9張圖剖析蘋(píng)果、亞馬遜和谷歌的三巨頭大戰(zhàn)
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????右邊的兩張圖是2013年蘋(píng)果（Apple）的股價(jià)走勢(shì)與亞馬遜（Amazon）和谷歌（Google）的對(duì)比，但對(duì)比結(jié)果與下面的9張柱狀圖相左。 ????這些柱狀圖是一位名為“Merckel”的讀者提供給《財(cái)富》（Fortune）雜志的，使用一些較為客觀的指標(biāo)對(duì)三家公司進(jìn)行了比較，包括現(xiàn)金流量、資產(chǎn)回報(bào)率、利潤(rùn)增長(zhǎng)和已支付股息等枯燥的數(shù)據(jù)。 ????這三家公司當(dāng)然擁有不同的業(yè)務(wù)模式。蘋(píng)果通過(guò)溢價(jià)出售高端消費(fèi)品，賺取巨額利潤(rùn)。谷歌每筆在線廣告利潤(rùn)微薄，但在線廣告總銷(xiāo)量數(shù)以十億計(jì)。亞馬遜正在打造一個(gè)巨型虛擬購(gòu)物中心，將現(xiàn)有店鋪（如圖書(shū)、電子產(chǎn)品等）的利潤(rùn)注入新店鋪。 ????但股市每天要做的事就是對(duì)不同的商業(yè)模式進(jìn)行定價(jià)。從Merckel的這些柱狀圖來(lái)看，市場(chǎng)似乎相信谷歌和亞馬遜的增長(zhǎng)永遠(yuǎn)沒(méi)有盡頭。 ????至于蘋(píng)果，市場(chǎng)還需要看到新一款轟動(dòng)性的產(chǎn)品（財(cái)富中文網(wǎng)）。 |
????The two stock charts at right, comparing Apple's (AAPL) performance in 2013 to Amazon's (AMZN) and Google's (GOOG), tell a very different story than the nine bar charts below. ????Produced for Fortune by the reader who posts here as Merckel, the bar charts compare the three companies by more objective measures -- boring things like cash flow, return on assets, earnings growth and dividends paid. ????The three companies have different business models, of course. Apple makes big profits selling high-end consumer devices at premium prices. Google takes a tiny profit from each of billions of online ad sales. Amazon is constructing a giant virtual mall, pouring the profits from its established stores (books, electronics, etc.) into new ones. ????But putting a value on different business models is what the stock market does every day. Judging from Merckel's bar charts, what the market seems to be saying is that it believes Google and Amazon will keep growing indefinitely. ????For Apple, it will believe it when it sees the next hit product. |
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