零售行业之革新与镜鉴系列专题：深度拆解Costco商业模式，探析国内商超调改进阶方向

Investment Rating - The report maintains an "Outperform" rating for the retail industry [1][4]. Core Insights - Costco is highlighted as a benchmark in the global retail industry, demonstrating consistent growth and stability since its establishment in 1983, with a revenue of $254.5 billion and a net profit of $7.4 billion in fiscal year 2024 [1][15]. - The report emphasizes the importance of product strength and service quality as core directions for the transformation of domestic retail enterprises, suggesting that these elements are crucial for adapting to changing consumer demands [3][14]. Summary by Sections Company Overview - Costco operates 890 stores globally and has 137 million cardholders, achieving a compound annual growth rate (CAGR) of 10% in revenue since 1990, with positive growth every year except for 2009 [1][15][22]. Business Model Analysis - The core of Costco's business model is its membership system, which locks in customer demand and enhances control over product offerings, allowing for a streamlined selection of around 4,000 SKUs per store [2][19]. - Costco's pricing strategy ensures that its products are generally 25-35% cheaper than competitors, supported by a robust supply chain [2][19]. Domestic Benchmarking - Domestic retailers are encouraged to learn from Costco's model, focusing on product strength and local adaptation. Examples include Sam's Club and Fat Donglai, which have successfully integrated local consumer preferences into their operations [3][14]. Investment Recommendations - The report suggests that domestic supermarket chains are undergoing significant transformations to adapt to the current market dynamics, with a focus on enhancing product and service capabilities. Recommended companies include Yonghui Superstores, Jiajiayue, Chongqing Department Store, and Hongqi Chain [3][4]. Financial Projections - The report provides earnings per share (EPS) estimates and price-to-earnings (PE) ratios for several companies, indicating a favorable outlook for those recommended [4].