand that the FDA has granted marketing approval for menthol e-vapor products. This alone won't guarantee success, but it's a major bonus as the FDA has been battling to stop the sale of menthol cigarettes.</p>
<div class="lb-trans"><p>Njoy 的一個競爭優勢是成為 FDA 首個也是唯一一個獲得薄荷電子煙產品營銷批准的品牌。這一優勢本身並不能保證成功，但在 FDA 努力停止薄荷香煙銷售的背景下，這是一個重要的加分項。</p>
</div><p>Altria still has some work to do amid declining ranks of smokers, but Njoy's initial success should be encouraging for investors.</p>
<div class="lb-trans"><p>儘管在吸煙者數量下降的情況下，奧馳亞仍有一些工作要做，但 Njoy 的初步成功應該讓投資者感到鼓舞。</p>
</div>

3 個理由讓你像沒有明天一樣購買奧馳亞集團的股票