+关注
无水
暂无个人介绍
IP属地:0
25
关注
1
粉丝
1
主题
0
勋章
主贴
热门
无水
10-04
不认同,说这话的人,要么是坏,比如李某,要么是刚入市的小白。亏的是自己的,赚的是别人的钱,当然是自己不亏更重要。《繁花》爷叔怎么说的,不要比谁赚的多,要比谁活的长!
无水
2020-10-13
别的对不对不去谈,苹果年度股息0.82?苹果是季度股息0.82……
苹果将迎来一个平庸的十年,谨慎“逢低买入”
无水
2020-08-21
$呷哺呷哺(00520)$
你还是火锅店么[开心]
无水
2020-05-08
$金山云(KC)$
是不是大家都是50股
无水
2020-04-17
$跟谁学(GSX)$
不自爆就做多,觉得做多风险大,就卖短期的PUT,来股市是赚钱的,又不是要把GSX娶回家,干嘛要每天多空双方互道SB……
无水
2020-04-16
$跟谁学(GSX)$
虽然都觉得他造假,但既然财报出了,想短期让他自爆也是很难的……
无水
2020-04-09
$跟谁学(GSX)$
好未来我是听同事说,他家孩子抢报学而思,跟谁学如果不是做美股,还真不知道他是干嘛的,所以,他的市场真有那么大么?至少身边没人用[捂脸]
无水
2020-04-07
$达美航空(DAL)$
做空的,还好早上盘后卖出了
无水
2020-04-03
$瑞幸咖啡(LK)$
今天瑞幸门店都在被挤兑,万一明天充的券没了可咋整[笑哭]
无水
2020-04-01
$富国银行(WFC)$
美国的流动性足的很,根本不会向英国那样被政府要求取消分红,你一个美国的银行跟着汇丰凑什么热闹[生气] 是为了给大家机会买么
无水
2020-03-31
$ResMed Inc(RMD)$
这股好像没啥人知道,成交很少
无水
2020-03-28
$联合大陆航空(UAL)$
卖31元put,盘后差点跌破[喷血] 看来反弹毕竟只是反弹
无水
2020-02-12
$慧择控股(HUIZ)$ 100股中50股
无水
2020-02-12
$慧择控股(HUIZ)$
不知道能中多少
无水
2020-02-04
$中国飞鹤(06186)$
港股通啥时候调整名单
无水
2020-01-27
2020年我看好
$特斯拉(TSLA)$
去老虎APP查看更多动态
{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3434060058836577","uuid":"3434060058836577","gmtCreate":1503652458206,"gmtModify":1606058790278,"name":"无水","pinyin":"wswushui","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":1,"headSize":25,"tweetSize":16,"questionSize":0,"limitLevel":900,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":1,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"228c86a078844d74991fff2b7ab2428d-2","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资总监虎","description":"证券账户累计交易金额达到30万美元","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"80.06%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-4","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"明星虎友","description":"加入老虎社区2000天","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.02.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"93.20%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":2,"crmLevelSwitch":0,"location":"0","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":4,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":356315081326760,"gmtCreate":1728000600951,"gmtModify":1728000603133,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"不认同,说这话的人,要么是坏,比如李某,要么是刚入市的小白。亏的是自己的,赚的是别人的钱,当然是自己不亏更重要。《繁花》爷叔怎么说的,不要比谁赚的多,要比谁活的长!","listText":"不认同,说这话的人,要么是坏,比如李某,要么是刚入市的小白。亏的是自己的,赚的是别人的钱,当然是自己不亏更重要。《繁花》爷叔怎么说的,不要比谁赚的多,要比谁活的长!","text":"不认同,说这话的人,要么是坏,比如李某,要么是刚入市的小白。亏的是自己的,赚的是别人的钱,当然是自己不亏更重要。《繁花》爷叔怎么说的,不要比谁赚的多,要比谁活的长!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/356315081326760","isVote":1,"tweetType":1,"viewCount":532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":309163942,"gmtCreate":1602598952586,"gmtModify":1703827134573,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"别的对不对不去谈,苹果年度股息0.82?苹果是季度股息0.82……","listText":"别的对不对不去谈,苹果年度股息0.82?苹果是季度股息0.82……","text":"别的对不对不去谈,苹果年度股息0.82?苹果是季度股息0.82……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/309163942","repostId":"1148943597","repostType":4,"repost":{"id":"1148943597","kind":"news","pubTimestamp":1602589361,"share":"https://www.laohu8.com/m/news/1148943597?lang=&edition=full","pubTime":"2020-10-13 19:42","market":"us","language":"zh","title":"苹果将迎来一个平庸的十年,谨慎“逢低买入”","url":"https://stock-news.laohu8.com/highlight/detail?id=1148943597","media":"猛兽财经","summary":"近几个月来,我们目睹了苹果股票在拆分后的大幅上涨,这将其估值推到了几乎前所未有的水平。虽然从历史上看,在股价下跌时买入苹果股票是明智的做法,但这次股价下跌可能会让投资者获得更多资本。在这篇文章中,我们","content":"<p>近几个月来,我们目睹了苹果股票在拆分后的大幅上涨,这将其估值推到了几乎前所未有的水平。</p><p>虽然从历史上看,在股价下跌时买入苹果股票是明智的做法,但这次股价下跌可能会让投资者获得更多资本。</p><p>在这篇文章中,我们将评估苹果公司未来十年的投资回报率,以阐明我们的观点:对于那些希望大幅跑赢大盘的投资者,我们建议对苹果公司保持谨慎,在不高于115美元的位置买入为宜;对于偏好股息增长型投资者,我们认为可以买入并长期持有苹果公司。</p><p>众所周知,目前苹果的估值相较于历史大幅膨胀,这是否会导致它未来进入平庸的十年?还是目前是投资者逢低买入的时机?</p><p>苹果公司的投资者们在2020年获得了丰厚的回报,赚得盆满钵满。今年迄今为止,苹果股票的涨幅高达55%。这一举动恰恰凸显了为什么苹果是只可以持有而不可以交易的股票。为此,“逢低买入”是苹果公司经得起时间考验的投资策略。9月初,苹果股价创下历史新高,随后下跌了近20%。很多投资者发出了疑问——应该买入苹果股票吗?</p><p>在本文中,我们将回顾历史上对苹果股票“逢低买入”的结果,并重新全面评估苹果公司。之前我们曾将苹果的可穿戴设备和服务业务作为独立业务进行评估,今天我们将重新提供一个评估。</p><p>根据我们此前的评估,苹果的每股价值是108美元,也就是说,目前苹果被高估了。由于最终计算的预期回报率仅略高于我们的投资最低预期回报率,我们当前选择观望,并建议投资者避免或者谨慎地在此轮下跌时买入。</p><p><b>苹果过去成功的“逢低买入”策略</b></p><p>在过去的20年里,在市场回调15~20%时买入苹果公司的股票,是一种非常非常成功的投资策略。</p><p>苹果在2020年9月1日创下历史新高137.98美元后,然后在过去一个月下跌了约15~20%。因此,如果历史走势可以借鉴,投资者现在应该买进苹果股票。<b>不过,我们现在不确定是否要买苹果的股票</b>,因为它的估值仍然偏高(即使在修正之后),而且预期回报率仅略高于我们的投资预期回报率。</p><p>除了iPhone发布的那段时间,苹果公司的估值从未如此之高。这不仅对QQQ和标普500的投资者来说不是好兆头(苹果对这两个指数的价值做出了很大贡献),而且投资者也应该感到警惕,在苹果股价下一轮下跌时谨慎或者暂停盲目买入。</p><p>根据公开数据,全球大约有63万家上市公司。因此,在目前阶段对苹果的估值持怀疑态度是可以的,因为它肯定不是投资者唯一的选择。</p><p>接下来,让我们来看看苹果的估值。</p><p><b>评估苹果公司</b></p><p>自9年前蒂姆•库克接任苹果公司CEO以来,该公司在基本业务发展方面取得了重大进展。具体来说,苹果一直在实现收入多元化,从传统产品领域(iPhone、iPad、Mac)转向可穿戴设备和服务等高增长领域。</p><p>如今,可穿戴设备和服务在苹果的业务中占据了相当大的比重,预计它们将成为苹果公司未来收入和自由现金流增长的主要推动力。此外,苹果现在有几个非常重要的垂直市场,因此为了真正评估苹果,我们必须从整体的角度来评估它,从而消除它目前的潜在的多元化折扣。</p><p>为了评估每个细分市场(传统产品线如iPhone + Mac + iPad,可穿戴设备和服务)的公允价值,我们将对其进行估值。</p><p>苹果公司过去12个月的分类营收如下(以百万计):</p><p><img src=\"https://static.tigerbbs.com/b3e305739ece8f4e5814543b42d567f3\" tg-width=\"565\" tg-height=\"242\"></p><p>现在,让我们看看这些收入部分的重新分类以及每个业务的某些假设。</p><p><img src=\"https://static.tigerbbs.com/b4b05f22d396d27ab41dfba77139b9fd\" tg-width=\"859\" tg-height=\"521\"></p><p>与上述假设有关的注释:</p><ul><li>苹果的毛利率显示其产品利润率为35%,服务利润率为65%。因此,传统产品系列(20%)、可穿戴设备(25%)和服务(40%)的FCF利润率潜力存在差异。</li><li>TTM流动资金每股计算中使用的已发行普通股为174.2亿股。</li><li>FCF增长率假设来自苹果高层提供的长期指导。</li></ul><p>在定义了苹果各个业务部门可能产生的保守现金流之后,我们可以轻松地对这些业务进行估值,并预测未来的股价(10年)。</p><p>根据我们的假设,苹果的公允价值是每股108.33美元,也就是1.887万亿美元。现在,为了得出总预期收益,我们首先将每个业务部门的每股FCF与对应的增长率假设相结合,然后将结果与价格与FCF比率的假设相乘,从而得出2030年的股价价值。</p><p><b>最终得出,到2030年,苹果的股票价值可能达到313美元。</b>因此,如果一个投资者以今天115美元的价格购买,他/她可以期望在未来10年左右仅通过股价升值就能产生10.53%的价格复合年收益率。</p><p>然而,我们知道苹果是一个派息型的股票。目前,苹果公司的年度股息为每股0.82美元,我们预计苹果将保持其现金股息率在20%左右。</p><p>从而得出,苹果在没有再投资和再投资情况下的总预期复合年收益率分别为11.02%和11.27%。这一回报率仅略高于9.8%的投资回报率(这是标普500指数90年的年化回报率),因此,我们认为,苹果在未来十年不会明显跑赢大盘。除非一场大范围的市场回调让苹果的收益率跌至90年代,否则我们不会盲目买入。</p><p><b>总结</b></p><p>我们一贯把苹果公司看作是20世纪中期的通用电气公司,因为我们相信,在未来的几十年里,苹果公司将取得丰硕的发展,股东们也将迎来繁荣。</p><p>话虽如此,在许多市场参与者眼中,苹果已成为明显的赢家,其风险已变得非常低,因此其回报也相应地变得很低。</p><p>因此,如果有投资者希望大幅跑赢大盘,我们认为在苹果下一轮的下跌中,低于115美元才可以考虑买入。但如果投资者是股息爱好者,我们建议买入并长期持有苹果。</p>","source":"lsy1586862168255","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>苹果将迎来一个平庸的十年,谨慎“逢低买入”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n苹果将迎来一个平庸的十年,谨慎“逢低买入”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-10-13 19:42 北京时间 <a href=https://mp.weixin.qq.com/s/xvBFYcTUzRB9Yrr68pGehw><strong>猛兽财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近几个月来,我们目睹了苹果股票在拆分后的大幅上涨,这将其估值推到了几乎前所未有的水平。虽然从历史上看,在股价下跌时买入苹果股票是明智的做法,但这次股价下跌可能会让投资者获得更多资本。在这篇文章中,我们将评估苹果公司未来十年的投资回报率,以阐明我们的观点:对于那些希望大幅跑赢大盘的投资者,我们建议对苹果公司保持谨慎,在不高于115美元的位置买入为宜;对于偏好股息增长型投资者,我们认为可以买入并长期...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/xvBFYcTUzRB9Yrr68pGehw\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b481c400567d1498c29f419f60bae782","relate_stocks":{"AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/xvBFYcTUzRB9Yrr68pGehw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148943597","content_text":"近几个月来,我们目睹了苹果股票在拆分后的大幅上涨,这将其估值推到了几乎前所未有的水平。虽然从历史上看,在股价下跌时买入苹果股票是明智的做法,但这次股价下跌可能会让投资者获得更多资本。在这篇文章中,我们将评估苹果公司未来十年的投资回报率,以阐明我们的观点:对于那些希望大幅跑赢大盘的投资者,我们建议对苹果公司保持谨慎,在不高于115美元的位置买入为宜;对于偏好股息增长型投资者,我们认为可以买入并长期持有苹果公司。众所周知,目前苹果的估值相较于历史大幅膨胀,这是否会导致它未来进入平庸的十年?还是目前是投资者逢低买入的时机?苹果公司的投资者们在2020年获得了丰厚的回报,赚得盆满钵满。今年迄今为止,苹果股票的涨幅高达55%。这一举动恰恰凸显了为什么苹果是只可以持有而不可以交易的股票。为此,“逢低买入”是苹果公司经得起时间考验的投资策略。9月初,苹果股价创下历史新高,随后下跌了近20%。很多投资者发出了疑问——应该买入苹果股票吗?在本文中,我们将回顾历史上对苹果股票“逢低买入”的结果,并重新全面评估苹果公司。之前我们曾将苹果的可穿戴设备和服务业务作为独立业务进行评估,今天我们将重新提供一个评估。根据我们此前的评估,苹果的每股价值是108美元,也就是说,目前苹果被高估了。由于最终计算的预期回报率仅略高于我们的投资最低预期回报率,我们当前选择观望,并建议投资者避免或者谨慎地在此轮下跌时买入。苹果过去成功的“逢低买入”策略在过去的20年里,在市场回调15~20%时买入苹果公司的股票,是一种非常非常成功的投资策略。苹果在2020年9月1日创下历史新高137.98美元后,然后在过去一个月下跌了约15~20%。因此,如果历史走势可以借鉴,投资者现在应该买进苹果股票。不过,我们现在不确定是否要买苹果的股票,因为它的估值仍然偏高(即使在修正之后),而且预期回报率仅略高于我们的投资预期回报率。除了iPhone发布的那段时间,苹果公司的估值从未如此之高。这不仅对QQQ和标普500的投资者来说不是好兆头(苹果对这两个指数的价值做出了很大贡献),而且投资者也应该感到警惕,在苹果股价下一轮下跌时谨慎或者暂停盲目买入。根据公开数据,全球大约有63万家上市公司。因此,在目前阶段对苹果的估值持怀疑态度是可以的,因为它肯定不是投资者唯一的选择。接下来,让我们来看看苹果的估值。评估苹果公司自9年前蒂姆•库克接任苹果公司CEO以来,该公司在基本业务发展方面取得了重大进展。具体来说,苹果一直在实现收入多元化,从传统产品领域(iPhone、iPad、Mac)转向可穿戴设备和服务等高增长领域。如今,可穿戴设备和服务在苹果的业务中占据了相当大的比重,预计它们将成为苹果公司未来收入和自由现金流增长的主要推动力。此外,苹果现在有几个非常重要的垂直市场,因此为了真正评估苹果,我们必须从整体的角度来评估它,从而消除它目前的潜在的多元化折扣。为了评估每个细分市场(传统产品线如iPhone + Mac + iPad,可穿戴设备和服务)的公允价值,我们将对其进行估值。苹果公司过去12个月的分类营收如下(以百万计):现在,让我们看看这些收入部分的重新分类以及每个业务的某些假设。与上述假设有关的注释:苹果的毛利率显示其产品利润率为35%,服务利润率为65%。因此,传统产品系列(20%)、可穿戴设备(25%)和服务(40%)的FCF利润率潜力存在差异。TTM流动资金每股计算中使用的已发行普通股为174.2亿股。FCF增长率假设来自苹果高层提供的长期指导。在定义了苹果各个业务部门可能产生的保守现金流之后,我们可以轻松地对这些业务进行估值,并预测未来的股价(10年)。根据我们的假设,苹果的公允价值是每股108.33美元,也就是1.887万亿美元。现在,为了得出总预期收益,我们首先将每个业务部门的每股FCF与对应的增长率假设相结合,然后将结果与价格与FCF比率的假设相乘,从而得出2030年的股价价值。最终得出,到2030年,苹果的股票价值可能达到313美元。因此,如果一个投资者以今天115美元的价格购买,他/她可以期望在未来10年左右仅通过股价升值就能产生10.53%的价格复合年收益率。然而,我们知道苹果是一个派息型的股票。目前,苹果公司的年度股息为每股0.82美元,我们预计苹果将保持其现金股息率在20%左右。从而得出,苹果在没有再投资和再投资情况下的总预期复合年收益率分别为11.02%和11.27%。这一回报率仅略高于9.8%的投资回报率(这是标普500指数90年的年化回报率),因此,我们认为,苹果在未来十年不会明显跑赢大盘。除非一场大范围的市场回调让苹果的收益率跌至90年代,否则我们不会盲目买入。总结我们一贯把苹果公司看作是20世纪中期的通用电气公司,因为我们相信,在未来的几十年里,苹果公司将取得丰硕的发展,股东们也将迎来繁荣。话虽如此,在许多市场参与者眼中,苹果已成为明显的赢家,其风险已变得非常低,因此其回报也相应地变得很低。因此,如果有投资者希望大幅跑赢大盘,我们认为在苹果下一轮的下跌中,低于115美元才可以考虑买入。但如果投资者是股息爱好者,我们建议买入并长期持有苹果。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":979306341,"gmtCreate":1597993854183,"gmtModify":1704217537437,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/00520\">$呷哺呷哺(00520)$</a>你还是火锅店么[开心] ","listText":"<a href=\"https://laohu8.com/S/00520\">$呷哺呷哺(00520)$</a>你还是火锅店么[开心] ","text":"$呷哺呷哺(00520)$你还是火锅店么[开心]","images":[{"img":"https://static.tigerbbs.com/f05bb01aaa25f5ae098b4d11a8be8ea4","width":"3024","height":"4032"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/979306341","isVote":1,"tweetType":1,"viewCount":4522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},{"id":927574227,"gmtCreate":1588946560669,"gmtModify":1704179007152,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/KC\">$金山云(KC)$</a>是不是大家都是50股","listText":"<a href=\"https://laohu8.com/S/KC\">$金山云(KC)$</a>是不是大家都是50股","text":"$金山云(KC)$是不是大家都是50股","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/927574227","isVote":1,"tweetType":1,"viewCount":3286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":926660507,"gmtCreate":1587091487709,"gmtModify":1704363247998,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/GSX\">$跟谁学(GSX)$</a> 不自爆就做多,觉得做多风险大,就卖短期的PUT,来股市是赚钱的,又不是要把GSX娶回家,干嘛要每天多空双方互道SB……","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/GSX\">$跟谁学(GSX)$</a> 不自爆就做多,觉得做多风险大,就卖短期的PUT,来股市是赚钱的,又不是要把GSX娶回家,干嘛要每天多空双方互道SB……","text":"$跟谁学(GSX)$ 不自爆就做多,觉得做多风险大,就卖短期的PUT,来股市是赚钱的,又不是要把GSX娶回家,干嘛要每天多空双方互道SB……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/926660507","isVote":1,"tweetType":1,"viewCount":2359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":926106731,"gmtCreate":1587021059823,"gmtModify":1704362923243,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/GSX\">$跟谁学(GSX)$</a> 虽然都觉得他造假,但既然财报出了,想短期让他自爆也是很难的……","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/GSX\">$跟谁学(GSX)$</a> 虽然都觉得他造假,但既然财报出了,想短期让他自爆也是很难的……","text":"$跟谁学(GSX)$ 虽然都觉得他造假,但既然财报出了,想短期让他自爆也是很难的……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/926106731","isVote":1,"tweetType":1,"viewCount":3381,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3522116339273254","authorId":"3522116339273254","name":"点亮灯火","avatar":"https://static.tigerbbs.com/aecf57f34452daaa44ed04bd4df8db42","crmLevel":1,"crmLevelSwitch":0,"idStr":"3522116339273254","authorIdStr":"3522116339273254"},"content":"如果财报真有百分之七十的水份,那么跟谁学33亿现金流又来自何方?数据可以造假,难道公司账上的几十亿现金也全部是假钞?","text":"如果财报真有百分之七十的水份,那么跟谁学33亿现金流又来自何方?数据可以造假,难道公司账上的几十亿现金也全部是假钞?","html":"如果财报真有百分之七十的水份,那么跟谁学33亿现金流又来自何方?数据可以造假,难道公司账上的几十亿现金也全部是假钞?"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":921702167,"gmtCreate":1586363816759,"gmtModify":1704361070896,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GSX\">$跟谁学(GSX)$</a>好未来我是听同事说,他家孩子抢报学而思,跟谁学如果不是做美股,还真不知道他是干嘛的,所以,他的市场真有那么大么?至少身边没人用[捂脸] ","listText":"<a href=\"https://laohu8.com/S/GSX\">$跟谁学(GSX)$</a>好未来我是听同事说,他家孩子抢报学而思,跟谁学如果不是做美股,还真不知道他是干嘛的,所以,他的市场真有那么大么?至少身边没人用[捂脸] ","text":"$跟谁学(GSX)$好未来我是听同事说,他家孩子抢报学而思,跟谁学如果不是做美股,还真不知道他是干嘛的,所以,他的市场真有那么大么?至少身边没人用[捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":1,"link":"https://laohu8.com/post/921702167","isVote":1,"tweetType":1,"viewCount":5315,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":921859104,"gmtCreate":1586246966008,"gmtModify":1704360491761,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/DAL\">$达美航空(DAL)$</a> 做空的,还好早上盘后卖出了","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/DAL\">$达美航空(DAL)$</a> 做空的,还好早上盘后卖出了","text":"$达美航空(DAL)$ 做空的,还好早上盘后卖出了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/921859104","isVote":1,"tweetType":1,"viewCount":1668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":923523701,"gmtCreate":1585886418103,"gmtModify":1704359549920,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a>今天瑞幸门店都在被挤兑,万一明天充的券没了可咋整[笑哭] ","listText":"<a href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a>今天瑞幸门店都在被挤兑,万一明天充的券没了可咋整[笑哭] ","text":"$瑞幸咖啡(LK)$今天瑞幸门店都在被挤兑,万一明天充的券没了可咋整[笑哭]","images":[{"img":"https://static.tigerbbs.com/7d153681b5336300205fe203a881c8fe","width":"3024","height":"4032"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/923523701","isVote":1,"tweetType":1,"viewCount":3293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":923345345,"gmtCreate":1585752435987,"gmtModify":1704358885058,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WFC\">$富国银行(WFC)$</a>美国的流动性足的很,根本不会向英国那样被政府要求取消分红,你一个美国的银行跟着汇丰凑什么热闹[生气] 是为了给大家机会买么","listText":"<a href=\"https://laohu8.com/S/WFC\">$富国银行(WFC)$</a>美国的流动性足的很,根本不会向英国那样被政府要求取消分红,你一个美国的银行跟着汇丰凑什么热闹[生气] 是为了给大家机会买么","text":"$富国银行(WFC)$美国的流动性足的很,根本不会向英国那样被政府要求取消分红,你一个美国的银行跟着汇丰凑什么热闹[生气] 是为了给大家机会买么","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/923345345","isVote":1,"tweetType":1,"viewCount":2316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":923072649,"gmtCreate":1585666302881,"gmtModify":1704358617355,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/RMD\">$ResMed Inc(RMD)$</a>这股好像没啥人知道,成交很少","listText":"<a href=\"https://laohu8.com/S/RMD\">$ResMed Inc(RMD)$</a>这股好像没啥人知道,成交很少","text":"$ResMed Inc(RMD)$这股好像没啥人知道,成交很少","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/923072649","isVote":1,"tweetType":1,"viewCount":1916,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":929216761,"gmtCreate":1585362697253,"gmtModify":1704358002263,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/UAL\">$联合大陆航空(UAL)$</a> 卖31元put,盘后差点跌破[喷血] 看来反弹毕竟只是反弹","listText":"<a href=\"https://laohu8.com/S/UAL\">$联合大陆航空(UAL)$</a> 卖31元put,盘后差点跌破[喷血] 看来反弹毕竟只是反弹","text":"$联合大陆航空(UAL)$ 卖31元put,盘后差点跌破[喷血] 看来反弹毕竟只是反弹","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/929216761","isVote":1,"tweetType":1,"viewCount":1388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":914748694,"gmtCreate":1581517698618,"gmtModify":1704344379310,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"$慧择控股(HUIZ)$ 100股中50股","listText":"$慧择控股(HUIZ)$ 100股中50股","text":"$慧择控股(HUIZ)$ 100股中50股","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/914748694","isVote":1,"tweetType":1,"viewCount":626,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":914767245,"gmtCreate":1581508271387,"gmtModify":1704344345847,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HUIZ\">$慧择控股(HUIZ)$</a>不知道能中多少","listText":"<a href=\"https://laohu8.com/S/HUIZ\">$慧择控股(HUIZ)$</a>不知道能中多少","text":"$慧择控股(HUIZ)$不知道能中多少","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/914767245","isVote":1,"tweetType":1,"viewCount":1058,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":915849912,"gmtCreate":1580801033236,"gmtModify":1704342326890,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/06186\">$中国飞鹤(06186)$</a>港股通啥时候调整名单","listText":"<a href=\"https://laohu8.com/S/06186\">$中国飞鹤(06186)$</a>港股通啥时候调整名单","text":"$中国飞鹤(06186)$港股通啥时候调整名单","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/915849912","isVote":1,"tweetType":1,"viewCount":1512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":912136568,"gmtCreate":1580099317654,"gmtModify":1704340788604,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"2020年我看好 <a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>","listText":"2020年我看好 <a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>","text":"2020年我看好 $特斯拉(TSLA)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/912136568","isVote":1,"tweetType":1,"viewCount":1115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":926106731,"gmtCreate":1587021059823,"gmtModify":1704362923243,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/GSX\">$跟谁学(GSX)$</a> 虽然都觉得他造假,但既然财报出了,想短期让他自爆也是很难的……","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/GSX\">$跟谁学(GSX)$</a> 虽然都觉得他造假,但既然财报出了,想短期让他自爆也是很难的……","text":"$跟谁学(GSX)$ 虽然都觉得他造假,但既然财报出了,想短期让他自爆也是很难的……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/926106731","isVote":1,"tweetType":1,"viewCount":3381,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3522116339273254","authorId":"3522116339273254","name":"点亮灯火","avatar":"https://static.tigerbbs.com/aecf57f34452daaa44ed04bd4df8db42","crmLevel":1,"crmLevelSwitch":0,"idStr":"3522116339273254","authorIdStr":"3522116339273254"},"content":"如果财报真有百分之七十的水份,那么跟谁学33亿现金流又来自何方?数据可以造假,难道公司账上的几十亿现金也全部是假钞?","text":"如果财报真有百分之七十的水份,那么跟谁学33亿现金流又来自何方?数据可以造假,难道公司账上的几十亿现金也全部是假钞?","html":"如果财报真有百分之七十的水份,那么跟谁学33亿现金流又来自何方?数据可以造假,难道公司账上的几十亿现金也全部是假钞?"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":921702167,"gmtCreate":1586363816759,"gmtModify":1704361070896,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GSX\">$跟谁学(GSX)$</a>好未来我是听同事说,他家孩子抢报学而思,跟谁学如果不是做美股,还真不知道他是干嘛的,所以,他的市场真有那么大么?至少身边没人用[捂脸] ","listText":"<a href=\"https://laohu8.com/S/GSX\">$跟谁学(GSX)$</a>好未来我是听同事说,他家孩子抢报学而思,跟谁学如果不是做美股,还真不知道他是干嘛的,所以,他的市场真有那么大么?至少身边没人用[捂脸] ","text":"$跟谁学(GSX)$好未来我是听同事说,他家孩子抢报学而思,跟谁学如果不是做美股,还真不知道他是干嘛的,所以,他的市场真有那么大么?至少身边没人用[捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":1,"link":"https://laohu8.com/post/921702167","isVote":1,"tweetType":1,"viewCount":5315,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":923523701,"gmtCreate":1585886418103,"gmtModify":1704359549920,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a>今天瑞幸门店都在被挤兑,万一明天充的券没了可咋整[笑哭] ","listText":"<a href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a>今天瑞幸门店都在被挤兑,万一明天充的券没了可咋整[笑哭] ","text":"$瑞幸咖啡(LK)$今天瑞幸门店都在被挤兑,万一明天充的券没了可咋整[笑哭]","images":[{"img":"https://static.tigerbbs.com/7d153681b5336300205fe203a881c8fe","width":"3024","height":"4032"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/923523701","isVote":1,"tweetType":1,"viewCount":3293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":926660507,"gmtCreate":1587091487709,"gmtModify":1704363247998,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/GSX\">$跟谁学(GSX)$</a> 不自爆就做多,觉得做多风险大,就卖短期的PUT,来股市是赚钱的,又不是要把GSX娶回家,干嘛要每天多空双方互道SB……","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/GSX\">$跟谁学(GSX)$</a> 不自爆就做多,觉得做多风险大,就卖短期的PUT,来股市是赚钱的,又不是要把GSX娶回家,干嘛要每天多空双方互道SB……","text":"$跟谁学(GSX)$ 不自爆就做多,觉得做多风险大,就卖短期的PUT,来股市是赚钱的,又不是要把GSX娶回家,干嘛要每天多空双方互道SB……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/926660507","isVote":1,"tweetType":1,"viewCount":2359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":927574227,"gmtCreate":1588946560669,"gmtModify":1704179007152,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/KC\">$金山云(KC)$</a>是不是大家都是50股","listText":"<a href=\"https://laohu8.com/S/KC\">$金山云(KC)$</a>是不是大家都是50股","text":"$金山云(KC)$是不是大家都是50股","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/927574227","isVote":1,"tweetType":1,"viewCount":3286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":915849912,"gmtCreate":1580801033236,"gmtModify":1704342326890,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/06186\">$中国飞鹤(06186)$</a>港股通啥时候调整名单","listText":"<a href=\"https://laohu8.com/S/06186\">$中国飞鹤(06186)$</a>港股通啥时候调整名单","text":"$中国飞鹤(06186)$港股通啥时候调整名单","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/915849912","isVote":1,"tweetType":1,"viewCount":1512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":979306341,"gmtCreate":1597993854183,"gmtModify":1704217537437,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/00520\">$呷哺呷哺(00520)$</a>你还是火锅店么[开心] ","listText":"<a href=\"https://laohu8.com/S/00520\">$呷哺呷哺(00520)$</a>你还是火锅店么[开心] ","text":"$呷哺呷哺(00520)$你还是火锅店么[开心]","images":[{"img":"https://static.tigerbbs.com/f05bb01aaa25f5ae098b4d11a8be8ea4","width":"3024","height":"4032"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/979306341","isVote":1,"tweetType":1,"viewCount":4522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},{"id":923345345,"gmtCreate":1585752435987,"gmtModify":1704358885058,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WFC\">$富国银行(WFC)$</a>美国的流动性足的很,根本不会向英国那样被政府要求取消分红,你一个美国的银行跟着汇丰凑什么热闹[生气] 是为了给大家机会买么","listText":"<a href=\"https://laohu8.com/S/WFC\">$富国银行(WFC)$</a>美国的流动性足的很,根本不会向英国那样被政府要求取消分红,你一个美国的银行跟着汇丰凑什么热闹[生气] 是为了给大家机会买么","text":"$富国银行(WFC)$美国的流动性足的很,根本不会向英国那样被政府要求取消分红,你一个美国的银行跟着汇丰凑什么热闹[生气] 是为了给大家机会买么","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/923345345","isVote":1,"tweetType":1,"viewCount":2316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":923072649,"gmtCreate":1585666302881,"gmtModify":1704358617355,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/RMD\">$ResMed Inc(RMD)$</a>这股好像没啥人知道,成交很少","listText":"<a href=\"https://laohu8.com/S/RMD\">$ResMed Inc(RMD)$</a>这股好像没啥人知道,成交很少","text":"$ResMed Inc(RMD)$这股好像没啥人知道,成交很少","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/923072649","isVote":1,"tweetType":1,"viewCount":1916,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":914767245,"gmtCreate":1581508271387,"gmtModify":1704344345847,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HUIZ\">$慧择控股(HUIZ)$</a>不知道能中多少","listText":"<a href=\"https://laohu8.com/S/HUIZ\">$慧择控股(HUIZ)$</a>不知道能中多少","text":"$慧择控股(HUIZ)$不知道能中多少","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/914767245","isVote":1,"tweetType":1,"viewCount":1058,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":356315081326760,"gmtCreate":1728000600951,"gmtModify":1728000603133,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"不认同,说这话的人,要么是坏,比如李某,要么是刚入市的小白。亏的是自己的,赚的是别人的钱,当然是自己不亏更重要。《繁花》爷叔怎么说的,不要比谁赚的多,要比谁活的长!","listText":"不认同,说这话的人,要么是坏,比如李某,要么是刚入市的小白。亏的是自己的,赚的是别人的钱,当然是自己不亏更重要。《繁花》爷叔怎么说的,不要比谁赚的多,要比谁活的长!","text":"不认同,说这话的人,要么是坏,比如李某,要么是刚入市的小白。亏的是自己的,赚的是别人的钱,当然是自己不亏更重要。《繁花》爷叔怎么说的,不要比谁赚的多,要比谁活的长!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/356315081326760","isVote":1,"tweetType":1,"viewCount":532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":309163942,"gmtCreate":1602598952586,"gmtModify":1703827134573,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"别的对不对不去谈,苹果年度股息0.82?苹果是季度股息0.82……","listText":"别的对不对不去谈,苹果年度股息0.82?苹果是季度股息0.82……","text":"别的对不对不去谈,苹果年度股息0.82?苹果是季度股息0.82……","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/309163942","repostId":"1148943597","repostType":4,"repost":{"id":"1148943597","kind":"news","pubTimestamp":1602589361,"share":"https://www.laohu8.com/m/news/1148943597?lang=&edition=full","pubTime":"2020-10-13 19:42","market":"us","language":"zh","title":"苹果将迎来一个平庸的十年,谨慎“逢低买入”","url":"https://stock-news.laohu8.com/highlight/detail?id=1148943597","media":"猛兽财经","summary":"近几个月来,我们目睹了苹果股票在拆分后的大幅上涨,这将其估值推到了几乎前所未有的水平。虽然从历史上看,在股价下跌时买入苹果股票是明智的做法,但这次股价下跌可能会让投资者获得更多资本。在这篇文章中,我们","content":"<p>近几个月来,我们目睹了苹果股票在拆分后的大幅上涨,这将其估值推到了几乎前所未有的水平。</p><p>虽然从历史上看,在股价下跌时买入苹果股票是明智的做法,但这次股价下跌可能会让投资者获得更多资本。</p><p>在这篇文章中,我们将评估苹果公司未来十年的投资回报率,以阐明我们的观点:对于那些希望大幅跑赢大盘的投资者,我们建议对苹果公司保持谨慎,在不高于115美元的位置买入为宜;对于偏好股息增长型投资者,我们认为可以买入并长期持有苹果公司。</p><p>众所周知,目前苹果的估值相较于历史大幅膨胀,这是否会导致它未来进入平庸的十年?还是目前是投资者逢低买入的时机?</p><p>苹果公司的投资者们在2020年获得了丰厚的回报,赚得盆满钵满。今年迄今为止,苹果股票的涨幅高达55%。这一举动恰恰凸显了为什么苹果是只可以持有而不可以交易的股票。为此,“逢低买入”是苹果公司经得起时间考验的投资策略。9月初,苹果股价创下历史新高,随后下跌了近20%。很多投资者发出了疑问——应该买入苹果股票吗?</p><p>在本文中,我们将回顾历史上对苹果股票“逢低买入”的结果,并重新全面评估苹果公司。之前我们曾将苹果的可穿戴设备和服务业务作为独立业务进行评估,今天我们将重新提供一个评估。</p><p>根据我们此前的评估,苹果的每股价值是108美元,也就是说,目前苹果被高估了。由于最终计算的预期回报率仅略高于我们的投资最低预期回报率,我们当前选择观望,并建议投资者避免或者谨慎地在此轮下跌时买入。</p><p><b>苹果过去成功的“逢低买入”策略</b></p><p>在过去的20年里,在市场回调15~20%时买入苹果公司的股票,是一种非常非常成功的投资策略。</p><p>苹果在2020年9月1日创下历史新高137.98美元后,然后在过去一个月下跌了约15~20%。因此,如果历史走势可以借鉴,投资者现在应该买进苹果股票。<b>不过,我们现在不确定是否要买苹果的股票</b>,因为它的估值仍然偏高(即使在修正之后),而且预期回报率仅略高于我们的投资预期回报率。</p><p>除了iPhone发布的那段时间,苹果公司的估值从未如此之高。这不仅对QQQ和标普500的投资者来说不是好兆头(苹果对这两个指数的价值做出了很大贡献),而且投资者也应该感到警惕,在苹果股价下一轮下跌时谨慎或者暂停盲目买入。</p><p>根据公开数据,全球大约有63万家上市公司。因此,在目前阶段对苹果的估值持怀疑态度是可以的,因为它肯定不是投资者唯一的选择。</p><p>接下来,让我们来看看苹果的估值。</p><p><b>评估苹果公司</b></p><p>自9年前蒂姆•库克接任苹果公司CEO以来,该公司在基本业务发展方面取得了重大进展。具体来说,苹果一直在实现收入多元化,从传统产品领域(iPhone、iPad、Mac)转向可穿戴设备和服务等高增长领域。</p><p>如今,可穿戴设备和服务在苹果的业务中占据了相当大的比重,预计它们将成为苹果公司未来收入和自由现金流增长的主要推动力。此外,苹果现在有几个非常重要的垂直市场,因此为了真正评估苹果,我们必须从整体的角度来评估它,从而消除它目前的潜在的多元化折扣。</p><p>为了评估每个细分市场(传统产品线如iPhone + Mac + iPad,可穿戴设备和服务)的公允价值,我们将对其进行估值。</p><p>苹果公司过去12个月的分类营收如下(以百万计):</p><p><img src=\"https://static.tigerbbs.com/b3e305739ece8f4e5814543b42d567f3\" tg-width=\"565\" tg-height=\"242\"></p><p>现在,让我们看看这些收入部分的重新分类以及每个业务的某些假设。</p><p><img src=\"https://static.tigerbbs.com/b4b05f22d396d27ab41dfba77139b9fd\" tg-width=\"859\" tg-height=\"521\"></p><p>与上述假设有关的注释:</p><ul><li>苹果的毛利率显示其产品利润率为35%,服务利润率为65%。因此,传统产品系列(20%)、可穿戴设备(25%)和服务(40%)的FCF利润率潜力存在差异。</li><li>TTM流动资金每股计算中使用的已发行普通股为174.2亿股。</li><li>FCF增长率假设来自苹果高层提供的长期指导。</li></ul><p>在定义了苹果各个业务部门可能产生的保守现金流之后,我们可以轻松地对这些业务进行估值,并预测未来的股价(10年)。</p><p>根据我们的假设,苹果的公允价值是每股108.33美元,也就是1.887万亿美元。现在,为了得出总预期收益,我们首先将每个业务部门的每股FCF与对应的增长率假设相结合,然后将结果与价格与FCF比率的假设相乘,从而得出2030年的股价价值。</p><p><b>最终得出,到2030年,苹果的股票价值可能达到313美元。</b>因此,如果一个投资者以今天115美元的价格购买,他/她可以期望在未来10年左右仅通过股价升值就能产生10.53%的价格复合年收益率。</p><p>然而,我们知道苹果是一个派息型的股票。目前,苹果公司的年度股息为每股0.82美元,我们预计苹果将保持其现金股息率在20%左右。</p><p>从而得出,苹果在没有再投资和再投资情况下的总预期复合年收益率分别为11.02%和11.27%。这一回报率仅略高于9.8%的投资回报率(这是标普500指数90年的年化回报率),因此,我们认为,苹果在未来十年不会明显跑赢大盘。除非一场大范围的市场回调让苹果的收益率跌至90年代,否则我们不会盲目买入。</p><p><b>总结</b></p><p>我们一贯把苹果公司看作是20世纪中期的通用电气公司,因为我们相信,在未来的几十年里,苹果公司将取得丰硕的发展,股东们也将迎来繁荣。</p><p>话虽如此,在许多市场参与者眼中,苹果已成为明显的赢家,其风险已变得非常低,因此其回报也相应地变得很低。</p><p>因此,如果有投资者希望大幅跑赢大盘,我们认为在苹果下一轮的下跌中,低于115美元才可以考虑买入。但如果投资者是股息爱好者,我们建议买入并长期持有苹果。</p>","source":"lsy1586862168255","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>苹果将迎来一个平庸的十年,谨慎“逢低买入”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n苹果将迎来一个平庸的十年,谨慎“逢低买入”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-10-13 19:42 北京时间 <a href=https://mp.weixin.qq.com/s/xvBFYcTUzRB9Yrr68pGehw><strong>猛兽财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近几个月来,我们目睹了苹果股票在拆分后的大幅上涨,这将其估值推到了几乎前所未有的水平。虽然从历史上看,在股价下跌时买入苹果股票是明智的做法,但这次股价下跌可能会让投资者获得更多资本。在这篇文章中,我们将评估苹果公司未来十年的投资回报率,以阐明我们的观点:对于那些希望大幅跑赢大盘的投资者,我们建议对苹果公司保持谨慎,在不高于115美元的位置买入为宜;对于偏好股息增长型投资者,我们认为可以买入并长期...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/xvBFYcTUzRB9Yrr68pGehw\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b481c400567d1498c29f419f60bae782","relate_stocks":{"AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/xvBFYcTUzRB9Yrr68pGehw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148943597","content_text":"近几个月来,我们目睹了苹果股票在拆分后的大幅上涨,这将其估值推到了几乎前所未有的水平。虽然从历史上看,在股价下跌时买入苹果股票是明智的做法,但这次股价下跌可能会让投资者获得更多资本。在这篇文章中,我们将评估苹果公司未来十年的投资回报率,以阐明我们的观点:对于那些希望大幅跑赢大盘的投资者,我们建议对苹果公司保持谨慎,在不高于115美元的位置买入为宜;对于偏好股息增长型投资者,我们认为可以买入并长期持有苹果公司。众所周知,目前苹果的估值相较于历史大幅膨胀,这是否会导致它未来进入平庸的十年?还是目前是投资者逢低买入的时机?苹果公司的投资者们在2020年获得了丰厚的回报,赚得盆满钵满。今年迄今为止,苹果股票的涨幅高达55%。这一举动恰恰凸显了为什么苹果是只可以持有而不可以交易的股票。为此,“逢低买入”是苹果公司经得起时间考验的投资策略。9月初,苹果股价创下历史新高,随后下跌了近20%。很多投资者发出了疑问——应该买入苹果股票吗?在本文中,我们将回顾历史上对苹果股票“逢低买入”的结果,并重新全面评估苹果公司。之前我们曾将苹果的可穿戴设备和服务业务作为独立业务进行评估,今天我们将重新提供一个评估。根据我们此前的评估,苹果的每股价值是108美元,也就是说,目前苹果被高估了。由于最终计算的预期回报率仅略高于我们的投资最低预期回报率,我们当前选择观望,并建议投资者避免或者谨慎地在此轮下跌时买入。苹果过去成功的“逢低买入”策略在过去的20年里,在市场回调15~20%时买入苹果公司的股票,是一种非常非常成功的投资策略。苹果在2020年9月1日创下历史新高137.98美元后,然后在过去一个月下跌了约15~20%。因此,如果历史走势可以借鉴,投资者现在应该买进苹果股票。不过,我们现在不确定是否要买苹果的股票,因为它的估值仍然偏高(即使在修正之后),而且预期回报率仅略高于我们的投资预期回报率。除了iPhone发布的那段时间,苹果公司的估值从未如此之高。这不仅对QQQ和标普500的投资者来说不是好兆头(苹果对这两个指数的价值做出了很大贡献),而且投资者也应该感到警惕,在苹果股价下一轮下跌时谨慎或者暂停盲目买入。根据公开数据,全球大约有63万家上市公司。因此,在目前阶段对苹果的估值持怀疑态度是可以的,因为它肯定不是投资者唯一的选择。接下来,让我们来看看苹果的估值。评估苹果公司自9年前蒂姆•库克接任苹果公司CEO以来,该公司在基本业务发展方面取得了重大进展。具体来说,苹果一直在实现收入多元化,从传统产品领域(iPhone、iPad、Mac)转向可穿戴设备和服务等高增长领域。如今,可穿戴设备和服务在苹果的业务中占据了相当大的比重,预计它们将成为苹果公司未来收入和自由现金流增长的主要推动力。此外,苹果现在有几个非常重要的垂直市场,因此为了真正评估苹果,我们必须从整体的角度来评估它,从而消除它目前的潜在的多元化折扣。为了评估每个细分市场(传统产品线如iPhone + Mac + iPad,可穿戴设备和服务)的公允价值,我们将对其进行估值。苹果公司过去12个月的分类营收如下(以百万计):现在,让我们看看这些收入部分的重新分类以及每个业务的某些假设。与上述假设有关的注释:苹果的毛利率显示其产品利润率为35%,服务利润率为65%。因此,传统产品系列(20%)、可穿戴设备(25%)和服务(40%)的FCF利润率潜力存在差异。TTM流动资金每股计算中使用的已发行普通股为174.2亿股。FCF增长率假设来自苹果高层提供的长期指导。在定义了苹果各个业务部门可能产生的保守现金流之后,我们可以轻松地对这些业务进行估值,并预测未来的股价(10年)。根据我们的假设,苹果的公允价值是每股108.33美元,也就是1.887万亿美元。现在,为了得出总预期收益,我们首先将每个业务部门的每股FCF与对应的增长率假设相结合,然后将结果与价格与FCF比率的假设相乘,从而得出2030年的股价价值。最终得出,到2030年,苹果的股票价值可能达到313美元。因此,如果一个投资者以今天115美元的价格购买,他/她可以期望在未来10年左右仅通过股价升值就能产生10.53%的价格复合年收益率。然而,我们知道苹果是一个派息型的股票。目前,苹果公司的年度股息为每股0.82美元,我们预计苹果将保持其现金股息率在20%左右。从而得出,苹果在没有再投资和再投资情况下的总预期复合年收益率分别为11.02%和11.27%。这一回报率仅略高于9.8%的投资回报率(这是标普500指数90年的年化回报率),因此,我们认为,苹果在未来十年不会明显跑赢大盘。除非一场大范围的市场回调让苹果的收益率跌至90年代,否则我们不会盲目买入。总结我们一贯把苹果公司看作是20世纪中期的通用电气公司,因为我们相信,在未来的几十年里,苹果公司将取得丰硕的发展,股东们也将迎来繁荣。话虽如此,在许多市场参与者眼中,苹果已成为明显的赢家,其风险已变得非常低,因此其回报也相应地变得很低。因此,如果有投资者希望大幅跑赢大盘,我们认为在苹果下一轮的下跌中,低于115美元才可以考虑买入。但如果投资者是股息爱好者,我们建议买入并长期持有苹果。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":921859104,"gmtCreate":1586246966008,"gmtModify":1704360491761,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/DAL\">$达美航空(DAL)$</a> 做空的,还好早上盘后卖出了","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/DAL\">$达美航空(DAL)$</a> 做空的,还好早上盘后卖出了","text":"$达美航空(DAL)$ 做空的,还好早上盘后卖出了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/921859104","isVote":1,"tweetType":1,"viewCount":1668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":929216761,"gmtCreate":1585362697253,"gmtModify":1704358002263,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/UAL\">$联合大陆航空(UAL)$</a> 卖31元put,盘后差点跌破[喷血] 看来反弹毕竟只是反弹","listText":"<a href=\"https://laohu8.com/S/UAL\">$联合大陆航空(UAL)$</a> 卖31元put,盘后差点跌破[喷血] 看来反弹毕竟只是反弹","text":"$联合大陆航空(UAL)$ 卖31元put,盘后差点跌破[喷血] 看来反弹毕竟只是反弹","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/929216761","isVote":1,"tweetType":1,"viewCount":1388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":914748694,"gmtCreate":1581517698618,"gmtModify":1704344379310,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"$慧择控股(HUIZ)$ 100股中50股","listText":"$慧择控股(HUIZ)$ 100股中50股","text":"$慧择控股(HUIZ)$ 100股中50股","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/914748694","isVote":1,"tweetType":1,"viewCount":626,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":912136568,"gmtCreate":1580099317654,"gmtModify":1704340788604,"author":{"id":"3434060058836577","authorId":"3434060058836577","name":"无水","avatar":"https://static.tigerbbs.com/c2287e519d29950ceac7d8e93d63037f","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3434060058836577","authorIdStr":"3434060058836577"},"themes":[],"htmlText":"2020年我看好 <a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>","listText":"2020年我看好 <a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>","text":"2020年我看好 $特斯拉(TSLA)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/912136568","isVote":1,"tweetType":1,"viewCount":1115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}