证券研究报告 | 2025年11月14日 SEA（SE.N） 优于大市 2025Q3 财报点评：收入表现亮眼，电商加大物流基建布局 整体表现：电商/数字金融/游戏驱动收入增速亮眼。收入端看，2025Q3 公司 收入 60 亿美元，同比增长 38%，电商/数字金融/游戏业务增速分别为 35%/61%/31%。利润端看，本季度公司实现净利润 3.8 亿美元，净利率 6%， 实现经调整 EBITDA 8.74 亿美元，对应利润率 15%。 电商业务：收入端快速增长，加大物流建设影响利润释放。本季度电商业 务营收 43 亿美元，同比+35%，主要与 GMV 较快增长、货币化率持续提 升有关，25Q3 GMV yoy+28%，持续保持高速增长，预计全年 GMV 增速 25% 以上。平台货币化率从去年同期 11.0%提升至 11.7%，主要来自广告收 入的强劲增长，广告收入yoy超 70%，使用广告产品的商家数量同比+25%， 付费广告商家季度平均广告支出同比+40%。本季度电商经调整 EBITDA 为 1.86 亿美元，经调 EBITDA 利润率 4.3%，环比-1.7pct，除季节性因 素影响外还与公司加大物流建设投 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5][22]. Core Insights - The company's Q1 2025 performance exceeded expectations, with total revenue of $4.8 billion, a year-on-year increase of 30%, driven primarily by e-commerce and digital financial services [8][22]. - The e-commerce segment showed significant growth, with revenue reaching $3.5 billion, up 28% year-on-year, and a GMV increase of approximately 21% [10][22]. - Digital financial services, recently rebranded as Monee, reported a revenue of $787 million, a 58% increase year-on-year, largely due to credit services [16][22]. - The digital entertainment segment also performed well, with revenue of $496 million, an 8% increase year-on-year, and a 51% increase in transaction volume [17][22]. Revenue and Profit Forecast - Revenue projections for 2025-2027 have been adjusted to $21 billion, $25 billion, and $28.5 billion, reflecting increases of 4%, 6%, and 5% respectively, primarily due to anticipated growth in gaming revenue [22]. - Net profit forecasts have been revised to $1.7 billion, $2.6 billion, and $3.4 billion for the same period, with increases of 13% across the board, driven by improved e-commerce profit margins [22]. Financial Metrics - The company achieved a net profit margin of 8% in Q1 2025, with a notable improvement in e-commerce profitability [8][10]. - The adjusted EBITDA for the e-commerce segment was $264 million, with a profit margin of 7.5%, reflecting enhanced operational efficiency [10][22]. - The digital financial services segment reported an adjusted EBITDA of $241 million, with a profit margin of 31% [16][22]. Valuation - The company is currently valued at 57 times its earnings for 2025, indicating a strong market position and growth potential [22].