Costco-FY2024Q2业绩点评：Q2营收略逊预期，电商业务增长强劲

Investment Rating - The report maintains a "Buy" rating for Costco (COST) [1][5][7] Core Insights - In FY2024 Q2, Costco reported revenue of $58.44 billion, a year-on-year increase of 5.7%, slightly below Bloomberg's consensus estimate of 6.8% [1][3] - The company's e-commerce sales grew significantly, up 18.2% year-on-year, contributing to a record logistics delivery volume exceeding 1 million, a 28% increase from the previous year [1][3] - Membership revenue reached$ 1.11 billion, up 8.2% year-on-year, with a global renewal rate exceeding 90% [3][4] Revenue and Profitability - Total revenue for FY2024 Q2 was $58.44 billion, with merchandise sales accounting for$ 57.33 billion and membership fees for $1.11 billion [1][3] - The overall gross margin was 12.5%, a slight increase of 0.1 percentage points year-on-year, while net profit was$ 1.74 billion, reflecting an 18.9% year-on-year increase [1][3] - The diluted EPS for the quarter was $3.92, up 17.7% year-on-year [1][3] Membership Growth - As of FY2024 Q2, Costco's membership count continued to grow, with a total of 132 million cardholders, a 7.3% increase year-on-year [3][4] - The renewal rate for members in the U.S. and Canada was 92.9%, while the global renewal rate stood at 90.5% [3][4] Store Expansion - As of the end of Q2, Costco had a total of 875 stores, an increase of 27 stores year-on-year, with 603 located in the U.S. [4] - The company plans to open 15 new stores in FY2024 Q3-Q4, with 11 in the U.S. and others in Japan, South Korea, and China [4] Financial Forecast - The report projects Costco's revenue for FY2024 to be$ 272.17 billion, with net profits of $7.145 billion, and estimates for FY2025 and FY2026 are$ 303.28 billion and $335.97 billion respectively [5][6] - The expected P/E ratios for FY2024, FY2025, and FY2026 are 45, 38, and 33 respectively [5][6]