<p><strong>蘋果</strong>(AAPL -0.27%) 是全球最有價值的公司之一，市值達到 3 萬億美元。全球約有 15 億活躍的 iPhone 用户，這使其擁有龐大的用户基礎，並與其廣泛且不斷增長的生態系統相連接。沃倫·巴菲特曾稱蘋果是他所知道的最佳企業之一。</p>
<p>然而，儘管取得了如此成功、榮譽和看似良好的增長前景，股票在今年卻表現不佳，截至上週末下跌了 19%。雖然公司在開發人工智能 (AI) 能力的競爭中落後，但這是否足以解釋如此平淡的表現？或者考慮到其估值降低，蘋果可能是現在最值得購買的科技股之一？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc3NTAvYS1wZXJzb24tdXNpbmctdGhlaXItcGhvbmUtb3V0c2lkZS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="436" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc3NTAvYS1wZXJzb24tdXNpbmctdGhlaXItcGhvbmUtb3V0c2lkZS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>蘋果的業務方向是否正確？</h2>
<p>近年來，蘋果面臨的一個挑戰是其增長率的下降。由於人工智能推出的問題，導致公司推遲了一些功能，用户購買新 iPhone 的升級週期並不強勁。尤其是如果人們期待即將推出的新 AI 功能，似乎沒有強烈的理由去購買新產品；可以説，等待似乎是更合理的選擇。</p>
<p>公司最近公佈了財報，銷售額出現了異常增長，營收增長接近 10%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f1f3c30f85a45ad7d4ac7525c1efa34f.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/f1f3c30f85a45ad7d4ac7525c1efa34f.png"/></p>
<p>AAPL 營業收入（季度同比增長）數據來自 YCharts。</p>
<p>截至 6 月 28 日的期間，iPhone 銷售增長了 13%。但這很大程度上可能與關税有關。對未來價格上漲的擔憂可能導致許多人決定提前升級設備。因此，推動需求上升的並不一定是創新的新產品，而是對未來宏觀經濟挑戰的擔憂。因此，儘管公司取得了多年來最強勁的增長，投資者仍未購買蘋果的股票。</p>
<p>好消息是，公司的收入在明年可能會更強。蘋果正在推出一款新的可摺疊手機（沒有摺痕），這可能會給客户帶來令人興奮的新產品。</p>
<h2>今天蘋果股票有多便宜？</h2>
<p>毫無疑問，蘋果的業務非常強勁。這仍然是一家年收入超過 4000 億美元的公司，利潤率約為 24%。然而，最大的問題是股票是否_太貴_，尤其是如果其未來的增長率可能不會太高。蘋果的股票今年大幅下跌，這使得股票的市盈率降至其五年平均水平左右。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ce323ad4f223bb63a080e41ee9882992.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/ce323ad4f223bb63a080e41ee9882992.png"/></p>
<p>AAPL 市盈率數據來自 YCharts。</p>
<p>蘋果的股價仍遠未達到 52 周低點 169.21 美元，該價格是在美國總統唐納德·特朗普宣佈互惠關税時達到的。但分析師對該股票的共識目標價設定在約 237 美元，表明分析師預計蘋果的價值將上漲約 17%。</p>
<h2>你應該今天購買蘋果股票嗎？</h2>
<p>蘋果的股票在 2025 年面臨挑戰。憑藉龐大的用户基礎和多年來不斷擴展的服務，未來公司仍有很大的發展空間。但以 30 倍的市盈率來看，我能理解投資者對購買該股票的顧慮，因為對於一家雙位數銷售增長可能並不常見的公司來説，這個倍數確實很高。</p>
<p>雖然從長遠來看，投資蘋果仍然是一個不錯的選擇，但我認為蘋果的估值並不便宜，缺乏足夠的安全邊際使其值得購買，考慮到關税和經濟的不確定性。儘管今年股價下跌，但這支股票絕不是一個便宜的選擇。</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>蘋果的股票今年下跌了 19%，引發了對其估值的質疑。儘管用户基礎強大且最近收入增長了 10%，但對人工智能發展和宏觀經濟狀況的擔憂影響了投資者信心。分析師預測股票價值將上漲 17%，但由於市盈率為 30，許多投資者仍然保持謹慎。雖然蘋果繼續擴展其服務，但當前的估值可能沒有為新買家提供足夠的安全邊際，這表明儘管股票下跌，但並不是一個便宜的選擇</p>

<p><strong>Apple</strong>(AAPL -0.27%) is one of the most valuable companies in the world, with a market cap of $3 trillion. With around 1.5 billion active iPhone users worldwide, it has a massive userbase, which is connected to its vast and growing ecosystem. Warren Buffett once referred to Apple as one of the best businesses he's ever known.</p>
<div class="lb-trans"><p><strong>蘋果</strong>(AAPL -0.27%) 是全球最有價值的公司之一，市值達到 3 萬億美元。全球約有 15 億活躍的 iPhone 用户，這使其擁有龐大的用户基礎，並與其廣泛且不斷增長的生態系統相連接。沃倫·巴菲特曾稱蘋果是他所知道的最佳企業之一。</p>
</div><p>Yet, despite all its success, accolades, and seemingly terrific growth prospects, the stock has been struggling this year, down by 19% as of the end of last week. While the company has been falling behind in the race to develop artificial intelligence (AI) capabilities, is that enough of a reason to justify such an underwhelming performance? Or could Apple be one of the best tech stocks to buy right now, given its reduced valuation?</p>
<div class="lb-trans"><p>然而，儘管取得了如此成功、榮譽和看似良好的增長前景，股票在今年卻表現不佳，截至上週末下跌了 19%。雖然公司在開發人工智能 (AI) 能力的競爭中落後，但這是否足以解釋如此平淡的表現？或者考慮到其估值降低，蘋果可能是現在最值得購買的科技股之一？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc3NTAvYS1wZXJzb24tdXNpbmctdGhlaXItcGhvbmUtb3V0c2lkZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827750%2Fa-person-using-their-phone-outside.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>Is Apple's business heading in the right direction?</h2>
<div class="lb-trans"><h2>蘋果的業務方向是否正確？</h2>
</div><p>A challenge for Apple in recent years has been its diminishing growth rate. With a troubling AI rollout that has resulted in the company delaying features, there hasn't been a strong upgrade cycle with users buying new iPhones. There hasn't been an overwhelming reason to do so, especially if people are anticipating new AI features on the horizon; there's been arguably more of a reason to wait.</p>
<div class="lb-trans"><p>近年來，蘋果面臨的一個挑戰是其增長率的下降。由於人工智能推出的問題，導致公司推遲了一些功能，用户購買新 iPhone 的升級週期並不強勁。尤其是如果人們期待即將推出的新 AI 功能，似乎沒有強烈的理由去購買新產品；可以説，等待似乎是更合理的選擇。</p>
</div><p>The company recently reported earnings, and it did experience an unusual uptick in sales, with its top line rising by close to 10%.</p>
<div class="lb-trans"><p>公司最近公佈了財報，銷售額出現了異常增長，營收增長接近 10%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f1f3c30f85a45ad7d4ac7525c1efa34f.png" alt="" original-src="https://media.ycharts.com/charts/f1f3c30f85a45ad7d4ac7525c1efa34f.png"/></p>
<p>AAPL Operating Revenue (Quarterly YoY Growth) data by YCharts.</p>
<div class="lb-trans"><p>AAPL 營業收入（季度同比增長）數據來自 YCharts。</p>
</div><p>For the period ending June 28, iPhone sales rose by 13%. But a big reason for that is likely to do with tariffs. The fear of rising prices in the future may have resulted in many people deciding to upgrade their devices sooner rather than later. Thus, it wasn't necessarily innovative new products that pushed demand up, but rather, a fear of challenging macroeconomic conditions ahead. As a result, investors haven't been buying up Apple's stock despite the seemingly strong growth -- the best the company has achieved in multiple years.</p>
<div class="lb-trans"><p>截至 6 月 28 日的期間，iPhone 銷售增長了 13%。但這很大程度上可能與關税有關。對未來價格上漲的擔憂可能導致許多人決定提前升級設備。因此，推動需求上升的並不一定是創新的新產品，而是對未來宏觀經濟挑戰的擔憂。因此，儘管公司取得了多年來最強勁的增長，投資者仍未購買蘋果的股票。</p>
</div><p>The good news is that the company's revenue may be stronger next year. Apple is launching a new foldable phone (without creases), which may give customers an exciting new product to buy.</p>
<div class="lb-trans"><p>好消息是，公司的收入在明年可能會更強。蘋果正在推出一款新的可摺疊手機（沒有摺痕），這可能會給客户帶來令人興奮的新產品。</p>
</div><h2>Just how cheap is Apple stock today?</h2>
<div class="lb-trans"><h2>今天蘋果股票有多便宜？</h2>
</div><p>There's little doubt about how strong Apple's business is. This is still a company that generates more than $400 billion in annual revenue, with excellent profit margins of around 24%. The big question, however, is whether the stock is <em>too expensive</em>, especially if its growth rate may not be all that high going forward. Shares of Apple are down big this year, and that has pushed the stock's price-to-earnings multiple down to around its five-year average.</p>
<div class="lb-trans"><p>毫無疑問，蘋果的業務非常強勁。這仍然是一家年收入超過 4000 億美元的公司，利潤率約為 24%。然而，最大的問題是股票是否_太貴_，尤其是如果其未來的增長率可能不會太高。蘋果的股票今年大幅下跌，這使得股票的市盈率降至其五年平均水平左右。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ce323ad4f223bb63a080e41ee9882992.png" alt="" original-src="https://media.ycharts.com/charts/ce323ad4f223bb63a080e41ee9882992.png"/></p>
<p>AAPL PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>AAPL 市盈率數據來自 YCharts。</p>
</div><p>Apple is still nowhere near its 52-week low of $169.21, which it reached in April when U.S. President Donald Trump announced reciprocal tariffs. But the consensus analyst price target for the stock is set to around $237, indicating that analysts do see Apple rising by around 17% in value from where it is right now.</p>
<div class="lb-trans"><p>蘋果的股價仍遠未達到 52 周低點 169.21 美元，該價格是在美國總統唐納德·特朗普宣佈互惠關税時達到的。但分析師對該股票的共識目標價設定在約 237 美元，表明分析師預計蘋果的價值將上漲約 17%。</p>
</div><h2>Should you buy Apple stock today?</h2>
<div class="lb-trans"><h2>你應該今天購買蘋果股票嗎？</h2>
</div><p>Apple's stock has been having a challenging year in 2025. With a vast user base and the business expanding its array of services over the years, there's still room for the company to become much larger in the future. But at 30 times its earnings, I can understand the apprehension from investors in buying the stock, as that's a steep multiple for a company where double-digit sales growth may simply not be the norm.</p>
<div class="lb-trans"><p>蘋果的股票在 2025 年面臨挑戰。憑藉龐大的用户基礎和多年來不斷擴展的服務，未來公司仍有很大的發展空間。但以 30 倍的市盈率來看，我能理解投資者對購買該股票的顧慮，因為對於一家雙位數銷售增長可能並不常見的公司來説，這個倍數確實很高。</p>
</div><p>While it's still a good business to invest in for the long term, I don't think Apple's valuation is cheap enough where there's enough margin of safety to make it worth buying, given the uncertainty around tariffs and the economy. Although it's down this year, the stock is by no means a bargain.</p>
<div class="lb-trans"><p>雖然從長遠來看，投資蘋果仍然是一個不錯的選擇，但我認為蘋果的估值並不便宜，缺乏足夠的安全邊際使其值得購買，考慮到關税和經濟的不確定性。儘管今年股價下跌，但這支股票絕不是一個便宜的選擇。</p>
</div>

Down 19% This Year, Has Apple Stock Become a Bargain Buy?

- 蘋果公司市值達 3 萬億美元，擁有 15 億活躍 iPhone 用户。  
- 儘管銷售增長 10%，但因宏觀經濟擔憂，投資者仍未積極買入。  
- 分析師目標價為 237 美元，預計股價有 17% 上漲空間。  

今年下跌了 19%，蘋果股票是否已經成為一個值得購買的便宜選擇？