<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1565514021506-1dc81b752c5e/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1565514021506-1dc81b752c5e/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>圖片來源：Unsplash</em></p>
<p>股息貴族是長期收入投資者最好的股票之一。股息貴族擁有出色的商業模式，能夠在經濟衰退期間仍然實現年度股息增長。</p>
<p>以下三隻股息股票已經連續 25 年增加股息，因而被列入獨特的股息貴族名單。</p>
<p>由於股息收益率、未來盈利增長和估值倍數擴張的組合，它們在未來五年內也有很高的預期總回報。</p>
<h3><strong>Nordson Corporation (NDSN)</strong></h3>
<p>Nordson 在 35 個國家開展業務，設計、製造和銷售用於分配粘合劑、塗料、密封劑、生物材料、塑料和其他材料的產品，應用範圍從尿布和吸管到手機和航空航天。該公司在上一個財年實現了 27 億美元的銷售額。</p>
<p>在 2025 年 8 月 20 日，Nordson 公佈了截至 2025 年 7 月 31 日的第三季度業績。該季度，公司報告銷售額為 7.42 億美元，比 2024 年第三季度的 6.62 億美元增長了 12%，主要受益於 8% 的積極收購影響、2% 的有機銷售增長和 2% 的有利外匯轉換。</p>
<p>工業精密、先進技術以及醫療和流體解決方案部門的銷售額分別增長了 1%、17% 和 32%。</p>
<p>公司調整後的每股收益為 2.73 美元，比去年同期增長了 13%。由於出貨量強勁，訂單積壓環比下降了 5%。截至目前，Nordson 的業績仍符合其最初的 2025 財年展望，預計銷售額在 27.5 億到 28.7 億美元之間，調整後的每股收益在 9.70 到 10.50 美元之間。</p>
<p>Nordson 的主要競爭優勢在於其在全球範圍內龐大的客户基礎。該公司提供在多種製造過程中涉及的細分但關鍵的產品。因此，競爭對手很難取代公司的市場地位。當然，這並不意味着 Nordson 免受經濟衰退的影響。在上一次危機中，公司的收益下降了 32%，但隨後強勁反彈。</p>
<p>NDSN 已經連續 62 年增加股息。</p>
<h3><strong>Hormel Corporation (HRL)</strong></h3>
<p>Hormel Foods 是一家多元化的食品生產商，年收入約為 125 億美元。Hormel 在肉類產品加工方面保持了超過一百年的核心競爭力，同時通過收購擴展到其他業務領域。該公司在全球 80 個國家銷售其產品，品牌包括 Skippy、SPAM、Applegate、Justin’s 等 30 多個品牌。</p>
<p>Hormel 在 2025 年 8 月 28 日發佈了第三季度財報。調整後的每股收益為 35 美分，低於預期 6 美分。收入同比增長 4.5%，達到 30.3 億美元，比預期高出 5000 萬美元。有機淨銷售額同比增長 6%，其中銷量增長 4%，價格和組合貢獻了其他 2%。</p>
<p>公司還指出，其成本節約計劃正在發揮作用，每年節省約 1.25 億美元。毛利潤同比持平，通貨膨脹壓力被銷售增長所抵消。公司提到原材料成本通脹為 400 個基點，對利潤率構成巨大壓力。</p>
<p>經營現金流為 1.57 億美元，資本支出為 7200 萬美元，支付的股息為 1.59 億美元。對第四季度的指導預計淨銷售額約為 32 億美元，低於市場共識約 5000 萬美元。預計每股收益約為 39 美分。</p>
<p>Hormel 已經連續 59 年增加股息。Hormel 的派息比率為 80% 的收益，我們預計隨着收益超過股息增長，該比率可能會逐漸降低。管理層當然致力於股息，但也希望通過收購實現增長，這需要現金。</p>
<p>Hormel 的主要競爭優勢在於其約 40 種產品在各自類別中排名第一或第二。Hormel 擁有經過驗證的品牌，這一領導地位對競爭對手來説很難取代。此外，Hormel 擁有全球分銷網絡，幾乎沒有其他食品公司能夠匹敵。Hormel 的每股收益在大蕭條期間實際上增長，證明了公司的防禦性特徵。</p>
<h3><strong>Brown &amp; Brown (BRO)</strong></h3>
<p>Brown &amp; Brown Inc.是一家領先的保險經紀公司，為個人和企業提供風險管理解決方案，專注於財產和意外保險。Brown &amp; Brown 的內部持股比例顯著較高。</p>
<p>Brown &amp; Brown 在 2025 年 10 月 27 日發佈了第三季度財報，結果好於預期。調整後的每股收益為 1.05 美元，高出預期 12 美分。由於收購，收入同比飆升 35%，達到 16.1 億美元，比預期高出 7000 萬美元。</p>
<p>佣金和費用同比增長 34%，而有機收入（不包括收購）增長了 3.5%。税前收入為 3.11 億美元，同比下降 2%，利潤率從收入的 26.7% 下降到 19.4%。</p>
<p>在過去九個月中，收入同比增長 19%，達到 43 億美元，佣金和費用增長 18%。有機收入增長為 4.6%。税前收入為 10 億美元，同比增長 2%，利潤率從收入的 28.4% 下降到 24.4%。EBITDAC 為 16 億美元，EBITDAC 利潤率從 35.9% 上升到 37.1%。</p>
<p>我們略微提高了對今年每股收益的預期至 4.20 美元。該公司還連續第 32 年提高股息，增加 10% 至每股 66 美分的新的派息水平。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>高股息 50：多元化皇家公司。</p>
<p>高股息 50：InPlay Oil Corp。</p>
<p>高股息 50：第六街專業貸款。</p>

荷美爾食品

NDSN

<p>這篇文章討論了三隻適合長期投資者的頂級股息貴族：Nordson Corporation、Hormel Corporation 和 Brown & Brown。Nordson 連續 62 年增加股息，第三季度業績強勁，銷售額增長 12%。Hormel 則有 59 年的股息增長記錄，第三季度收益略低於預期，但顯示出收入增長。Brown & Brown 在第三季度的收入增長了 35%，超出預期，主要得益於收購。這三家公司都展現了韌性和強大的商業模式，吸引了以收入為導向的投資者</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1565514021506-1dc81b752c5e/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1565514021506-1dc81b752c5e?ixid=MXwxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHw%3D&amp;ixlib=rb-1.2.1&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>圖片來源：Unsplash</em></p>
</div><p>The Dividend Aristocrats are among the best stocks for long-term income investors. Dividend Aristocrats have excellent business models that have produced annual dividend increases, even during recessions.</p>
<div class="lb-trans"><p>股息貴族是長期收入投資者最好的股票之一。股息貴族擁有出色的商業模式，能夠在經濟衰退期間仍然實現年度股息增長。</p>
</div><p>The following 3 dividend stocks have increased their payouts for over 25 consecutive years, placing them on the exclusive Dividend Aristocrats list.</p>
<div class="lb-trans"><p>以下三隻股息股票已經連續 25 年增加股息，因而被列入獨特的股息貴族名單。</p>
</div><p>They also have high expected total returns over the next five years, due to a combination of dividend yield, future earnings growth, and an expanding valuation multiple.</p>
<div class="lb-trans"><p>由於股息收益率、未來盈利增長和估值倍數擴張的組合，它們在未來五年內也有很高的預期總回報。</p>
</div><h3><strong>Nordson Corporation (NDSN)</strong></h3>
<div class="lb-trans"><h3><strong>Nordson Corporation (NDSN)</strong></h3>
</div><p>Nordson has operations in over 35 countries and engineers, manufactures, and markets products used for dispensing adhesives, coatings, sealants, biomaterials, plastics, and other materials, with applications ranging from diapers and straws to cell phones and aerospace. The company generated $2.7 billion in sales last fiscal year.</p>
<div class="lb-trans"><p>Nordson 在 35 個國家開展業務，設計、製造和銷售用於分配粘合劑、塗料、密封劑、生物材料、塑料和其他材料的產品，應用範圍從尿布和吸管到手機和航空航天。該公司在上一個財年實現了 27 億美元的銷售額。</p>
</div><p>On August 20th, 2025, Nordson reported third quarter results for the period ending July 31, 2025. For the quarter, the company reported sales of $742 million, 12% higher compared to $662 million in Q3 2024, driven by an 8% positive acquisition impact, 2% organic sales increase, and 2% favorable forex translation.</p>
<div class="lb-trans"><p>在 2025 年 8 月 20 日，Nordson 公佈了截至 2025 年 7 月 31 日的第三季度業績。該季度，公司報告銷售額為 7.42 億美元，比 2024 年第三季度的 6.62 億美元增長了 12%，主要受益於 8% 的積極收購影響、2% 的有機銷售增長和 2% 的有利外匯轉換。</p>
</div><p>The Industrial Precision, Advanced Technology, and Medical and Fluid Solutions segments saw sales increase by 1% 17%, and 32%, respectively.</p>
<div class="lb-trans"><p>工業精密、先進技術以及醫療和流體解決方案部門的銷售額分別增長了 1%、17% 和 32%。</p>
</div><p>The company generated adjusted earnings per share of $2.73, a 13% increase compared to the same prior year period. The backlog declined 5% sequentially due to strong shipments. Nordson’s results to date are still in line with its initial FY 2025 outlook, which expected sales of $2.75 billion to $2.87 billion and adjusted EPS of $9.70 to $10.50.</p>
<div class="lb-trans"><p>公司調整後的每股收益為 2.73 美元，比去年同期增長了 13%。由於出貨量強勁，訂單積壓環比下降了 5%。截至目前，Nordson 的業績仍符合其最初的 2025 財年展望，預計銷售額在 27.5 億到 28.7 億美元之間，調整後的每股收益在 9.70 到 10.50 美元之間。</p>
</div><p>Nordson’s main competitive advantage is its enormous installed base of customers around the world. The company provides niche, but critical, pieces involved in a variety of manufacturing processes. As such, it is difficult for competitors to compete away the company’s position. Of course, this does not mean that Nordson is immune from recessions. During the last crisis, earnings fell -32% for the year, before rebounding strongly.</p>
<div class="lb-trans"><p>Nordson 的主要競爭優勢在於其在全球範圍內龐大的客户基礎。該公司提供在多種製造過程中涉及的細分但關鍵的產品。因此，競爭對手很難取代公司的市場地位。當然，這並不意味着 Nordson 免受經濟衰退的影響。在上一次危機中，公司的收益下降了 32%，但隨後強勁反彈。</p>
</div><p>NDSN has increased its dividend for 62 consecutive years.</p>
<div class="lb-trans"><p>NDSN 已經連續 62 年增加股息。</p>
</div><h3><strong>Hormel Corporation (HRL)</strong></h3>
<div class="lb-trans"><h3><strong>Hormel Corporation (HRL)</strong></h3>
</div><p>Hormel Foods is a diversified food producer with about $12.5 billion in annual revenue. Hormel has kept its core competency as a processor of meat products for well over a hundred years but has also grown into other business lines through acquisitions. The company sells its products in 80 countries worldwide, and its brands include Skippy, SPAM, Applegate, Justin’s, and more than 30 others.</p>
<div class="lb-trans"><p>Hormel Foods 是一家多元化的食品生產商，年收入約為 125 億美元。Hormel 在肉類產品加工方面保持了超過一百年的核心競爭力，同時通過收購擴展到其他業務領域。該公司在全球 80 個國家銷售其產品，品牌包括 Skippy、SPAM、Applegate、Justin’s 等 30 多個品牌。</p>
</div><p>Hormel posted third quarter earnings on August 28th, 2025. Adjusted earnings-per-share came to 35 cents, which was six cents light of estimates. Revenue was up 4.5% year-over-year to $3.03 billion, beating estimates by $50 million. Organic net sales were up 6% year-over-year on volume gains of 4%, with price and mix comprising the other 2%.</p>
<div class="lb-trans"><p>Hormel 在 2025 年 8 月 28 日發佈了第三季度財報。調整後的每股收益為 35 美分，低於預期 6 美分。收入同比增長 4.5%，達到 30.3 億美元，比預期高出 5000 萬美元。有機淨銷售額同比增長 6%，其中銷量增長 4%，價格和組合貢獻了其他 2%。</p>
</div><p>The company also noted its cost savings program is working and helping save about $125 million annually. Gross profit was flat year-on-year, with inflationary headwinds offset by top line gains. The company noted 400 basis points of raw material cost inflation, a massive headwind to margins.</p>
<div class="lb-trans"><p>公司還指出，其成本節約計劃正在發揮作用，每年節省約 1.25 億美元。毛利潤同比持平，通貨膨脹壓力被銷售增長所抵消。公司提到原材料成本通脹為 400 個基點，對利潤率構成巨大壓力。</p>
</div><p>Cash flow from operations were $157 million, while capex was $72 million, and dividends paid were $159 million. Guidance for Q4 was for net sales of ~$3.2 billion, about $50 million light of consensus. Earnings are expected at ~39 cents.</p>
<div class="lb-trans"><p>經營現金流為 1.57 億美元，資本支出為 7200 萬美元，支付的股息為 1.59 億美元。對第四季度的指導預計淨銷售額約為 32 億美元，低於市場共識約 5000 萬美元。預計每股收益約為 39 美分。</p>
</div><p>Hormel has increased its dividend for 59 consecutive years. Hormel’s payout ratio is 80% of earnings, and we expect it could drift lower over time as earnings outpace dividend growth. Management is certainly committed to the dividend, but it wants to acquire growth as well, which uses cash.</p>
<div class="lb-trans"><p>Hormel 已經連續 59 年增加股息。Hormel 的派息比率為 80% 的收益，我們預計隨着收益超過股息增長，該比率可能會逐漸降低。管理層當然致力於股息，但也希望通過收購實現增長，這需要現金。</p>
</div><p>Hormel’s main competitive advantage is its ~40 products that are either #1 or #2 in their category. Hormel has brands that are proven, and that leadership position is difficult for competitors to supplant. In addition, Hormel has a global network of distributors that few food companies can rival. Hormel’s earnings-per-share actually grew during the Great Recession, a testament to the company’s defensive nature.</p>
<div class="lb-trans"><p>Hormel 的主要競爭優勢在於其約 40 種產品在各自類別中排名第一或第二。Hormel 擁有經過驗證的品牌，這一領導地位對競爭對手來説很難取代。此外，Hormel 擁有全球分銷網絡，幾乎沒有其他食品公司能夠匹敵。Hormel 的每股收益在大蕭條期間實際上增長，證明了公司的防禦性特徵。</p>
</div><h3><strong>Brown &amp; Brown (BRO)</strong></h3>
<div class="lb-trans"><h3><strong>Brown &amp; Brown (BRO)</strong></h3>
</div><p>Brown &amp; Brown Inc. is a leading insurance brokerage firm that provides risk management solutions to both individuals and businesses, with a focus on property &amp; casualty insurance. Brown &amp; Brown has a notably high level of insider ownership.</p>
<div class="lb-trans"><p>Brown &amp; Brown Inc.是一家領先的保險經紀公司，為個人和企業提供風險管理解決方案，專注於財產和意外保險。Brown &amp; Brown 的內部持股比例顯著較高。</p>
</div><p>Brown &amp; Brown posted third quarter earnings on October 27th, 2025, and results were better than expected. Adjusted earnings-per-share came to $1.05, which was 12 cents ahead of estimates. Revenue soared 35% year-over-year thanks to acquisitions, beating estimates by $70 million at $1.61 billion.</p>
<div class="lb-trans"><p>Brown &amp; Brown 在 2025 年 10 月 27 日發佈了第三季度財報，結果好於預期。調整後的每股收益為 1.05 美元，高出預期 12 美分。由於收購，收入同比飆升 35%，達到 16.1 億美元，比預期高出 7000 萬美元。</p>
</div><p>Commissions and fees rose 34% year-over-year, while organic revenue (which excludes acquisitions) rose 3.5%. Income before taxes was $311 million, which was off 2% year-over-year, with margin declining from 26.7% of revenue to 19.4%.</p>
<div class="lb-trans"><p>佣金和費用同比增長 34%，而有機收入（不包括收購）增長了 3.5%。税前收入為 3.11 億美元，同比下降 2%，利潤率從收入的 26.7% 下降到 19.4%。</p>
</div><p>For the nine months, revenue was up 19% year-over-year to $4.3 billion, with commissions and fees up 18%. Organic revenue growth was 4.6%. Income before taxes was $1 billion, up 2%, on margin that fell from 28.4% to 24.4% of revenue. EBITDAC was $1.6 billion on EBITDAC margin that rose from 35.9% to 37.1% of revenue.</p>
<div class="lb-trans"><p>在過去九個月中，收入同比增長 19%，達到 43 億美元，佣金和費用增長 18%。有機收入增長為 4.6%。税前收入為 10 億美元，同比增長 2%，利潤率從收入的 28.4% 下降到 24.4%。EBITDAC 為 16 億美元，EBITDAC 利潤率從 35.9% 上升到 37.1%。</p>
</div><p>We have slightly boosted our estimate of earnings-per-share for this year to $4.20. The company also boosted its dividend for the 32nd consecutive year, raising it by 10% to a new payout of 66 cents per share annually.</p>
<div class="lb-trans"><p>我們略微提高了對今年每股收益的預期至 4.20 美元。該公司還連續第 32 年提高股息，增加 10% 至每股 66 美分的新的派息水平。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>High Dividend 50: Diversified Royalty Corp.</p>
<div class="lb-trans"><p>高股息 50：多元化皇家公司。</p>
</div><p>High Dividend 50: InPlay Oil Corp.</p>
<div class="lb-trans"><p>高股息 50：InPlay Oil Corp。</p>
</div><p>High Dividend 50: Sixth Street Specialty Lending</p>
<div class="lb-trans"><p>高股息 50：第六街專業貸款。</p>
</div>

三大長期回報的頂級紅利貴族