<p>科技和消費巨頭 <strong>蘋果</strong>(AAPL -0.14%) 的股價今年下跌了約 20%。這並不是投資者通常會期待的股票表現，除非科技行業出現大規模拋售。</p>
<p>但今年並非如此。相反，該股票的表現低於市場，並且沒有給投資者帶來對短期內反轉的樂觀理由。</p>
<p>儘管圍繞該股票存在許多負面情緒，但這仍然是蘋果——全球最強大、最具標誌性和最具識別度的品牌之一。如果它正在崩潰，您是否應該考慮增持該股票？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwOTAvZnJ1c3RyYXRlZC1wZW9wbGUtbG9va2luZy1hdC1hLWxhcHRvcC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwOTAvZnJ1c3RyYXRlZC1wZW9wbGUtbG9va2luZy1hdC1hLWxhcHRvcC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>什麼因素影響了蘋果的估值？</h2>
<p>不幸的是，蘋果目前面臨着不少逆風。最大的一個問題可能是其人工智能（AI）功能在 iPhone 上的緩慢推出。蘋果推遲了一些更先進的 AI 功能的發佈，直到明年。考慮到其競爭對手已經在市場上推出了 AI 驅動的手機，這種情況顯得尤為棘手。蘋果專注於隱私和數據安全，這在 AI 領域越來越重要。但投資者仍然不為所動。</p>
<p>另一個問題是，蘋果在關税方面面臨很大風險，因為它在中國生產絕大多數產品。該公司正在努力將其在美國銷售的 iPhone 的生產轉移到印度，但可能要到明年年底才能將產能提升到足以滿足美國需求並減少對中國的依賴。</p>
<p>但關税的不確定性是一個大問號，因為今年關税率發生了顯著變化。投資者發現，出售蘋果的股票比擔心這些因素要容易得多。</p>
<h2>這隻股票是否變得便宜？</h2>
<p>儘管今年開局不佳，蘋果的市值仍然約為 3 萬億美元。但由於估值較低，它的交易市盈率為 31 倍，略高於其五年平均水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/37708bb59bab49ecf9378df6c99dd7b9.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/37708bb59bab49ecf9378df6c99dd7b9.png"/></p>
<p>AAPL 市盈率數據來源於 YCharts</p>
<p>雖然對於全球最有價值的公司之一來説，拋售似乎很陡峭，但蘋果的股價需要再下跌 15%，才能接近其 52 周低點 169.21 美元。</p>
<p>支付 31 倍的市盈率對於成長股來説可能是可以接受的，但蘋果最新的業績並不令人印象深刻。在今年前三個月，該公司的 iPhone 銷售僅增長了不到 2%，達到 468 億美元。未來的需求可能不會大幅增強，尤其是如果消費者因經濟放緩而變得更加關注價格，並需要收緊家庭預算。</p>
<h2>您應該購買蘋果的股票嗎？</h2>
<p>蘋果的業務仍然表現良好，上個季度利潤為 248 億美元。但問題在於，在當前的估值下，您仍然需要為一家僅實現個位數增長的企業支付高倍數。而且，隨着可能的放緩臨近，這使得現在購買蘋果股票的理由更加難以成立。</p>
<p>這仍然可以是一個良好的長期投資，但我不會考慮購買蘋果的股票，除非其價值進一步下跌。由於其 AI 部署不佳和增長緩慢，投資者應該要求該股票有更大的折扣，因為該業務面臨許多不確定性。雖然從長遠來看，蘋果並不一定是一個糟糕的投資，但現在有更好的成長股可供考慮。</p>

蘋果

2 倍做多 AAPL ETF - GraniteShares

蘋果每日 1 倍做空 ETF - Direxion

蘋果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>蘋果公司的股票（AAPL）今年下跌了約 20%，在對其緩慢的人工智能推廣和關税風險的擔憂中表現不佳。儘管市值達到 3 萬億美元，且上個季度利潤為 248 億美元，但其市盈率為 31 倍的估值引發了對其增長潛力的質疑。分析師建議，儘管蘋果仍然是一個強大的品牌，但投資者應該等待股票價格進一步下跌後再考慮買入，因為其他地方可能存在更好的增長機會</p>

<p>Shares of tech and consumer giant <strong>Apple</strong>(AAPL -0.14%) are down around 20% this year. That's not the type of performance investors would normally expect to see from the stock, unless there was a wide-scale sell-off in the tech sector.</p>
<div class="lb-trans"><p>科技和消費巨頭 <strong>蘋果</strong>(AAPL -0.14%) 的股價今年下跌了約 20%。這並不是投資者通常會期待的股票表現，除非科技行業出現大規模拋售。</p>
</div><p>That's not the case this year. Instead, the stock has been underperforming the market and it hasn't been giving investors a reason to be optimistic about a turnaround taking place anytime soon.</p>
<div class="lb-trans"><p>但今年並非如此。相反，該股票的表現低於市場，並且沒有給投資者帶來對短期內反轉的樂觀理由。</p>
</div><p>But despite all the negativity surrounding the stock, this is still Apple -- one of the strongest, most iconic, and most recognizable brands in the world. If it's crashing, should you consider loading up on the stock?</p>
<div class="lb-trans"><p>儘管圍繞該股票存在許多負面情緒，但這仍然是蘋果——全球最強大、最具標誌性和最具識別度的品牌之一。如果它正在崩潰，您是否應該考慮增持該股票？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwOTAvZnJ1c3RyYXRlZC1wZW9wbGUtbG9va2luZy1hdC1hLWxhcHRvcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820090%2Ffrustrated-people-looking-at-a-laptop.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>What's taking a bite out of Apple's valuation?</h2>
<div class="lb-trans"><h2>什麼因素影響了蘋果的估值？</h2>
</div><p>There are, unfortunately, no shortage of headwinds facing Apple's business right now. The biggest one is arguably the slow rollout of its artificial intelligence (AI) features for its iPhones. Apple has pushed back on the release of some of its more advanced AI features until next year. It's a problematic situation given that its rivals already have AI-powered phones available on the market. Apple is focusing on privacy and keeping data secure, which is an increasingly important topic when it comes to AI. But investors still aren't impressed.</p>
<div class="lb-trans"><p>不幸的是，蘋果目前面臨着不少逆風。最大的一個問題可能是其人工智能（AI）功能在 iPhone 上的緩慢推出。蘋果推遲了一些更先進的 AI 功能的發佈，直到明年。考慮到其競爭對手已經在市場上推出了 AI 驅動的手機，這種情況顯得尤為棘手。蘋果專注於隱私和數據安全，這在 AI 領域越來越重要。但投資者仍然不為所動。</p>
</div><p>Another problem is that Apple faces a lot of exposure to tariffs as it makes the vast majority of its products in China. The company is working on shifting production for iPhones that it sells in the U.S. to India, but it could take until the end of next year before capacity is ramped up sufficiently to accommodate U.S. demand and to minimize its Chinese exposure.</p>
<div class="lb-trans"><p>另一個問題是，蘋果在關税方面面臨很大風險，因為它在中國生產絕大多數產品。該公司正在努力將其在美國銷售的 iPhone 的生產轉移到印度，但可能要到明年年底才能將產能提升到足以滿足美國需求並減少對中國的依賴。</p>
</div><p>But the uncertainty around tariffs is a big question mark as tariff rates have changed significantly this year. Investors are finding it easier to simply sell Apple's stock than to worry about all these factors.</p>
<div class="lb-trans"><p>但關税的不確定性是一個大問號，因為今年關税率發生了顯著變化。投資者發現，出售蘋果的股票比擔心這些因素要容易得多。</p>
</div><h2>Has the stock become a cheap buy?</h2>
<div class="lb-trans"><h2>這隻股票是否變得便宜？</h2>
</div><p>Apple is still around a $3 trillion market cap despite its poor start this year. But with a lower valuation, it's trading at 31 times its trailing earnings, which is now only slightly above its five-year average.</p>
<div class="lb-trans"><p>儘管今年開局不佳，蘋果的市值仍然約為 3 萬億美元。但由於估值較低，它的交易市盈率為 31 倍，略高於其五年平均水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/37708bb59bab49ecf9378df6c99dd7b9.png" alt="" original-src="https://media.ycharts.com/charts/37708bb59bab49ecf9378df6c99dd7b9.png"/></p>
<p>AAPL PE Ratio data by YCharts</p>
<div class="lb-trans"><p>AAPL 市盈率數據來源於 YCharts</p>
</div><p>While the sell-off may seem steep for one of the most valuable companies in the world, Apple would need to decline another 15% before getting near its 52-week low of $169.21.</p>
<div class="lb-trans"><p>雖然對於全球最有價值的公司之一來説，拋售似乎很陡峭，但蘋果的股價需要再下跌 15%，才能接近其 52 周低點 169.21 美元。</p>
</div><p>Paying 31 times earnings may be acceptable for a growth stock, but Apple's latest numbers weren't all that impressive. During the first three months of the year, the company's iPhone sales increased by just under 2% to $46.8 billion. Demand in the future may not get a whole lot stronger, either, especially if consumers become more price conscious due to concerns about a slowdown in the economy and need to tighten up their household budgets.</p>
<div class="lb-trans"><p>支付 31 倍的市盈率對於成長股來説可能是可以接受的，但蘋果最新的業績並不令人印象深刻。在今年前三個月，該公司的 iPhone 銷售僅增長了不到 2%，達到 468 億美元。未來的需求可能不會大幅增強，尤其是如果消費者因經濟放緩而變得更加關注價格，並需要收緊家庭預算。</p>
</div><h2>Should you buy Apple's stock?</h2>
<div class="lb-trans"><h2>您應該購買蘋果的股票嗎？</h2>
</div><p>Apple's business is still doing well as it posted a profit of $24.8 billion last quarter. But the problem is that at its current valuation, you would still be paying a high multiple for a business that's growing in just single digits. And with a possible slowdown looming, that makes it even harder to justify buying Apple's stock right now.</p>
<div class="lb-trans"><p>蘋果的業務仍然表現良好，上個季度利潤為 248 億美元。但問題在於，在當前的估值下，您仍然需要為一家僅實現個位數增長的企業支付高倍數。而且，隨着可能的放緩臨近，這使得現在購買蘋果股票的理由更加難以成立。</p>
</div><p>This can still be a good long-term buy but I wouldn't consider buying shares of Apple unless it were to fall further in value. Due to its poor AI deployment and slow growth, investors should demand more of a discount for the stock as the business is facing a lot of uncertainty. While Apple isn't necessarily a bad investment over the long haul, there are better growth stocks to consider right now.</p>
<div class="lb-trans"><p>這仍然可以是一個良好的長期投資，但我不會考慮購買蘋果的股票，除非其價值進一步下跌。由於其 AI 部署不佳和增長緩慢，投資者應該要求該股票有更大的折扣，因為該業務面臨許多不確定性。雖然從長遠來看，蘋果並不一定是一個糟糕的投資，但現在有更好的成長股可供考慮。</p>
</div>

Is Apple Stock a Bad-News Buy?

- 蘋果公司股價今年下跌約 20%，表現不佳。  
- 主要原因包括人工智能功能推出緩慢和關税不確定性。  
- 儘管盈利良好，但高估值和增長乏力使得投資者需謹慎。

蘋果股票是否在壞消息中成為買入機會？