国金证券发布耐用消费产业行业研究报告：复盘仓储会员龙头Costco 指引中国商超变革

财中社12-04

财中社12月4日电国金证券发布耐用消费产业行业研究报告，近年来以Costco为代表的仓储会员店客流火爆、本土超市胖东来也出圈成为网红品牌。美国仓储会员店龙头，创造零售神话。Costco成立于1980年，长期秉持“为会员持续提供优质、低价的商品和服务”理念。2024财年归母净利累计增长6倍，年化增速10.7%，其中会员费贡献利润，商品销售业务贡献收入。截至2024财年，全球门店890家/付费会员...

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supermarkets","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600109":1,"COST":1},"content_text":"财中社12月4日电国金证券发布耐用消费产业行业研究报告，近年来以Costco为代表的仓储会员店客流火爆、本土超市胖东来也出圈成为网红品牌。美国仓储会员店龙头，创造零售神话。Costco成立于1980年，长期秉持“为会员持续提供优质、低价的商品和服务”理念。2024财年归母净利累计增长6倍，年化增速10.7%，其中会员费贡献利润，商品销售业务贡献收入。截至2024财年，全球门店890家/付费会员0.76亿人，以美国和加拿大为主并进军全球。Costco以付费会员制为基础，精选品+强运营打造性价比。Costco成功在于以“会员为中心”重塑产业链实现共赢，会员/选品/运营是三大关键要素：①会员：变革盈利模式，会员费贡献收入使收益前置，公司变身为采购服务商，提前锁定利润从而实现低毛利率+专注选品运营。②选品：精简SKU数量，聚焦优质商品，以极致性价比吸引客户并扩大规模形成飞轮效应以降低成本。③运营：强调周转效率，在门店运营、客户服务等细节精益求精。Costco以2019年踏足中国大陆市场，2020-24财年中国大陆门店增长至7家。开启全球化扩张，推动零售行业变革。公司品牌得到全球消费者认可，未来增长在于国际市场。其中，北美是公司主战场，24财年收入占比86%。美国仓储会员店渠道渗透率已达4.0%，2019至2023年市场增速约3.3%；2023年公司市占率约63%，提升空间较为有限。国际方面，2020-24财年收入复合增速12.4%，拓展步伐加快，单店表现亦有提升空间。中国商超大变局，永辉超市引领变革。2024年5月永辉超市携手胖东来启动门店调改，聚焦：①商品升级；②体验提升；③员工激励，重在提升消费体验和商品品质。首家调改店营业首日销售额增长13.9倍表现强劲，11月末永辉全国调改店已达17家，计划2025年春节前达40-50家，2025全年调改100家以上。对标Costco，永辉超市此次改革有两大看点：①优化商品结构，提升周转效率。Costco/永辉超市历年总资产周转率分别为3.4、1.6，存货周转天数分别约30天和50天，随着永辉超市导入DL品牌、自有品牌及名创优品合作产品等优质商品，动销效率有望显著提升。②定位优质优价，提升利润空间。Costco采用付费会员制、以会员费锁定利润，因此主动将毛利率保持在较低水平，但永辉超市受制于行业价格竞争毛利率并未显著高于Costco，近年来均值分别为11.0%/15.7%。此外永辉超市的费用率亦高于Costco，历年均值约19.8%。随着永辉超市运营思路转变，定位优质商品，利润率水平或进入上行通道。中国超市迎来变革，永辉超市携手胖东来开启改革，调改店运营表现亮眼，或预示线上线下零售渠道迎来再平衡。Costco成功的核心在于独特的会员制商业模式，“以性价比引流、会员费作为利润”。公司坚持低价+优质商品&服务，并以精简SKU/大包装/货架陈列等运营技巧显著提升周转效率，经营思路值得借鉴。永辉超市改革定位“品质零售”，在商品优化和服务升级上与Costco不谋而合，永辉超市改善周转效率&利润率，改善空间门店调改进度。若进展顺利，永辉超市有望开启新一轮量价齐升。（文章来源：财中社）\n\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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