<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/main/91/454.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="635" height="400" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/main/91/454.jpg"/></p>
<p><em>圖片來源：Bigstock</em></p>
<h3><strong>關鍵要點</strong></h3>
<ul>
<li>卡特彼勒發佈的第三季度收入為 176 億美元，同比增長 9.5%，結束了連續六個季度的下滑。</li>
<li>卡特彼勒的訂單積壓環比增加 24 億美元，達到創紀錄的 399 億美元，提高了收入可見性。</li>
<li>由於成本上升，卡特彼勒第三季度的收益下降了 4%，但降幅較 2025 年前幾個季度大幅放緩。</li>
</ul>
<p>卡特彼勒公司（CAT - 免費報告）過去一年股價上漲了 57.9%，超過了製造業 - 建築和礦業行業的 55.9% 的增長。相比之下，Zacks 工業產品部門和標準普爾 500 指數的漲幅則較為温和，分別為 5.5% 和 18.7%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/45/139724.jpg/query-dj0xNjAyMDMwNjg3?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="349" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/45/139724.jpg/query-dj0xNjAyMDMwNjg3"/></p>
<p><em>圖片來源：Zacks 投資研究</em></p>
<p>卡特彼勒的表現也優於其同行小松（KMTUY - 免費報告）和特雷克斯公司（TEX - 免費報告），如下圖所示。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/03/139723.jpg/query-dj0xNjUzNzg2NzY?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="350" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/03/139723.jpg/query-dj0xNjUzNzg2NzY"/></p>
<p><em>圖片來源：Zacks 投資研究</em></p>
<p>從技術角度來看，卡特彼勒自去年 5 月以來一直在其 200 日簡單移動平均線（SMA）之上交易，並且始終高於其 50 日 SMA，顯示出持續的上升動能。這一價格走勢反映了投資者對卡特彼勒運營表現、資產負債表實力和長期增長前景的信心。</p>
<h3><strong>卡特彼勒股價高於 50 日和 200 日 SMA</strong></h3>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/73/139730.jpg/query-dj0zOTIyMjU0MDI?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="242" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/73/139730.jpg/query-dj0zOTIyMjU0MDI"/></p>
<p><em>圖片來源：Zacks 投資研究</em></p>
<h3><strong>卡特彼勒在第三季度恢復收入增長，創下訂單積壓新高</strong></h3>
<p>卡特彼勒不斷改善的基本面支撐了其在 2025 年的股票表現。在 2025 年第三季度，該公司發佈的收入約為 176 億美元，創下季度收入新高。收入同比增長 9.5%，其中銷售量增長 10% 和 1% 的有利匯率影響抵消了 1.3% 的不利價格實現。</p>
<p>廣泛的銷量增長幫助卡特彼勒打破了連續六個季度收入下滑的局面。訂單積壓也有所增強，環比增加 24 億美元，達到創紀錄的 399 億美元，為未來收入提供了良好的可見性。</p>
<p>卡特彼勒現在預計 2025 年的收入將比 2024 年 “適度” 增長，較之前 “略微” 增長的預測有所改善。</p>
<h3><strong>卡特彼勒顯示出改善的盈利韌性</strong></h3>
<p>由於製造成本和關税影響，第三季度銷售成本上升了 16%，導致每股收益同比下降 4%，降至 4.95 美元。令人鼓舞的是，收益下降的速度從 2025 年第一季度的 27% 降至第二季度的 15.7% 和第三季度的 4%，顯示出運營動能的改善。</p>
<p>與此同時，同行們繼續面臨更明顯的挑戰。特雷克斯在其材料處理部門經歷了連續七個季度的負有機增長，原因是需求疲軟。該公司預計這一趨勢將反映在其 2025 年的業績上。此外，特雷克斯的高空作業部門也經歷了連續八個季度的負有機增長。</p>
<p>小松在其建築、礦業和公用事業設備部門的銷量在 2024 財年出現下降，這一趨勢在 2025 財年上半年（截至 2025 年 9 月 30 日）持續。小松預計 2025 財年建築、礦業和公用事業設備的需求將與 2024 財年持平。</p>
<h3><strong>盈利預估顯示卡特彼勒將在 2026 年反彈</strong></h3>
<p>卡特彼勒在過去 60 天的 2025 年和 2026 年的盈利預估均有所上調。Zacks 共識預估顯示，卡特彼勒 2025 年的盈利預計同比下降 15.57%，而收入則預計增長 2.29%。2026 年的盈利預估顯示增長 18.95%，收入增長 8.30%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/3f/139729.jpg/query-dj0xNjMxMjEwNjQ5?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="205" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/3f/139729.jpg/query-dj0xNjMxMjEwNjQ5"/></p>
<p><em>圖片來源：Zacks 投資研究</em></p>
<h3><strong>卡特彼勒股票交易溢價</strong></h3>
<p>卡特彼勒最近的前瞻性 12 個月市盈率（P/E）為 30.96 倍，而行業平均為 28.51 倍。與此同時，小松和特雷克斯的市盈率分別為 12.02 倍和 10.83 倍，低於行業水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/14/139725.jpg/query-dj0yMTkzMTEy?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="277" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/14/139725.jpg/query-dj0yMTkzMTEy"/></p>
<p><em>圖片來源：Zacks 投資研究</em></p>
<h3><strong>卡特彼勒提供吸引人的回報</strong></h3>
<p>卡特彼勒的股本回報率（ROE）為 47.16%，高於行業平均的 46.52%。也高於標準普爾 500 的 32.48%。與此同時，小松的 ROE 為 12.41%，特雷克斯的 ROE 為 15.93%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/e3/139733.jpg/query-dj03NDE3NzI0MTE?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="278" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/e3/139733.jpg/query-dj03NDE3NzI0MTE"/></p>
<p><em>圖片來源：Zacks 投資研究</em></p>
<h3><strong>卡特彼勒為長期增長做好準備</strong></h3>
<p>從長遠來看，卡特彼勒將受益於美國基礎設施投資和就業法案下的基礎設施支出增加。全球能源轉型預計也將提升對關鍵礦物的需求，從而增強卡特彼勒礦業設備組合的前景。卡特彼勒的自主礦業車隊的採用正在加速，受益於生產力、安全性和成本效益。</p>
<p>隨着科技公司在全球建立數據中心以支持其生成性人工智能應用，卡特彼勒正在見證數據中心用往復式發動機的訂單水平強勁。該公司計劃通過多年的資本投資將產量翻倍。</p>
<p>卡特彼勒最近與亨特能源公司（Hunt Energy Company, L.P.）達成了一項長期戰略合作，以滿足數據中心日益增長的電力需求。第一個項目計劃在德克薩斯州進行，預計將作為一個多年的計劃的啓動平台，為北美的數據中心提供高達一吉瓦的發電能力。</p>
<p>卡特彼勒還達成了一項協議，開發數據中心的先進能源優化解決方案。此次合作專注於將 Vertiv 的電力分配和冷卻產品組合與卡特彼勒在發電和 CCHP（聯合冷卻、供熱和發電）方面的專業知識相結合。卡特彼勒在售後零部件和服務相關收入方面的增長努力，將有助於推動其增長，這些收入的利潤率較高。</p>
<h3><strong>投資者現在應該如何看待卡特彼勒的股票？</strong></h3>
<p>考慮到卡特彼勒的收入增長迴歸、創紀錄的訂單積壓、改善的盈利軌跡以及在充滿挑戰的宏觀環境中相對於同行的相對強勢，其溢價估值似乎是合理的。公司的強大長期增長驅動因素，依託基礎設施投資、能源轉型趨勢、數據中心擴張以及不斷增長的高利潤服務業務，為未來的盈利能力提供了清晰的可見性。</p>
<p>預計到 2026 年，盈利將顯著反彈，增長前景不斷增強，卡特彼勒的 Zacks 評級為#2（買入），進一步鞏固了我們對其積極前景的看法。</p>
<hr/>
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<p>Coherent 的產品組合是否使其成為終極 AI 股票？</p>
<p>2026 年的 6 個 ETF 預測</p>

卡特彼勒

<p>卡特彼勒的股票在過去一年中上漲了 57.9%，表現優於行業同行。在 2025 年第三季度，收入達到了 176 億美元，同比增長 9.5%，並創下了 399 億美元的歷史訂單積壓。儘管由於成本上升，盈利下降了 4%，但下降的速度有所放緩。2026 年的盈利預期顯示出反彈，預計增長 18.95%。卡特彼勒的市盈率為 30.96，回報率強勁，達到 47.16%。該公司在基礎設施支出和對礦山設備需求的推動下，具備良好的長期增長潛力</p>

<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/main/91/454.jpg" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/main/91/454.jpg"/></p>
<p><em>Image: Bigstock</em></p>
<div class="lb-trans"><p><em>圖片來源：Bigstock</em></p>
</div><h3><strong>Key Takeaways</strong></h3>
<div class="lb-trans"><h3><strong>關鍵要點</strong></h3>
</div><ul>
<li>Caterpillar posted Q3 revenues of $17.6 billion, up 9.5%, snapping six straight quarters of declines.</li>
<li>Caterpillar's backlog rose $2.4 billion sequentially to a record $39.9 billion, improving revenue visibility.</li>
<li>Caterpillar earnings fell 4% in Q3 as costs rose, but the decline slowed sharply from earlier 2025 quarters.</li>
</ul>
<div class="lb-trans"><ul>
<li>卡特彼勒發佈的第三季度收入為 176 億美元，同比增長 9.5%，結束了連續六個季度的下滑。</li>
<li>卡特彼勒的訂單積壓環比增加 24 億美元，達到創紀錄的 399 億美元，提高了收入可見性。</li>
<li>由於成本上升，卡特彼勒第三季度的收益下降了 4%，但降幅較 2025 年前幾個季度大幅放緩。</li>
</ul>
</div><p>Caterpillar Inc. (CAT - Free Report) shares have delivered a strong 57.9% in the past year, outpacing the Manufacturing - Construction and Mining industry's 55.9% growth. In contrast, the Zacks Industrial Products sector and the S&amp;P 500 posted more modest gains of 5.5% and 18.7%, respectively.</p>
<div class="lb-trans"><p>卡特彼勒公司（CAT - 免費報告）過去一年股價上漲了 57.9%，超過了製造業 - 建築和礦業行業的 55.9% 的增長。相比之下，Zacks 工業產品部門和標準普爾 500 指數的漲幅則較為温和，分別為 5.5% 和 18.7%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/45/139724.jpg/query-dj0xNjAyMDMwNjg3" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/45/139724.jpg?v=1602030687"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>圖片來源：Zacks 投資研究</em></p>
</div><p>Caterpillar has also outperformed its peers, Komatsu (KMTUY - Free Report) and Terex Corp. (TEX - Free Report), as shown in the chart below.</p>
<div class="lb-trans"><p>卡特彼勒的表現也優於其同行小松（KMTUY - 免費報告）和特雷克斯公司（TEX - 免費報告），如下圖所示。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/03/139723.jpg/query-dj0xNjUzNzg2NzY" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/03/139723.jpg?v=165378676"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>圖片來源：Zacks 投資研究</em></p>
</div><p>From a technical standpoint, Caterpillar has been trading above its 200-day simple moving average (SMA) since May last year, and it has remained above its 50-day SMA, signaling sustained upward momentum. This price action reflects investor confidence in Caterpillar’s operating performance, balance sheet strength, and long-term growth prospects.</p>
<div class="lb-trans"><p>從技術角度來看，卡特彼勒自去年 5 月以來一直在其 200 日簡單移動平均線（SMA）之上交易，並且始終高於其 50 日 SMA，顯示出持續的上升動能。這一價格走勢反映了投資者對卡特彼勒運營表現、資產負債表實力和長期增長前景的信心。</p>
</div><h3><strong>Caterpillar Trades Above 50-Day &amp; 200-Day SMA</strong></h3>
<div class="lb-trans"><h3><strong>卡特彼勒股價高於 50 日和 200 日 SMA</strong></h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/73/139730.jpg/query-dj0zOTIyMjU0MDI" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/73/139730.jpg?v=392225402"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>圖片來源：Zacks 投資研究</em></p>
</div><h3><strong>Caterpillar Returns to Revenue Growth in Q3, Posts Record Backlog</strong></h3>
<div class="lb-trans"><h3><strong>卡特彼勒在第三季度恢復收入增長，創下訂單積壓新高</strong></h3>
</div><p>Caterpillar’s improving fundamentals supported its stock performance in 2025. In the third quarter of 2025, the company posted revenues of approximately $17.6 billion, marking its highest quarterly number on record. Revenues were up 9.5%, as a 10% increase in sales volume and a favorable currency impact of 1% were offset by an unfavorable price realization of 1.3%.</p>
<div class="lb-trans"><p>卡特彼勒不斷改善的基本面支撐了其在 2025 年的股票表現。在 2025 年第三季度，該公司發佈的收入約為 176 億美元，創下季度收入新高。收入同比增長 9.5%，其中銷售量增長 10% 和 1% 的有利匯率影響抵消了 1.3% 的不利價格實現。</p>
</div><p>Broad-based volume gains helped Caterpillar break the streak of six straight quarters of revenue declines. Backlog also strengthened, rising sequentially by $2.4 billion to a record $39.9 billion, providing solid visibility into future revenues.</p>
<div class="lb-trans"><p>廣泛的銷量增長幫助卡特彼勒打破了連續六個季度收入下滑的局面。訂單積壓也有所增強，環比增加 24 億美元，達到創紀錄的 399 億美元，為未來收入提供了良好的可見性。</p>
</div><p>Caterpillar now expects 2025 revenues to be “modestly” higher compared with 2024, an improvement from its prior projection of “slightly” higher revenues.</p>
<div class="lb-trans"><p>卡特彼勒現在預計 2025 年的收入將比 2024 年 “適度” 增長，較之前 “略微” 增長的預測有所改善。</p>
</div><h3><strong>Caterpillar Shows Improving Earnings Resilience</strong></h3>
<div class="lb-trans"><h3><strong>卡特彼勒顯示出改善的盈利韌性</strong></h3>
</div><p>Cost of sales climbed 16% in the third quarter due to higher manufacturing costs and tariff impacts, resulting in a 4% year-over-year decline in earnings to $4.95 per share. Encouragingly, the pace of earnings decline has slowed meaningfully from the 27% drop in the first quarter of 2025 to a 15.7% decline in the second quarter and the 4% decline reported in the third quarter, highlighting improving operational momentum.</p>
<div class="lb-trans"><p>由於製造成本和關税影響，第三季度銷售成本上升了 16%，導致每股收益同比下降 4%，降至 4.95 美元。令人鼓舞的是，收益下降的速度從 2025 年第一季度的 27% 降至第二季度的 15.7% 和第三季度的 4%，顯示出運營動能的改善。</p>
</div><p>Meanwhile, peers have continued to face more pronounced challenges. Terex has seen seven straight quarters of negative organic growth in its Material Processing segment due to subdued demand. The company expects this trend to reflect on its 2025 results. Additionally, Terex’s Aerial segment has seen eight straight quarters of negative organic growth.</p>
<div class="lb-trans"><p>與此同時，同行們繼續面臨更明顯的挑戰。特雷克斯在其材料處理部門經歷了連續七個季度的負有機增長，原因是需求疲軟。該公司預計這一趨勢將反映在其 2025 年的業績上。此外，特雷克斯的高空作業部門也經歷了連續八個季度的負有機增長。</p>
</div><p>Komatsu experienced a decline in volumes within its Construction, Mining &amp; Utility Equipment segment during fiscal 2024, which persisted in the first half of fiscal 2025 (ended Sept. 30, 2025). Komatsu expects demand for construction, mining, and utility equipment in fiscal 2025 to remain flat compared with the fiscal 2024 level.</p>
<div class="lb-trans"><p>小松在其建築、礦業和公用事業設備部門的銷量在 2024 財年出現下降，這一趨勢在 2025 財年上半年（截至 2025 年 9 月 30 日）持續。小松預計 2025 財年建築、礦業和公用事業設備的需求將與 2024 財年持平。</p>
</div><h3><strong>Earnings Estimates Suggest Caterpillar Will Rebound in 2026</strong></h3>
<div class="lb-trans"><h3><strong>盈利預估顯示卡特彼勒將在 2026 年反彈</strong></h3>
</div><p>Earnings estimates for Caterpillar for both 2025 and 2026 have moved up over the past 60 days. The Zacks Consensus Estimate for Caterpillar’s 2025 earnings indicates a year-over-year decline of 15.57%, with revenues suggesting growth of 2.29%. The earnings estimates for 2026 suggest 18.95% growth, with revenues rising 8.30%.</p>
<div class="lb-trans"><p>卡特彼勒在過去 60 天的 2025 年和 2026 年的盈利預估均有所上調。Zacks 共識預估顯示，卡特彼勒 2025 年的盈利預計同比下降 15.57%，而收入則預計增長 2.29%。2026 年的盈利預估顯示增長 18.95%，收入增長 8.30%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/3f/139729.jpg/query-dj0xNjMxMjEwNjQ5" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/3f/139729.jpg?v=1631210649"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>圖片來源：Zacks 投資研究</em></p>
</div><h3><strong>Caterpillar Stock Trades at a Premium</strong></h3>
<div class="lb-trans"><h3><strong>卡特彼勒股票交易溢價</strong></h3>
</div><p>Caterpillar has recently been trading at a forward 12-month price/earnings (P/E) ratio of 30.96X compared with the industry average of 28.51X. Meanwhile, Komatsu and Terex Corp. have been trading below the industry at 12.02X and 10.83X, respectively.</p>
<div class="lb-trans"><p>卡特彼勒最近的前瞻性 12 個月市盈率（P/E）為 30.96 倍，而行業平均為 28.51 倍。與此同時，小松和特雷克斯的市盈率分別為 12.02 倍和 10.83 倍，低於行業水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/14/139725.jpg/query-dj0yMTkzMTEy" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/14/139725.jpg?v=2193112"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>圖片來源：Zacks 投資研究</em></p>
</div><h3><strong>Caterpillar Delivers Attractive Returns</strong></h3>
<div class="lb-trans"><h3><strong>卡特彼勒提供吸引人的回報</strong></h3>
</div><p>Caterpillar’s return on equity (ROE) is 47.16%, which is higher than the industry’s average of 46.52%. It is also higher than the S&amp;P 500’s return of 32.48%. Meanwhile, Komatsu offers an ROE of 12.41%, and Terex offers an ROE of 15.93%.</p>
<div class="lb-trans"><p>卡特彼勒的股本回報率（ROE）為 47.16%，高於行業平均的 46.52%。也高於標準普爾 500 的 32.48%。與此同時，小松的 ROE 為 12.41%，特雷克斯的 ROE 為 15.93%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/e3/139733.jpg/query-dj03NDE3NzI0MTE" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/e3/139733.jpg?v=741772411"/></p>
<p><em>Image Source: Zacks Investment Research</em></p>
<div class="lb-trans"><p><em>圖片來源：Zacks 投資研究</em></p>
</div><h3><strong>Caterpillar Positioned for Long-Term Growth</strong></h3>
<div class="lb-trans"><h3><strong>卡特彼勒為長期增長做好準備</strong></h3>
</div><p>Over the long-term, Caterpillar stands to benefit from increased infrastructure spending under the U.S. Infrastructure Investment and Jobs Act. The global energy transition is also expected to lift demand for critical minerals, strengthening the outlook for Caterpillar’s mining equipment portfolio. Adoption of Caterpillar’s autonomous mining fleet continues to accelerate, driven by productivity, safety, and cost-efficiency benefits.</p>
<div class="lb-trans"><p>從長遠來看，卡特彼勒將受益於美國基礎設施投資和就業法案下的基礎設施支出增加。全球能源轉型預計也將提升對關鍵礦物的需求，從而增強卡特彼勒礦業設備組合的前景。卡特彼勒的自主礦業車隊的採用正在加速，受益於生產力、安全性和成本效益。</p>
</div><p>As technology companies establish data centers globally to support their generative AI applications, Caterpillar is witnessing robust order levels for reciprocating engines for data centers. The company is planning to double its output with a multi-year capital investment.</p>
<div class="lb-trans"><p>隨着科技公司在全球建立數據中心以支持其生成性人工智能應用，卡特彼勒正在見證數據中心用往復式發動機的訂單水平強勁。該公司計劃通過多年的資本投資將產量翻倍。</p>
</div><p>Caterpillar recently entered into a long-term strategic collaboration with Hunt Energy Company, L.P., to meet the surging power needs of data centers. The first project is planned for Texas and is expected to serve as the launchpad for a multi-year program to deliver up to one gigawatt of power generation capacity for data centers across North America.</p>
<div class="lb-trans"><p>卡特彼勒最近與亨特能源公司（Hunt Energy Company, L.P.）達成了一項長期戰略合作，以滿足數據中心日益增長的電力需求。第一個項目計劃在德克薩斯州進行，預計將作為一個多年的計劃的啓動平台，為北美的數據中心提供高達一吉瓦的發電能力。</p>
</div><p>Caterpillar has also entered into an agreement to develop advanced energy optimization solutions for data centers. This collaboration focuses on integrating Vertiv's power distribution and cooling portfolio with Caterpillar’s know-how in power generation and CCHP (Combined Cooling, Heat and Power). Caterpillar’s efforts to grow its aftermarket parts and service-related revenues, which generate high margins, will also aid growth.</p>
<div class="lb-trans"><p>卡特彼勒還達成了一項協議，開發數據中心的先進能源優化解決方案。此次合作專注於將 Vertiv 的電力分配和冷卻產品組合與卡特彼勒在發電和 CCHP（聯合冷卻、供熱和發電）方面的專業知識相結合。卡特彼勒在售後零部件和服務相關收入方面的增長努力，將有助於推動其增長，這些收入的利潤率較高。</p>
</div><h3><strong>How Should Investors Approach Caterpillar Stock Now?</strong></h3>
<div class="lb-trans"><h3><strong>投資者現在應該如何看待卡特彼勒的股票？</strong></h3>
</div><p>Caterpillar’s premium valuation appears justified given its return to revenue growth, record backlog, improving earnings trajectory, and relative strength versus peers in a challenging macro environment. The company’s strong long-term growth drivers, anchored by infrastructure investment, energy-transition trends, data center expansion, and a growing high-margin services business, provide clear visibility into future earnings power.</p>
<div class="lb-trans"><p>考慮到卡特彼勒的收入增長迴歸、創紀錄的訂單積壓、改善的盈利軌跡以及在充滿挑戰的宏觀環境中相對於同行的相對強勢，其溢價估值似乎是合理的。公司的強大長期增長驅動因素，依託基礎設施投資、能源轉型趨勢、數據中心擴張以及不斷增長的高利潤服務業務，為未來的盈利能力提供了清晰的可見性。</p>
</div><p>With earnings expected to rebound meaningfully in 2026 and growth prospects strengthening, Caterpillar’s Zacks Rank #2 (Buy) rating further reinforces our positive outlook.</p>
<div class="lb-trans"><p>預計到 2026 年，盈利將顯著反彈，增長前景不斷增強，卡特彼勒的 Zacks 評級為#2（買入），進一步鞏固了我們對其積極前景的看法。</p>
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在 2025 年上漲 58% 之後，卡特彼勒的股票在 2026 年是否仍然值得購買？