沃尔玛：美国市场份额提升，各地区电商业务快速增长

Investment Rating - The report maintains an "Overweight" rating for the company [1][7]. Core Insights - The company's Q3 FY2025 performance exceeded expectations, with total revenue reaching $169.6 billion, a year-on-year increase of 5.5$114.9 billion, $30.3 billion, and$22.9 billion, respectively, with year-on-year changes of +5.0%, +8.0%, and +3.9% [4][5]. - The gross margin for Q3 FY2025 increased by 0.2 percentage points to 24.2%, benefiting from inventory management, pricing strategies, and improved profitability in e-commerce channels [4][5]. - The operating profit for Q3 FY2025 was $6.7 billion, reflecting an 8.2$0.58, a 13.7% increase compared to the previous year [4][5]. Summary by Sections Market Data - Closing price: $91.88 - Total shares outstanding: 8.038 billion - Total market capitalization:$738.6 billion - Total assets: $263.4 billion - Net assets attributable to shareholders:$88.1 billion - Book value per share: $11.0 [1]. Financial Performance - FY2025 Q3 revenue:$169.6 billion, up 5.5% year-on-year - FY2025 Q3 operating profit: $6.7 billion, up 8.2$0.58, up 13.7% year-on-year - FY2025 full-year net sales expected to grow by 4.8%-5.1% [4][7]. E-commerce and International Growth - U.S. e-commerce sales grew by 22%, driven by in-store pickup and delivery services [5][6]. - International revenue for Q3 FY2025 was $30.3 billion, a year-on-year increase of 8.0$22.9 billion, with comparable sales growth of 3.9% [6]. - Membership fee income increased by 15%, and private label sales showed high single-digit growth [6]. Financial Guidance - The company raised its full-year FY2025 guidance for net sales growth to 4.8%-5.1% from a previous estimate of 3.75%-4.75% [7]. - Adjusted operating profit for FY2025 is now expected to grow by 8.5%-9.25% [7].