2025财年下半年投资策略：增持Recruit以追求品质，增持LY和Kakaku.com以实现持续增长，增持Mercari以寻求变革

Group 1: Investment Recommendations - Morgan Stanley recommends an "Overweight" (OW) rating on Recruit, Mercari, Kakaku.com, and LY for FY25 2H due to their growth potential and profit generation capabilities[1][5] - Kakaku.com is expected to achieve double-digit year-over-year (YoY) growth in sales and operating profit (OP) driven by digitalization trends in the restaurant sector and the success of Kyujin Box[5][7] - Mercari is in an earnings expansion phase with high domestic e-commerce profits and new advertising business opportunities[5] Group 2: Financial Performance and Forecasts - Kakaku.com's revenue is projected to grow from JPY 66,928 million in FY24 to JPY 78,435 million in FY25, reflecting a 15% YoY increase[13] - Operating profit for Kakaku.com is expected to rise from JPY 25,819 million in FY24 to JPY 29,293 million in FY25, indicating a 35% YoY growth[13] - LY is anticipated to maintain high shareholder returns and introduce AI-enabled products starting in the second half of FY25[5] Group 3: Market Conditions and Challenges - Recruit is expected to see profit growth through margin improvements despite a sales decline forecast due to macroeconomic uncertainties[5] - Askul faces challenges in achieving double-digit earnings growth due to rising fixed costs associated with logistics and platform renewals[21] - Hakuhodo DY Holdings is projected to experience moderate profit expansion amid a recovering advertising market, with a focus on restoring pre-pandemic profit levels[15]