<p>你很難找到比 <strong>蘋果</strong>(AAPL 0.07%) 和 <strong>開市客</strong>(COST 0.23%) 更好的面向消費者的公司。</p>
<p>這兩家公司建立了龐大而忠誠的客户羣，其股票多年來為投資者帶來了改變人生的投資回報，成為全球市值最大的兩家公司之一。</p>
<p>雖然這兩隻股票可能難以再現早期的高回報，但它們仍然可以在股票投資組合中成為長期贏家。也就是説，你不應該在任何價格下購買，尤其是對於像蘋果和開市客這樣的成熟公司。</p>
<p>那麼，現在哪個更值得購買呢？以下是你需要知道的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMjQvYWFwbC5wbmcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMjQvYWFwbC5wbmcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>兩家公司仍然有一些增長潛力</h2>
<p>蘋果是一家領先的智能手機和個人電子產品公司，以其擁有超過 23.5 億活躍用户的 iOS 生態系統而聞名。開市客是一家領先的會員制大宗商品零售商，會員可以購買各種商品，通常以大宗數量出售。</p>
<p>這兩家公司在其核心業務中都已建立良好的基礎，但仍然展現出增長的能力，儘管增速比過去慢。年收入達到數十億美元，保持高增長率是具有挑戰性的，但增長依然存在。</p>
<p>蘋果繼續緩慢增加其用户基礎，同時通過向用户提供多種訂閲服務實現增長。今年上半年，服務收入接近 530 億美元，同比增長 12.7%。</p>
<p>對於開市客，商品銷售在通貨膨脹推高價格的情況下有所增長，但其核心增長引擎是會員增長。開市客的付費會員在最新季度同比增長 6.8%，達到 7960 萬。會員費為公司的大部分利潤做出了貢獻。</p>
<p>總體而言，這兩家公司都有穩健的——如果不是巨大的——增長前景。分析師預計，蘋果的長期年均收益增長率將達到 10.6%，而開市客約為 9%。</p>
<h2>過去十年這兩隻股票表現非常相似</h2>
<p>儘管這兩家公司經營着截然不同的業務，但它們的股價在過去 10 年中表現相似。從股價的角度來看，開市客和蘋果在過去十年中產生了幾乎相同的年化回報，並且都大幅超越了 <strong>標準普爾 500 指數</strong>。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cddf0f7bc6cc6319f1ab67c5a857a7f3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="473" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cddf0f7bc6cc6319f1ab67c5a857a7f3.png"/></p>
<p>AAPL 數據來源於 YCharts</p>
<p>這兩家公司也支付小額的常規股息。蘋果已經連續 12 年支付並提高其股息，而開市客則連續 20 年如此。它們的股息收益率相似，約為 0.4% 到 0.5%。然而，開市客偶爾會支付特別股息，這對尋求股息收入的投資者來説略有優勢。</p>
<h2>但現在一個更值得購買</h2>
<p>分析師目前預計，蘋果未來的增長會比開市客稍強，但這也可能比開市客風險更大。</p>
<p>蘋果在將人工智能（AI）功能整合到其 iOS 設備中時遇到了困難。公司不得不重新審視設計。然而，蘋果用户往往非常忠誠，iOS 生態系統也非常粘性。因此，雖然現在可能還不需要恐慌，但蘋果需要在某個時刻正確處理 AI，否則可能面臨來自競爭對手的顛覆性威脅。</p>
<p>儘管如此，蘋果仍然是現在更值得購買的股票。</p>
<p>為什麼？開市客在過去十年的股票回報部分是由於估值擴張。換句話説，開市客的股價擴張速度超過了其利潤。如今，開市客的市盈率接近 54，這對於一家預計未來以 9% 的年化速度增長的企業來説，實在是太高了。</p>
<p>蘋果的市盈率為 33，雖然不是便宜貨，但假設公司能實現預期的兩位數收益增長，吸引力要大得多。蘋果還回購大量股票，這應該有助於推動收益增長，即使公司在應對其 AI 學習曲線時面臨挑戰。</p>

蘋果

開市客

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>蘋果和開市客是兩家領先的面向消費者的公司，擁有強大的客户忠誠度和顯著的市場資本化。預計這兩家公司將繼續增長，儘管增速會放緩，蘋果的年收益增長預計為 10.6%，而開市客為 9%。儘管在過去十年中兩者的股票表現相似，分析師仍然更看好蘋果，認為其增長潛力更高，儘管與人工智能整合相關的一些風險存在。開市客的高市盈率引發了對其估值的擔憂，使得蘋果目前成為更具吸引力的投資選擇</p>

<p>You'll struggle to find better consumer-facing companies than <strong>Apple</strong>(AAPL 0.07%) and <strong>Costco Wholesale</strong>(COST 0.23%).</p>
<div class="lb-trans"><p>你很難找到比 <strong>蘋果</strong>(AAPL 0.07%) 和 <strong>開市客</strong>(COST 0.23%) 更好的面向消費者的公司。</p>
</div><p>These two companies have built massive, loyal customer followings, and their stocks have delivered life-changing investment returns over the years on their way to becoming two of the world's largest companies by market cap.</p>
<div class="lb-trans"><p>這兩家公司建立了龐大而忠誠的客户羣，其股票多年來為投資者帶來了改變人生的投資回報，成為全球市值最大的兩家公司之一。</p>
</div><p>While both stocks may struggle to deliver the same level of returns they did in their earlier years, both can still be long-term winners in a stock portfolio. That said, you shouldn't just buy at any price, especially for maturing companies like Apple and Costco Wholesale.</p>
<div class="lb-trans"><p>雖然這兩隻股票可能難以再現早期的高回報，但它們仍然可以在股票投資組合中成為長期贏家。也就是説，你不應該在任何價格下購買，尤其是對於像蘋果和開市客這樣的成熟公司。</p>
</div><p>So, which is the better buy now? Here is what you need to know.</p>
<div class="lb-trans"><p>那麼，現在哪個更值得購買呢？以下是你需要知道的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMjQvYWFwbC5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825124%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>Both companies still have some juice left</h2>
<div class="lb-trans"><h2>兩家公司仍然有一些增長潛力</h2>
</div><p>Apple is a leading smartphone and personal electronics company, renowned for its iOS ecosystem, which has over 2.35 billion active users worldwide. Costco is a leading membership-only big-box warehouse retailer, where members can buy a variety of goods, often sold in bulk quantities.</p>
<div class="lb-trans"><p>蘋果是一家領先的智能手機和個人電子產品公司，以其擁有超過 23.5 億活躍用户的 iOS 生態系統而聞名。開市客是一家領先的會員制大宗商品零售商，會員可以購買各種商品，通常以大宗數量出售。</p>
</div><p>Both companies are well-established in their core businesses, but continue to demonstrate the ability to grow, albeit at a slower pace than in the past. With annual revenue in the billions, it's challenging to maintain high growth rates, but growth remains.</p>
<div class="lb-trans"><p>這兩家公司在其核心業務中都已建立良好的基礎，但仍然展現出增長的能力，儘管增速比過去慢。年收入達到數十億美元，保持高增長率是具有挑戰性的，但增長依然存在。</p>
</div><p>Apple continues to slowly increase its user base while also growing by offering a variety of subscription services to its users. Service revenue totaled nearly $53 billion through the first half of this year, up 12.7% year over year.</p>
<div class="lb-trans"><p>蘋果繼續緩慢增加其用户基礎，同時通過向用户提供多種訂閲服務實現增長。今年上半年，服務收入接近 530 億美元，同比增長 12.7%。</p>
</div><p>For Costco, there is some growth in merchandise sales as inflation lifts prices higher, but its core growth engine is membership growth. Costco's paid memberships increased by 6.8% year over year in the latest quarter to 79.6 million. Membership dues contribute the majority of the company's profits.</p>
<div class="lb-trans"><p>對於開市客，商品銷售在通貨膨脹推高價格的情況下有所增長，但其核心增長引擎是會員增長。開市客的付費會員在最新季度同比增長 6.8%，達到 7960 萬。會員費為公司的大部分利潤做出了貢獻。</p>
</div><p>Overall, both companies have solid -- if not gigantic -- growth prospects. Analysts estimate that Apple will grow its earnings by an average of 10.6% annually over the long term, compared to about 9% for Costco.</p>
<div class="lb-trans"><p>總體而言，這兩家公司都有穩健的——如果不是巨大的——增長前景。分析師預計，蘋果的長期年均收益增長率將達到 10.6%，而開市客約為 9%。</p>
</div><h2>The two stocks have performed remarkably similarly over the past decade</h2>
<div class="lb-trans"><h2>過去十年這兩隻股票表現非常相似</h2>
</div><p>Despite these companies operating very different businesses, their stock prices have performed similarly over the past 10 years. From a share price standpoint, Costco and Apple have generated nearly identical annualized returns over the past decade, and both have vastly outperformed the <strong>S&amp;P 500</strong>.</p>
<div class="lb-trans"><p>儘管這兩家公司經營着截然不同的業務，但它們的股價在過去 10 年中表現相似。從股價的角度來看，開市客和蘋果在過去十年中產生了幾乎相同的年化回報，並且都大幅超越了 <strong>標準普爾 500 指數</strong>。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cddf0f7bc6cc6319f1ab67c5a857a7f3.png" alt="" original-src="https://media.ycharts.com/charts/cddf0f7bc6cc6319f1ab67c5a857a7f3.png"/></p>
<p>AAPL data by YCharts</p>
<div class="lb-trans"><p>AAPL 數據來源於 YCharts</p>
</div><p>Both companies pay small-yielding regular dividends, too. Apple has paid and raised its dividend for 12 consecutive years, while Costco has done the same for 20 years. Their dividend yields are similar, ranging from about 0.4% to 0.5%. However, Costco occasionally pays special dividends, giving it a slight edge for investors who look for dividend income.</p>
<div class="lb-trans"><p>這兩家公司也支付小額的常規股息。蘋果已經連續 12 年支付並提高其股息，而開市客則連續 20 年如此。它們的股息收益率相似，約為 0.4% 到 0.5%。然而，開市客偶爾會支付特別股息，這對尋求股息收入的投資者來説略有優勢。</p>
</div><h2>But one is the better buy right now</h2>
<div class="lb-trans"><h2>但現在一個更值得購買</h2>
</div><p>Analysts currently expect a little more growth from Apple moving forward than from Costco, but it may also be a bit riskier than Costco.</p>
<div class="lb-trans"><p>分析師目前預計，蘋果未來的增長會比開市客稍強，但這也可能比開市客風險更大。</p>
</div><p>Apple has struggled to integrate artificial intelligence (AI) features into its iOS devices. The company has had to revisit the drawing board. However, Apple users tend to be quite loyal, and the iOS ecosystem is very sticky. So, while it may be too soon to panic, Apple needs to get AI right at some point, or it could face disruptive threats from competitors.</p>
<div class="lb-trans"><p>蘋果在將人工智能（AI）功能整合到其 iOS 設備中時遇到了困難。公司不得不重新審視設計。然而，蘋果用户往往非常忠誠，iOS 生態系統也非常粘性。因此，雖然現在可能還不需要恐慌，但蘋果需要在某個時刻正確處理 AI，否則可能面臨來自競爭對手的顛覆性威脅。</p>
</div><p>Despite this, Apple is still the better stock to buy now.</p>
<div class="lb-trans"><p>儘管如此，蘋果仍然是現在更值得購買的股票。</p>
</div><p>Why? Costco's stock returns over the past decade have been driven in part by valuation expansion. In other words, Costco's stock price has expanded faster than its profits. Today, Costco Wholesale trades at a price-to-earnings (P/E) ratio of nearly 54. That's far too high for a business expected to grow earnings at a 9% annualized pace moving forward.</p>
<div class="lb-trans"><p>為什麼？開市客在過去十年的股票回報部分是由於估值擴張。換句話説，開市客的股價擴張速度超過了其利潤。如今，開市客的市盈率接近 54，這對於一家預計未來以 9% 的年化速度增長的企業來説，實在是太高了。</p>
</div><p>Apple isn't a bargain at a P/E ratio of 33, but it is far more attractive, assuming the company delivers double-digit earnings growth as expected. Apple also repurchases massive amounts of its stock, which should help drive earnings growth, even as the company navigates its AI learning curve.</p>
<div class="lb-trans"><p>蘋果的市盈率為 33，雖然不是便宜貨，但假設公司能實現預期的兩位數收益增長，吸引力要大得多。蘋果還回購大量股票，這應該有助於推動收益增長，即使公司在應對其 AI 學習曲線時面臨挑戰。</p>
</div>

Best Stock to Buy Right Now: Apple vs. Costco Wholesale

- 蘋果和好市多是消費者面向的頂尖公司，擁有龐大的忠實客户羣。  
- 蘋果的服務收入在今年上半年達到近 530 億美元，同比增長 12.7%。  
- 分析師預計蘋果未來的年均收益增長率為 10.6%，高於好市多的 9%。  

當前最佳購買股票：蘋果與開市客