Costco-好市多（COST）：FY2025Q2业绩点评：业绩保持稳健增长，但潜在关税问题可能使成本端承压

Investment Rating - The investment rating for Costco is maintained at "Neutral" [1][3]. Core Views - Costco's revenue for FY25 Q2 increased by 9.1% year-on-year to $62.5 billion, with net profit rising by 2.6% to$ 1.79 billion, and diluted EPS also up by 2.6% to $4.02 per share [3]. - Membership income grew by 7.4% year-on-year, with a global renewal rate of 90.5% and a membership count of 78.4 million, of which 36.9 million are premium members [3]. - E-commerce comparable sales surged by 20.9% year-on-year, driven by a 13% increase in website traffic and a 10% rise in average order value [3]. - The company plans to open 18 new warehouse stores globally in FY2025, increasing the total to 915 stores by the end of the fiscal year [3]. - Potential tariff issues may pressure the company's cost structure, as approximately one-third of products sold in the U.S. are imported, with nearly half sourced from China, Mexico, and Canada [3]. - Revenue projections for FY2025-2027 are expected to grow by 5.60%, 6.75%, and 5.60% respectively, with net profit growth of 8.30%, 3.77%, and 13.32% [3][4]. Financial Summary - FY2024 projected revenue is$ 254.453 billion, with a year-on-year growth of 5.02% [1]. - FY2025 projected revenue is $268.702 billion, with a year-on-year growth of 5.60% [1]. - FY2026 projected revenue is$ 286.840 billion, with a year-on-year growth of 6.75% [1]. - FY2027 projected revenue is $302.903 billion, with a year-on-year growth of 5.60% [1]. - FY2024 projected net profit is$ 7.367 billion, with a year-on-year growth of 17.09% [1]. - FY2025 projected net profit is $7.978 billion, with a year-on-year growth of 8.30% [1]. - FY2026 projected net profit is$ 8.279 billion, with a year-on-year growth of 3.77% [1]. - FY2027 projected net profit is $9.382 billion, with a year-on-year growth of 13.32% [1].