Investment Rating - The investment rating for Costco is maintained at "Neutral" [1][3]. Core Insights - 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 revenue 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 transaction value [3]. - The company plans to open 18 new warehouse stores globally in FY2025, increasing its 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 its products sold in the U.S. are imported, with nearly half sourced from China, Mexico, and Canada [3]. Financial Projections - Revenue projections for FY2025-2027 are $268.7 billion, $286.8 billion, and $302.9 billion, reflecting year-on-year growth rates of 5.60%, 6.75%, and 5.60% respectively [1][3]. - Net profit forecasts for the same period are $7.98 billion, $8.28 billion, and $9.38 billion, with growth rates of 8.30%, 3.77%, and 13.32% respectively [1][3]. - The projected P/E ratios for FY2025-2027 are 51.97, 50.08, and 44.20 [1][3].

【TrendForce】 3月5日，TrendForce集邦咨询公布了3月上旬面板价格预测。具体来看：国内以旧换新政策仍可刺激需求，电视面板价格维持涨 势；显示器面板价格在本月有望全面上涨；笔电面板价格则持续持平。 电视面板 TrendForce研究副总范博毓表示，3月份电视面板需求虽然仍维持稳定，但受到如关税问题的纷扰已有些许杂音出现，品牌客户目前仍按部就班依 照采购计划维持对面板的采购动能，但不排除一旦终端需求出现变化，将开始修正订单。 TrendForce研究副总范博毓指出，受益于电视面板价格持续上涨，以及面板厂的酝酿，显示器面板价格有望在3月份全面上涨。不过受到关税等问 题的影响，整体市场需求的不确定性正在增加中，因此面板厂与客户之间对于涨幅的想法仍有显著落差，仍需花时间作协商。 整体而言，观察3月份的显示器面板价格走势将呈现小幅度上涨趋势，Open Cell面板预估上涨0.1~0.2美元，而面板模组价格，21.5吋FHD预估上 涨0.1~0.2美元，23.8吋FHD预估上涨0.2~0.3美元，27吋FHD预估上涨0.1美元。 笔电面板 笔电面板需求近月表现相对冷静，关税问题对已布局完毕的品牌而言，冲 ...