<p><strong>蘋果</strong>(AAPL 0.08%) 和 <strong>亞馬遜</strong>(AMZN -1.16%) 是全球最大的兩家公司，均屬於 “七大巨頭” 股票組。兩家公司都為股東提供了出色的長期回報，但目前哪項投資更值得購買呢？</p>
<p>讓我們來看看這兩家公司，看看今天哪一家公司是最佳購買選擇。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2MTQvcGVyc29uLXdpdGgtYWlycG9kcy1pbi1lYXItYXBwbGUuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2MTQvcGVyc29uLXdpdGgtYWlycG9kcy1pbi1lYXItYXBwbGUuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>兩家公司收入增長相對緩慢</h2>
<p>亞馬遜和蘋果並不是大型科技公司的增長典範。在過去幾個季度中，每家公司都發布了相對平淡的增長率，這可能會讓投資者懷疑為什麼他們想要持有這兩隻股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/07b7572764dec896c31c9bf77ad05b35.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/07b7572764dec896c31c9bf77ad05b35.png"/></p>
<p>AMZN 營業收入（季度同比增長）數據來自 YCharts</p>
<p>在最近一個季度中，每隻股票的增長率都不到 10%，我不會責怪任何人質疑這兩隻股票是否可以被稱為成長股。然而，當你深入研究每家公司時，很明顯其中一家公司仍然值得被稱為成長股。</p>
<p>蘋果缺乏增長源於幾個問題。首先，蘋果在過去幾年沒有推出任何創新產品或功能。他們是一個明顯的例子，依靠之前的成功仍在繼續取得成功。一個明顯的領域是人工智能，蘋果在人工智能功能方面落後於幾乎所有智能手機公司。</p>
<p>蘋果受到的另一個傷害是智能手機更換週期的延長。十年前，每一代 iPhone 都帶來了巨大的創新和必備功能。現在，今天購買的手機與兩三年前的手機並沒有太大區別。這種創新減緩導致消費者更少頻繁地升級手機，從而影響了蘋果的增長率。</p>
<p>亞馬遜則是完全不同的故事。大多數人認識亞馬遜是因為其電子商務平台，該平台產生了大部分收入。在第一季度，在線商店和第三方賣家服務產生了 940 億美元的銷售額。考慮到亞馬遜在第一季度的總收入為 1430 億美元，這佔其總收入的相當大一部分。這兩個細分市場也是亞馬遜所有細分市場中增長最慢的，拖累了整體增長率。</p>
<p>然而，亞馬遜仍然有一些強勁的表現，亞馬遜網絡服務（AWS）和廣告服務在第一季度分別增長了 17% 和 18%。這兩個細分市場的強勁表現隱藏在亞馬遜的總收入增長率中；然而，這兩個細分市場對亞馬遜的利潤率的影響是不可否認的。</p>
<h2>亞馬遜的利潤增長使其成為比蘋果更好的購買選擇</h2>
<p>儘管 AWS 在第一季度僅佔總銷售額的 19%，但它產生了 63% 的營業利潤。雖然亞馬遜沒有單獨列出廣告的營業利潤率，但可以安全地假設它們非常高，尤其是當以廣告為主的公司如 <strong>Meta Platforms</strong>(NASDAQ: META) 的營業利潤率達到 40% 或更高時。很可能亞馬遜的商業利潤中有很大一部分來自這一細分市場，儘管無法確定。</p>
<p>儘管如此，由於亞馬遜的高利潤業務以高個位數的速度增長，這意味着其利潤也在快速增加。在第一季度，亞馬遜的營業利潤同比增長了 20%，這是一個出色的結果。相比之下，蘋果的營業利潤僅增長了 6%，這顯然是一個更好的結果。</p>
<p>蘋果沒有像亞馬遜那樣擴大利潤率的催化劑，因此其利潤率與收入增長率密切相關。另一方面，亞馬遜的利潤增長速度遠快於蘋果，並且可能會繼續如此，得益於其表現強勁的廣告和 AWS 業務細分市場。因此，我認為亞馬遜現在是一個更好的購買選擇，因為它擁有蘋果所沒有的盈利增長催化劑。</p>

蘋果

亞馬遜

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

亞馬遜每日 2 倍做多 ETF - Direxion

<p>蘋果和亞馬遜，作為 “七大巨頭” 股票的一部分，最近顯示出緩慢的收入增長，這引發了人們對它們作為成長股地位的質疑。蘋果的增長受到缺乏創新和智能手機更長的更換週期的制約，而亞馬遜的增長則得益於其高利潤率的業務部門，如 AWS 和廣告。亞馬遜的運營利潤同比增長了 20%，而蘋果僅為 6%。因此，亞馬遜被認為是更好的投資選擇，因為其更強的利潤增長潛力</p>

<p><strong>Apple</strong>(AAPL 0.08%) and <strong>Amazon</strong>(AMZN -1.16%) are two of the largest companies in the world and are both members of the &#34;Magnificent Seven&#34; group of stocks. Both companies have delivered excellent long-term returns for shareholders, but does either investment stand out as a better one to buy right now?</p>
<div class="lb-trans"><p><strong>蘋果</strong>(AAPL 0.08%) 和 <strong>亞馬遜</strong>(AMZN -1.16%) 是全球最大的兩家公司，均屬於 “七大巨頭” 股票組。兩家公司都為股東提供了出色的長期回報，但目前哪項投資更值得購買呢？</p>
</div><p>Let's take a look at both companies and see which one is the best buy today.</p>
<div class="lb-trans"><p>讓我們來看看這兩家公司，看看今天哪一家公司是最佳購買選擇。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2MTQvcGVyc29uLXdpdGgtYWlycG9kcy1pbi1lYXItYXBwbGUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823614%2Fperson-with-airpods-in-ear-apple.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>Both companies have relatively slow revenue growth</h2>
<div class="lb-trans"><h2>兩家公司收入增長相對緩慢</h2>
</div><p>Amazon and Apple aren't the pinnacle of growth for big tech. Each company has posted fairly mundane growth rates over the past few quarters, which might cause investors to wonder why they want to own either stock.</p>
<div class="lb-trans"><p>亞馬遜和蘋果並不是大型科技公司的增長典範。在過去幾個季度中，每家公司都發布了相對平淡的增長率，這可能會讓投資者懷疑為什麼他們想要持有這兩隻股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/07b7572764dec896c31c9bf77ad05b35.png" alt="" original-src="https://media.ycharts.com/charts/07b7572764dec896c31c9bf77ad05b35.png"/></p>
<p>AMZN Operating Revenue (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>AMZN 營業收入（季度同比增長）數據來自 YCharts</p>
</div><p>With each stock growing less than 10% during its most recent quarter, I wouldn't blame anyone for questioning whether these two could be named growth stocks. However, when you dig into each company, it's clear one still deserves the growth stock adjective.</p>
<div class="lb-trans"><p>在最近一個季度中，每隻股票的增長率都不到 10%，我不會責怪任何人質疑這兩隻股票是否可以被稱為成長股。然而，當你深入研究每家公司時，很明顯其中一家公司仍然值得被稱為成長股。</p>
</div><p>Apple's lack of growth stems from a few issues. First, Apple hasn't released any innovative products or features for multiple years. They are a clear example of a company riding on prior success and are still succeeding with that model. One area where this has become abundantly clear is AI, as Apple is behind nearly every smartphone company in terms of AI features.</p>
<div class="lb-trans"><p>蘋果缺乏增長源於幾個問題。首先，蘋果在過去幾年沒有推出任何創新產品或功能。他們是一個明顯的例子，依靠之前的成功仍在繼續取得成功。一個明顯的領域是人工智能，蘋果在人工智能功能方面落後於幾乎所有智能手機公司。</p>
</div><p>Another area Apple has been harmed is the lengthening smartphone turnover cycle. A decade ago, each iteration of the iPhone brought massive innovations and must-have features. Now, the phone purchased today isn't all that different from a two- or three-year-old phone. This innovation slowdown has caused consumers to upgrade phones less frequently, which has harmed Apple's growth rate.</p>
<div class="lb-trans"><p>蘋果受到的另一個傷害是智能手機更換週期的延長。十年前，每一代 iPhone 都帶來了巨大的創新和必備功能。現在，今天購買的手機與兩三年前的手機並沒有太大區別。這種創新減緩導致消費者更少頻繁地升級手機，從而影響了蘋果的增長率。</p>
</div><p>Amazon is a completely different story. Most people recognize Amazon for its e-commerce platform, which generates the lion's share of revenue. In Q1, online stores and third-party seller services generated $94 billion in sales. Considering Amazon generated $143 billion in total revenue in Q1, that's a significant portion of its total revenue. These two segments were also the slowest-growing of all of Amazon's segments, which dragged down the overall growth rate.</p>
<div class="lb-trans"><p>亞馬遜則是完全不同的故事。大多數人認識亞馬遜是因為其電子商務平台，該平台產生了大部分收入。在第一季度，在線商店和第三方賣家服務產生了 940 億美元的銷售額。考慮到亞馬遜在第一季度的總收入為 1430 億美元，這佔其總收入的相當大一部分。這兩個細分市場也是亞馬遜所有細分市場中增長最慢的，拖累了整體增長率。</p>
</div><p>However, Amazon still had some strong performers, with Amazon Web Services (AWS) and advertising services rising 17% and 18%, respectively, in Q1. The strong quarter for both of these segments is hidden within Amazon's total revenue growth rate; however, the impact that these two have on Amazon's profit margins is undeniable.</p>
<div class="lb-trans"><p>然而，亞馬遜仍然有一些強勁的表現，亞馬遜網絡服務（AWS）和廣告服務在第一季度分別增長了 17% 和 18%。這兩個細分市場的強勁表現隱藏在亞馬遜的總收入增長率中；然而，這兩個細分市場對亞馬遜的利潤率的影響是不可否認的。</p>
</div><h2>Amazon's profit growth makes it a better buy than Apple</h2>
<div class="lb-trans"><h2>亞馬遜的利潤增長使其成為比蘋果更好的購買選擇</h2>
</div><p>Despite AWS accounting for only 19% of total sales in Q1, it generated 63% of operating profits. While Amazon doesn't break out advertising operating margins, it's safe to assume they are incredibly high, especially when advertising-focused companies like <strong>Meta Platforms</strong>(NASDAQ: META) deliver operating margins of 40% or greater. It's highly likely that a large chunk of Amazon's profits from the commerce business come from this segment, although there's no way to know for sure.</p>
<div class="lb-trans"><p>儘管 AWS 在第一季度僅佔總銷售額的 19%，但它產生了 63% 的營業利潤。雖然亞馬遜沒有單獨列出廣告的營業利潤率，但可以安全地假設它們非常高，尤其是當以廣告為主的公司如 <strong>Meta Platforms</strong>(NASDAQ: META) 的營業利潤率達到 40% 或更高時。很可能亞馬遜的商業利潤中有很大一部分來自這一細分市場，儘管無法確定。</p>
</div><p>Still, because Amazon's high-margin businesses are growing at a high-teens rate, that means its profits are also rapidly increasing. In Q1, Amazon's operating profits increased 20% year over year, marking an excellent result. Compared to Apple, whose operating profits grew only 6%, this is a significantly better result.</p>
<div class="lb-trans"><p>儘管如此，由於亞馬遜的高利潤業務以高個位數的速度增長，這意味着其利潤也在快速增加。在第一季度，亞馬遜的營業利潤同比增長了 20%，這是一個出色的結果。相比之下，蘋果的營業利潤僅增長了 6%，這顯然是一個更好的結果。</p>
</div><p>Apple doesn't have the same catalyst for expanding profit margins as Amazon does, so its margins are closely tied to its revenue growth rate. On the other hand, Amazon's profits are growing substantially faster than Apple's and are likely to continue doing so with its strong-performing advertising and AWS business segments. As a result, I think Amazon is a far better buy right now, as it has an earnings growth catalyst that Apple doesn't have.</p>
<div class="lb-trans"><p>蘋果沒有像亞馬遜那樣擴大利潤率的催化劑，因此其利潤率與收入增長率密切相關。另一方面，亞馬遜的利潤增長速度遠快於蘋果，並且可能會繼續如此，得益於其表現強勁的廣告和 AWS 業務細分市場。因此，我認為亞馬遜現在是一個更好的購買選擇，因為它擁有蘋果所沒有的盈利增長催化劑。</p>
</div>

Better "Magnificent Seven" Stock: Apple or Amazon?

- 蘋果和亞馬遜是全球最大的公司之一，均為 “七大巨頭” 成員。  
- 蘋果的增長受限於創新不足和手機更新週期延長，營收增長緩慢。  
- 亞馬遜的高利潤業務如 AWS 和廣告服務增長強勁，利潤增長率高於蘋果。

“七大天王” 中更值得投資的股票：蘋果還是亞馬遜？