商贸零售行业周报：沃尔玛业绩增长保持强劲势头，山姆在中国区扩张有望加速

Investment Rating - The report maintains a positive outlook on the retail trade industry, specifically highlighting strong performance from Walmart and its Sam's Club in China [2][3]. Core Insights - Walmart's Q3 2024 performance shows robust growth, with consolidated revenue reaching $169.588 billion, a year-on-year increase of 5.5%. The company has raised its full-year sales guidance to a growth of 4.8% to 5.1% [4][6]. - Sam's Club in China achieved sales of approximately $80 billion in 2023, with a single store generating about $1.67 billion, maintaining a leading position in the industry [2][43]. - The report emphasizes the shift in consumer behavior towards rational consumption, focusing on quality, value, and convenience, which Sam's Club aims to address through its service and e-commerce strategies [42][43]. Summary by Sections 1. Walmart's Q3 Performance - Walmart's Q3 2024 consolidated revenue was $169.588 billion, with net sales of $168.003 billion, reflecting a 5.4% year-on-year increase. Membership and other income grew by 16.1% [4][6]. - The company has adjusted its full-year earnings guidance upwards, expecting adjusted operating profit growth of 8.5% to 9.25% [4][6]. 2. Sam's Club in China - Sam's Club's sales in China reached approximately $80 billion in 2023, with a single store's sales averaging $1.67 billion, indicating strong competitive positioning [2][43]. - The growth strategy focuses on the "Everyday Low Price" (EDLP) model, enhancing member services, and rapidly developing e-commerce capabilities [43][47]. 3. Market Performance Overview - The retail trade index rose by 2.18% from November 18 to November 22, 2024, outperforming the CSI 300 index by 4.78 percentage points, ranking second among primary industries [3][49]. - Walmart's international operations, particularly in China, continue to drive significant growth, with Q3 net sales in China reaching $4.9 billion, a 17% increase year-on-year [5][38]. 4. Investment Recommendations - The report recommends stocks such as Yonghui Supermarket, Chongqing Department Store, and Jiajiayue, while suggesting to keep an eye on Walmart [6].