<p><strong>蘋果</strong>(AAPL -0.59%) 正在進行領導層變更。長期擔任首席運營官的傑夫·威廉姆斯（Jeff Williams）將退休，由公司高級副總裁薩比赫·汗（Sabih Khan）接任。此次過渡計劃在本月晚些時候進行，但這是否能幫助蘋果股票扭轉這一令人失望的年度表現？</p>
<p>蘋果長期以來一直是你可以擁有的最佳成長股之一——它是 iPhone、iPad、Apple Watch 和 MacBook 電腦的製造商，也是其利潤豐厚的 App Store 的擁有者。從 2011 年到 2024 年，蘋果是全球最有價值的公司。</p>
<p>但最近，它的表現不佳。蘋果仍然帶來可觀的收入和不錯的利潤，但在過去兩年中，其增長几乎微不足道。這就是為什麼蘋果股票在全球最大公司的排名中下滑，在過去兩年中被 <strong>微軟</strong> 和 <strong>英偉達</strong> 超越，而今年迄今為止，股票下跌了 16%。</p>
<p>如果蘋果想要恢復往日的輝煌，汗的工作將會非常艱鉅。我認為你對蘋果能否在短期內扭轉局面持懷疑態度是正確的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1MjkvYWFwbC5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1MjkvYWFwbC5wbmcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>認識蘋果的新首席運營官</h2>
<p>汗是蘋果的內部人士；他在公司工作了 30 年，並於 2019 年晉升為高級副總裁，負責運營。他的工作涉及管理公司的全球供應鏈——這是一項困難的工作，因為蘋果在中國、印度和越南製造其 iPhone 和其他電子產品。在加入蘋果之前，他曾是 GE Plastics 的應用開發工程師和關鍵客户技術負責人——該部門後來被 <strong>通用電氣</strong> 出售給沙特基礎工業公司。</p>
<p>現在，他將進入一個不僅要管理供應鏈，還要負責擴大蘋果客户基礎的角色。與此同時，設計團隊將開始直接向首席執行官蒂姆·庫克彙報。而我認為，蘋果的設計團隊實際上最需要幫助。</p>
<h2>蘋果已變得停滯不前</h2>
<p>蘋果在其成長的輝煌時期最好的事情之一就是它推出的創新產品——麥金塔電腦，當然這為 MacBook 鋪平了道路；iPod 首次使人們能夠在口袋中攜帶數百首歌曲的音樂庫；iPhone 本質上是一台完整的計算機，奠定了現代智能手機的基礎；iPad 讓人們可以在平板電腦上工作和娛樂，而不僅僅是用來閲讀；AirPods 使無線耳塞變得流行；Apple Watch 則通過可穿戴技術使人們更容易管理自己的健康。</p>
<p>設計師們也迅速對每一款 iPhone 進行改進，引入了面部識別、響應捏合和滑動操作的屏幕，以及前後攝像頭。每當蘋果推出 iPhone 的重大新改進時，都會獲得數十億美元的銷售額，因為人們爭相以舊換新，獲取最新的科技。</p>
<p>蘋果仍然推出新的智能手機型號——目前正在銷售 iPhone 16——但突破性的創新並沒有那麼頻繁。這意味着人們更願意保留他們的舊手機，只要它們仍然正常工作，而不是花費高達 1000 美元購買一款沒有太大不同的新型號。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/09c29c71e88997b18876b69b4a621bee.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/09c29c71e88997b18876b69b4a621bee.png"/></p>
<p>AAPL 年收入數據來源於 YCharts</p>
<p>這對蘋果來説是個問題，直接反映在公司最近的收益中。正如圖表所示，自 2022 年以來，蘋果的收入和收益相對停滯。雖然蘋果仍在盈利，但它沒有五年前或十年前那樣的增長故事。</p>
<h2>蘋果的未來是什麼？</h2>
<p>坦率地説，蘋果對汗的晉升讓我覺得這是一種維持現狀的舉動，而不是信號顯示出激進擴張。也許這沒什麼問題。通過將設計團隊交給庫克，蘋果並沒有引入任何新鮮血液，因此我不相信會有任何戲劇性的創新。</p>
<p>是時候承認蘋果今天的狀態——一隻可靠的價值股，前瞻市盈率為 26.3，市銷率為 8。對於一家科技公司來説，這些數字並不離譜。蘋果還支付不斷增長的股息（收益率為 0.5%），這使得該股票對收入投資者更具吸引力。</p>
<p>但蘋果作為一個動態成長股的日子似乎已經結束，至少目前是這樣。</p>

蘋果

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蘋果每日 2 倍做多 ETF - Direxion

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APLY

<p>蘋果公司正在經歷領導層變動，首席運營官傑夫·威廉姆斯（Jeff Williams）退休，薩比赫·汗（Sabih Khan）接任。儘管蘋果歷史上取得了成功，但公司在過去兩年面臨增長停滯，今年股價下降了 16%。作為蘋果的資深員工，汗將負責管理供應鏈和客户基礎，但對重大創新仍然存在懷疑。蘋果最近的表現反映出其從成長型股票轉變為可靠的價值型股票，前瞻市盈率為 26.3，股息收益率為 0.5%</p>

<p>There's a leadership change at <strong>Apple</strong>(AAPL -0.59%). Longtime Chief Operating Officer Jeff Williams is retiring and will be replaced by Sabih Khan, the company's senior vice president of operations. The transition is scheduled to occur later this month, but will it help Apple stock turn around what's been a disappointing year?</p>
<div class="lb-trans"><p><strong>蘋果</strong>(AAPL -0.59%) 正在進行領導層變更。長期擔任首席運營官的傑夫·威廉姆斯（Jeff Williams）將退休，由公司高級副總裁薩比赫·汗（Sabih Khan）接任。此次過渡計劃在本月晚些時候進行，但這是否能幫助蘋果股票扭轉這一令人失望的年度表現？</p>
</div><p>Apple has long been one of the best growth stocks you can own -- the maker of the iPhone, iPad, Apple Watch, and MacBook computer and owner of its massively profitable App store. From 2011 to 2024, Apple was the most valuable company in the world.</p>
<div class="lb-trans"><p>蘋果長期以來一直是你可以擁有的最佳成長股之一——它是 iPhone、iPad、Apple Watch 和 MacBook 電腦的製造商，也是其利潤豐厚的 App Store 的擁有者。從 2011 年到 2024 年，蘋果是全球最有價值的公司。</p>
</div><p>But lately, it's faltering. Apple still brings in solid revenue and decent profits, but its growth has been negligible for the last two years. That's why Apple stock is slipping in the rankings of the world's biggest companies, passed in the last two years by both <strong>Microsoft</strong> and <strong>Nvidia</strong>, and the stock is down 16% so far this year.</p>
<div class="lb-trans"><p>但最近，它的表現不佳。蘋果仍然帶來可觀的收入和不錯的利潤，但在過去兩年中，其增長几乎微不足道。這就是為什麼蘋果股票在全球最大公司的排名中下滑，在過去兩年中被 <strong>微軟</strong> 和 <strong>英偉達</strong> 超越，而今年迄今為止，股票下跌了 16%。</p>
</div><p>Kahn has his work cut out for him if Apple is going to regain any of its mojo. I think you would be right to be skeptical about Apple turning around anytime soon.</p>
<div class="lb-trans"><p>如果蘋果想要恢復往日的輝煌，汗的工作將會非常艱鉅。我認為你對蘋果能否在短期內扭轉局面持懷疑態度是正確的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1MjkvYWFwbC5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824529%2Faapl.png&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>Meet Apple's new COO</h2>
<div class="lb-trans"><h2>認識蘋果的新首席運營官</h2>
</div><p>Khan is an Apple insider; he's been with the company for 30 years and was promoted to an executive position as senior vice president of operations in 2019. His job involved managing the company's global supply chain -- a difficult job, as Apple manufactured its iPhones and other electronics in China, India, and Vietnam. Before Apple, he was an applications development engineer and key account technical leader at GE Plastics -- a division that <strong>General Electric</strong> later sold to Saudi Basic Industries Corp.</p>
<div class="lb-trans"><p>汗是蘋果的內部人士；他在公司工作了 30 年，並於 2019 年晉升為高級副總裁，負責運營。他的工作涉及管理公司的全球供應鏈——這是一項困難的工作，因為蘋果在中國、印度和越南製造其 iPhone 和其他電子產品。在加入蘋果之前，他曾是 GE Plastics 的應用開發工程師和關鍵客户技術負責人——該部門後來被 <strong>通用電氣</strong> 出售給沙特基礎工業公司。</p>
</div><p>Now, he'll be stepping into a role where he will manage not only the supply chain but will be in charge of expanding Apple's customer base. Meanwhile, the design team will begin reporting directly to CEO Tim Cook. And Apple's design team that actually needs the most help, in my opinion.</p>
<div class="lb-trans"><p>現在，他將進入一個不僅要管理供應鏈，還要負責擴大蘋果客户基礎的角色。與此同時，設計團隊將開始直接向首席執行官蒂姆·庫克彙報。而我認為，蘋果的設計團隊實際上最需要幫助。</p>
</div><h2>Apple has become stagnant</h2>
<div class="lb-trans"><h2>蘋果已變得停滯不前</h2>
</div><p>One of the best things about Apple back in its growth heyday was the innovative products it came out with -- the Macintosh computer, which of course gave way to the MacBook; the iPod that for the first time made it possible to carry a music library of hundreds of songs in your pocket; the iPhone, which is essentially a complete computer that established the modern smartphone; the iPad that allowed people to work and play on tablets rather than just use them to read; AirPods, which made wireless earbuds popular; and the Apple Watch, with wearable tech that made it easier for people to manage their health.</p>
<div class="lb-trans"><p>蘋果在其成長的輝煌時期最好的事情之一就是它推出的創新產品——麥金塔電腦，當然這為 MacBook 鋪平了道路；iPod 首次使人們能夠在口袋中攜帶數百首歌曲的音樂庫；iPhone 本質上是一台完整的計算機，奠定了現代智能手機的基礎；iPad 讓人們可以在平板電腦上工作和娛樂，而不僅僅是用來閲讀；AirPods 使無線耳塞變得流行；Apple Watch 則通過可穿戴技術使人們更容易管理自己的健康。</p>
</div><p>Designers were also quick to make improvements to the iPhone with each model, introducing things like facial recognition, a screen that responded to pinch and swipe actions, and forward and rear-facing cameras. Every time Apple came out with a major new improvement to the iPhone, it would get billions in sales as people rushed to trade in and receive the latest tech.</p>
<div class="lb-trans"><p>設計師們也迅速對每一款 iPhone 進行改進，引入了面部識別、響應捏合和滑動操作的屏幕，以及前後攝像頭。每當蘋果推出 iPhone 的重大新改進時，都會獲得數十億美元的銷售額，因為人們爭相以舊換新，獲取最新的科技。</p>
</div><p>Apple still rolls out new smartphone models -- it's currently selling the iPhone 16 -- but the groundbreaking innovations don't happen nearly as often. That means people are more willing to hold on to their older phones, as long as they're still working fine, rather than spend up to $1,000 on a newer model that isn't much different.</p>
<div class="lb-trans"><p>蘋果仍然推出新的智能手機型號——目前正在銷售 iPhone 16——但突破性的創新並沒有那麼頻繁。這意味着人們更願意保留他們的舊手機，只要它們仍然正常工作，而不是花費高達 1000 美元購買一款沒有太大不同的新型號。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/09c29c71e88997b18876b69b4a621bee.png" alt="" original-src="https://media.ycharts.com/charts/09c29c71e88997b18876b69b4a621bee.png"/></p>
<p>AAPL Revenue (Annual) data by YCharts</p>
<div class="lb-trans"><p>AAPL 年收入數據來源於 YCharts</p>
</div><p>And that's a problem for Apple that is reflected directly in the company's recent earnings. As the chart shows, Apple's revenue and earnings have been relatively stagnant since 2022. While it's great that Apple is still making money, it doesn't have the same growth story that it had five or 10 years ago.</p>
<div class="lb-trans"><p>這對蘋果來説是個問題，直接反映在公司最近的收益中。正如圖表所示，自 2022 年以來，蘋果的收入和收益相對停滯。雖然蘋果仍在盈利，但它沒有五年前或十年前那樣的增長故事。</p>
</div><h2>What's ahead for Apple?</h2>
<div class="lb-trans"><h2>蘋果的未來是什麼？</h2>
</div><p>To be frank, Apple's promotion of Khan strikes me as a move to maintain the status quo rather than signaling aggressive expansion. And maybe that's OK. By turning over the design team to Cook, Apple's not bringing in any new blood, so I'm not convinced that there will be any dramatic innovation.</p>
<div class="lb-trans"><p>坦率地説，蘋果對汗的晉升讓我覺得這是一種維持現狀的舉動，而不是信號顯示出激進擴張。也許這沒什麼問題。通過將設計團隊交給庫克，蘋果並沒有引入任何新鮮血液，因此我不相信會有任何戲劇性的創新。</p>
</div><p>It's time to recognize Apple for what it is today -- a reliable value stock with a decent forward price-to-earnings ratio of 26.3 and a price-to-sales ratio of 8. For a technology company, those aren't outrageous numbers. And Apple also pays a growing dividend (the yield is 0.5%) that makes the stock a little more appealing for an income investor.</p>
<div class="lb-trans"><p>是時候承認蘋果今天的狀態——一隻可靠的價值股，前瞻市盈率為 26.3，市銷率為 8。對於一家科技公司來説，這些數字並不離譜。蘋果還支付不斷增長的股息（收益率為 0.5%），這使得該股票對收入投資者更具吸引力。</p>
</div><p>But Apple's days as a dynamic growth play appear to be over, for now.</p>
<div class="lb-trans"><p>但蘋果作為一個動態成長股的日子似乎已經結束，至少目前是這樣。</p>
</div>

Will a Leadership Change Be Enough to Turn Apple Around?

- 蘋果公司首席運營官傑夫·威廉姆斯退休，薩比赫·汗接任。  
- 蘋果在過去兩年增長乏力，股價下跌 16%。  
- 新任 COO 需管理供應鏈並擴展客户基礎，創新面臨挑戰。  

領導層的變動是否足以讓蘋果公司重振旗鼓？