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Table_MainInfo/2024 03 21 Table_InvestInfo Table_QuoteInfo-25.20%-19.28%-13.35%-7.42%-1.50%4.43%2023/3 2023/6 2023/9 2023/12 Table_ReportInfo 2024.03.18 2024.02.23 2024.01.29:Tel:(021)23219399 Email:S0850511040005:Tel:(021)23154125 Email:S0850517040002:Email:S0850522110001:祎 Tel:(021)23185687 Email:S0850523080001 COSTCO Table_Summary Costco 2023 8 14 861 Costco 1973-1974 1979-1980 Costco FY1995-2023 Costco 1000 7100 7.3%90%FY1995-2023 Costco 34.1/64.5/2.3%+SKU+ROE GPM 10-11%OPM 2-3.5%Costco 2023 8 Costco 270 Costco Costco 2024 3 15 3218 21 15.9 FY1992-2002 CAGR 11%PE 15-40 FY2003-2014 CAGR 9%PE 20-30 FY2015-2023 CAGR 9%CAGR 13%PE 30 50 2 1.COSTCO.6 1.1 COSTCO.6 2.Costco.9 3.Costco.12 3.1.12 3.2+.14 3.3 ROE.17 3.4.18 4.20 4.1.20 4.2.20 5.Costco.25 6.Costco.29 7.31 ZXAZwPrMoNnMsMpMtOrOqR7N8Q9PmOqQtRmQeRqQoNkPnPnPaQpPvMuOqQmQxNqRnM 3 1 1950-1973.6 2 2000.6 3 1960s-2020s.7 4 1974-2022.7 5 CPI CPI 1958-2022.7 6 Costco.8 7 Costco FY1995-2023.9 8 Costco FY1995-2023.9 9 Costco FY1995-2023.9 10 Costco FY1995-2023.9 11 10 2005-2023.10 12 Costco FY2002-2023.10 13 Costco FY2005-2023.11 14 Costco FY2005-2023.11 15 Costco FY1993-FY2023.13 16 2023 Costco.15 17 2023 Costco.15 18 Kirkland SKU FY2010-2021.15 19 Costco GPM FY1995-2023.15 20 Costco.16 21 Costco FY1995-2023.16 22 SG&A FY1995-2023.16 23 Costco OPM FY1995-2023.16 24 Costco FY1995-2023.17 25 FY1995-2023.17 26 FY1995-2023.17 27 Costco ROE FY1995-2023.18 28 Costco FY1985-2023.20 29 10 2005-2023.21 30 Costco 2010-2023.21 4 31 Costco 1997-2022.22 32 Costco 1997-2022.22 33 1993-2023.22 34 Costco FY1982-2023.22 35 2008-2022.23 36 2008-2027E.23 37 2008-2027E.23 38 Costco FY2013-2023.24 39 Costco 2023 8.25 40 Costco FY2003-2023.26 41 OP OPM FY1993-2003.26 42 1990-2023.27 43 Costco OPM FY1995-2023.27 44 2023 Costco.28 45 Costco.28 46 1987-2023.29 47 Costco FY1993-2023.29 48 Costco FY1993-2002.30 49 Costco FY2003-2014.30 50 Costco FY2015.31 ie2h8TDNnUvXyr+QC29/lLzkDSe1RnSOm2svFrHBRVmMRHs86BzcRBJTbE0vkjnR 5 1 2023 Costco.11 2 Costco 部分品 类的合 作品 牌.12 3 Costco 部分 Kirkland 产品 供应商.12 4 2023 年 Costco 与其 他零售 商主要商 品价格 对比.13 5 Costco 仓库配 套及其 他服 务简况.13 6 Costco 与其他 零售商 各项 运营数据 对比（美国本 土市 场）.14 7 Costco 现任及 历任核 心管 理层介绍.18 8 美国仓储 会员制 零售商 有机 SKU 占比（2012-2020）.23 9 Costco 电商运 营市场 渗透 率及规模 增速（2008-2022）.24 10 全球主要 零售品 牌海外 扩张 情况.25 11 Costco 中国市 场合作 供应 商或品牌 商.27 6 1.COSTCO 1983 Costco Costco 1.1 COSTCO Costco Costco 1929 U.S.Bureau of Economic Analysis 1960 3%50-60 white flight THE AMERICAN YAWP 1950-1970 83%Pew Research 2000 53%76%1 1950-1973 U.S.Bureau of Economic Analysis 2 2000 Pew Research 1956 Federal Aid-highway Act 1960-1980 U.S.Department of Transportation U.S.Census Bureau 1960 78%1980 87%1 22%52%7 3 1960s-2020s U.S.Department of Transportation U.S.Census Bureau 1973-1974 1979-1980 U.S.Bureau of Economic Analysis U.S.Department of Labor 1974 2%CPI 11.0%CPI 8.3%1980 0.4%CPI 13.5%CPI 12.4%1976 Price Club 80 Costco Fed Mart 4 1974-2022 U.S.Bureau of Economic Analysis 5 CPI CPI 1958-2022 U.S.Census Bureau Costco 1993 Price Club Costco 1999 8 Costco Wholesale Corp 2023 8 Costco 14 861 591 107 5 HHC Publishing 2022 Costco 62.9%Costco To B To C To B To C Price Club 1976 Sol Price 1954 Fed Mart Price Club B B Price Club Price Club C 8 Costco Jeff Brotman Jim Sinegal 1983 Sinegal Fed Mart Price Club Costco Price Club 1993 B C Costco C C+Costco Costco s Club Pace Club 1992 Walmart 256 123 36%Pace Club 115 Costco 100 71 21%1993 Walmart Costco Price Club Price Costco Price Costco 152 147 1994 Price Costco Price Price Smart Sinegal Price Costco Costco Wholesale Costco 1997 Table_PicPe 6 Costco Understanding Costco 36 9 2.Costco Costco Costco Costco Costco Costco FY2018 Costco FY2018 FY1995-2023 Costco 3.4 45.8 9.7%1.3 62.9 14.7%FY1995-2023 Costco 50%FY2003-2019 70%7 Costco FY1995-2023 8 30 8 Costco FY1995-2023 FY1995-2023 Costco 1000 7100 7.3%FY2020 1 FY2023 1.28 FY1995-2023 Costco 240 861 4.7%Costco 4.2 8.2 2.5%9 Costco FY1995-2023 10 Costco FY1995-2023 10 1 Euromonitor 2005-2023 10 5587.1 9312.4 18.9%27.8%Costco 2 Costco FY2023 Costco 70%73%69%2022 U.S.Census Bureau U.S.Bureau of Economic Analysis 37%Business Insider Costco 12.5 U.S.Census Bureau U.S.Bureau of Economic Analysis 2022 20%27.7 20%-40%12.0 Costco 40%Euromonitor 2005-2023 10 2.9%Costco 6.9%Costco 90%Costco FY2002-2023 Costco 86.0%6.7pct 92.7%FY2011-2023 86.0%4.4pct 90.4%11 10 2005-2023 Euromonitor 12 Costco FY2002-2023 FY1995-2023 Costco 34.1/64.5/2.3%Costco 1 Gold Star Costco 2 Business 6 3 Executive 1997 2%2000 1000 2017 750 2012 500 Costco 2 7 6 FY1997-2017 35/60/2.7%30/60/100/120/3.5%0.9%Costco 2017 2%-4%Costco Anywhere Citi Visa Card 2023 11 1 2023 Costco 类型 历史年费变 化 2023 年费 对应客群 服务范围 Gold Star 1992 年前：25 美元 1992 年：30 美元 1994 年：35 美元 1998 年：40 美元 2000 年：45 美元 2006 年：50 美元 2011 年：55 美元 2017 年：60 美元 60 美元 普通个人 线下门店 及线上 网站购 物 含一张主 卡及一 张副卡（家庭 成员）不满意随 时取消 登记及 退费 Business 1993 年前：25 美元 1993 年：30 美元 1998 年：35 美元 2000 年：45 美元 2006 年：50 美元 2011 年：55 美元 2017 年：60 美元 60 美元 拥有零售 许可的公司 或个体 线下门店 及线上 网 站购 物 含一张主 卡及一 张副卡（家庭 成员）不满意随 时取消 登记及 退费 可添加最 多 6 张附属 卡（60 美元/张）商品再销 售许可 Executive 2011 年前：100 美元 2011 年：110 美元 2017 年：120 美元 120 美元 所有个人 及公司 线下门店 及线上 网站购 物 含一张主 卡及一 张副卡（家庭 成员）不满意随 时取消 登记及 退费 2%消费返现（上 限 1000 美元）门店附加服 务额外 折扣（如汽车、保险）FY2005 420 FY2023 3230 19.7%45.5%FY2023 Costco 5358 6000/1671 3.2 FY2023 72.8%13 Costco FY2005-2023 14 Costco FY2005-2023 1 Costco Costco FY2023 8.2 2.9 64.5 58.3/3348 2782 5 6.6%6.3%Costco 12 3.Costco Costco Costco 3.1 Costco 2023 Costco TOP10 Costco Kirkland Costco Costco 3C Kirkland Huggies Costco 2 Costco 部分品类的合作品牌 Winix CUCKOO Homedics Tineco iRobot Ninja Gourmia OLAY SK-II Tom Ford Bobbi Brown Perricone MD Hermes Lanc me Gucci Montblanc 3C LG TCL GoPro Insta360 Delsey Paris SwissGear Adidas PUMA ECCO FILA 3 Costco 部分 Kirkland 产品供应商 Kimberly Clark Huggies Niagara Bottling Jelly Belly 1898 Jelly Belly Warren Oil Reynolds Yahoo Finance SKU+Costco Fortune Costco 11%24%/35%/35%30%14/7000 SKU Costco SKU 3700 Costco/Walmart/B 2.8/0.6/0.8/SKU Costco Costco simple grocery deals 2023 Costco 13 SKU Walmart 31%26%Costco 4 2023 年 Costco 与其 他零售商主要商品价格对比 Costco Walmart Costco Costco$6.99/24$0.29/$5.28/12$0.44/-34%$7.29/18$0.41/-28%$9.49/256 oz$0.37/10 oz$3.43/64 oz$0.54/10 oz-31%$12.99/256 oz$0.51/10 oz-27%$9.59/33.8 oz$0.28/oz$6.12/17 oz$0.36/oz-22%$28.99/96 oz$0.30/oz-7%$9.49/56 oz$0.17/oz$4.68/16 oz$0.29/oz-41%$8.99/36 oz$0.25/oz-32%2%$3.25/128 oz$0.25/10 oz$4.66/128 oz$0.36/10 oz-31%$11.99/192 oz$0.62/10 oz-60%$6.49/27 oz$0.24/oz$5.48/13 oz$0.42/oz-43%$8.98/16 oz$0.56/oz-57%$15.90/48 oz$0.33/oz$4.24/11.3 oz$0.38/oz-13%$16.98/45 oz$0.38/oz-13%$12.99/84.8 oz$0.15/oz$5.58/32 oz$0.17/oz-10%$6.29/40 oz$0.16/oz-3%$7.99/90 oz$0.09/oz$1.34/7.5 oz$0.18/oz-50%$9.49/100 oz$0.10/oz-5%simplegrocerydeals Costco Costco Costco FY1993-2023 Costco 5.0 486.9 30 CAGR 16.5%270 5732 3.3%20.5%Costco 5 Costco 仓库配套及其他服务简况 80%88%95%99%85%-15 Costco FY1993-2023 Costco Costco 1984 1.5+2009 4.99 Costco 14 Costco 100%6 Costco 100%Costco Costco 3.2+Costco FY2018 Costco 3.0/Target 2.1/3.7/3.4/5.4 2.2/Walmart/Target 1.9/2.8/3.4/4.6 Costco Business Insider 2023 Costco 100 Walmart Target 2 30/Walmart 52/Target 23 6 Costco 与其他零售商各项运营数据对比（美国本土市场）Costco Sams Club BJs Club Walmart Target FY23 FY23 FY22 FY23 FY22 1766 843 189 4206 1076 3 CAGR 7.7%9.7%7.8%4.4%5.2%591 600 235 4717 1948 27 1 14-26 51 3.0 1.4 0.8 0.9 0.6 3 CAGR 6.0%9.6%5.6%4.6%4.3%/21704 11349 7842 6451 4735 3 CAGR 5.9%9.7%6.4%-4.8%7100-680-3 CAGR 4.8%-4.3%-3348-2782-3 CAGR 2.5%-3.4%-Costco year-end 8 Walmart year-end 1 Target year-end 1 15 16 2023 Costco Business Insider 17 2023 Costco Business Insider SKU Costco SPU Costco 2-3 SKU Kirkland Wilcox Costco SKU 3700 4000/7000 SKU Walmart Carrefour SKU SKU Costco Costco 1 Kirkland Costco Kirkland Kirkland SKU 2 Costco 25-30 Walmart 30-40 Target 45-60 Costco 3 Costco B C2FO B2B Costco+4 Costco Yardistry Ivena Novaform 5 Costco SKU 18 Kirkland SKU FY2010-2021 RetaiWire 19 Costco GPM FY1995-2023+Costco Kirkland 24/60 Walmart Great Value 12/6 Costco Costco 16 2019 Costco 24 Costco 30%70%Cross-docking 8 Costco 2020 10 Innovel Solutions+/Costco Costco FY1995-2023 Costco 80%FY2006-2023 90.8%94.0%Costco FY1995-2023 Costco 0.2%-0.3%Costco 20 Costco 21 Costco FY1995-2023 2-3.5%Costco FY1995-2023 Costco SG&A 9%15%Walmart FY1995-2023 15.4%20.8%Target FY1995-2023 16-22%15-20%10-11%2-3.5%Costco 22 SG&A FY1995-2023 Bloomberg 23 Costco OPM FY1995-2023 Bloomberg 17 3.3 ROE 1 Costco U 2 Costco Brian Wansink Costco FY1995-2023 Costco 6-8%7-9%Target 10-14%Walmart 9-16%24 Costco FY1995-2023 Bloomberg Costco FY1995-2023 Costco 30 35 Walmart 45-70 Target 60 Costco FY1995-2023 Costco 25-30 Walmart 30-43 Target 45-65 Costco 25 FY1995-2023 Bloomberg 26 FY1995-2023 Bloomberg ROE FY1995-2023 Costco 2.8 110.7 14.1%Costco 18 ROE FY1995-2023 Costco ROE 8.3%27.5%Walmart Target Costco ROE 1 FY1995-2023 Costco 0.7%2.6%Walmart 3.2%1.9%Target 1-7%FY2014 Costco ROE 2 FY1995-2023 Costco 3.7 Walmart 2.5 Target 1.8 Costco 3 FY1995-2023 Costco 3 2 3 Costco 27 Costco ROE FY1995-2023 各 公 司年 报 Bloomberg 3.4 40 Costco CEO James D.Sinegal 18 Sol Price Fed Mart Sol Price Price Club 1983-2011 Costco CEO Sinegal Kirkland Costco CEO Jelinek CFO Galanti 1984 40 Jelinek 2012 CEO 2023 10 2023 Ron Vachris 2024 1 CEO 40 7 Costco 历任核心管理层介绍 James D.Sinegal 87 1983 CEO 1983-2011 Costco CEO Costco Sol Price 18 FedMart Price Club Kirkland Jeffrey H.Brotman 74 1983 1964 1967 Sweet Factory Garden Botanika Seafirst 19 W.Craig Jelinek 71 1984 CEO 2012-2023 CEO 2010 1984 Costco Costco Costco FedMart Richard A.Galanti 66 1984 CFO 1995 1993 CFO 1985 CFO 1984 2024 3 CFO Costco 1 Costco Costco 2023 3/8/9/2 75%2024 CEO Ron Vachris 40 Costco 3 FY2023 Costco 9 90%55%10 1/3 1.35 Costco 25 Costco Sinegal Costco 22 11-12/Costco Costco 20 4.1983 Costco Costco 4.1 GPM 10-11%1995 Kirkland Costco FY1985-2023 Costco 10-11%2-3.5%Costco 28 Costco FY1985-2023 Bloomberg 4.2 Costco Euromonitor 2005-2023 10 Costco 60 30 14.9%10.6%24.5%11.9%Costco Richard Galanti Q1FY16 Costco 2010 4 41.2 2015 2 39.5 Numerator 2023 Costco 35-44 21 29 10 2005-2023 Euromonitor 30 Costco 2010-2023 Numerator Euromonitor Costco X Z Costco Costco Living Social 55 140+40%Brookings Institution 1 2017 TOP 15 8 Yakima Hanford-Corcoran 70.2%/70.1%/69.5%2 2000-2017 2000-2017 TOP10 7 Costco Costco 2022 Costco/44.8%/25.8%/17.8%/11.6%Costco 1997-2022 Costco/-26.3pct/+11.6pct/+17.8pct/-3.1pct 1998-2022/111/119/96/35 CAGR 2.4%/6.9%/11.9%/3.1%Costco Costco 22 31 Costco 1997-2022 32 Costco 1997-2022 Costco Euromonitor 2023 8.2%/4.7%/8.0%1993-2.4pct/-0.4pct/+1.5pct Costco FY1992-2023+62.8%54.0%35.1%25.6%2.0%20.5%FY1987-2007 1000 76 FY2007 Costco 33 1993-2023 Euromonitor 34 Costco FY1982-2023 Costco Statista 2008-2022 204 617 8.2%3.1%6.0%Costco Warehouse Club Intelligence Center 2012-2020 Costco SKU 50 178 SKU 1.3%5.0%3.7pct SKU 0.9pct 1.4pct 1.1%2.9%23 35 2008-2022 Statista 8 美国仓储会员制零售商有机 SKU 占比（2012-2020）2012 2015 2018 2019 2020 Costco 总 SKU 3956 3794 3571 3543 3567 有 机 SKU 50 110 149 173 178%总 SKU 1.3%2.9%4.2%4.9%5.0%总 SKU 5250 5357 5245 5241 4935 有机 SKU 8 83 56 48 52%总 SKU 0.2%1.5%1.1%0.9%1.1%BJs Club 总 SKU 6891 6671 6157 6029 5769 有机 SKU 102 131 140 152 170%总 SKU 1.5%2.0%2.3%2.5%2.9%Warehouse Club Intelligence Center Euromonitor 2008-2022 0.2 1.1 11.9%2020 34.2%9.3%26.3%Euromonitor 2027 1.6 2022-2027 8.0%2008-2022 0.5 3.5 15.0%2020 30.1%4.1%20.3%2027 5.4 2022-2027 9.0%36 2008-2027E Euromonitor 37 2008-2027E Euromonitor Sears Costco Costco FY2013-2019 Costco 31 60 11.6%3%4%2020 FY2020 63.3%98 2pct 6%Q3FY23 Costco Costco 9000-11000 SKU 24 Costco 2023 Costco 8 1 2022 27.5%43.5%20.3%2 2008-2022 CAGR 18.1%/30.0%/20.9%15%38 Costco FY2013-2023 9 Costco 电商运营市场渗透率及规模增速（2008-2022）2008 2022 2008-2022 CAGR 9.3%26.3%11.9%11.3%43.5%16.6%7.8%27.5%12.2%2.2%13.5%18.1%0.6%11.0%30.0%4.1%14.3%12.8%5.7%14.9%7.4%2.2%17.8%20.9%4.1%20.3%15.0%Euromonitor 25 5.Costco 1985 Costco 14 FY2023 Costco 656.6 6.5%FY1997-2023 11%FY1997 FY2023 27.1%2023 8 FY2023 Costco 270/147/37/70/16 54%/14%/26%/6%Costco 1985 Costco 1992 1993 1994 2009 2023 8 4 20 2023 10 3 40 168/51/45 Costco Walmart Carrefour 39 Costco 2023 8 10 全球主要零售品牌海外扩 张情况 Costco 1985 591 270 14 Sams Club 1991 599 264 4 BJs Club-239 0 1 Walmart 1991 4616 5081 19 Carrefour 1969 5945 8403 36 各 公 司年 报，Bloomberg Costco 2023.9.3 Walmart 2023.10.31 BJs Club 2023.10.28 Carrefour 2022.12.31 Costco 270 FY2003-2023 20 166 26 8.3 4.6%FY2001-2010 2 Jim Murphy Costco 20 Costco Costco Costco Costco 2%Costco 40 Costco FY2003-2023 41 OP OPM FY1993-2003 Costco Costco Costco Costco 52%39%Costco Costco Costco Jim Murphy 2022 Costco 65%35%Costco Costco Jim Murphy Costco 3-4 Costco 27 11 Costco 中国市场合作供应商或品牌商 Costco 1991 2008 1989 Costco 深圳 龙华 店宣 传资 料 Costco Costco 1 Euromonitor 2023 5.9 1990-2023 1.3%Costco 861 1.5 19.9 2 Costco 2022 14 1500 3116 2410 Costco FY1995-2014 FY2011 FY2015 FY2018 FY2014 OPM FY1995-2000 OPM OPM FY2001 FY2001-2023 OPM 2.9%4.1%2-3%OPM 1 Kirkland Costco GPM GPM 6-8pct 2 Costco 3 Costco Aldi 42 1990-2023 Euromonitor 43 Costco OPM FY1995-2023 Euromonitor 2023 Costco 19.9 21.6 3.0 0.2 0.8 0.04 28 Costco 1993 29 Costco CFO Richard Galanti Q3FY23 1-2 Costco Costco FY2023 5 Costco Costco 44 2023 Costco Euromonitor 45 Costco 29 6.Costco Bloomberg 2024 3 15 Costco Walmart Costco 3218 21 15.9 Walmart Target Kroger 1.6/2.4/2.6 46 1987-2024 Bloomberg Costco FY2002 FY2003-2014 FY2015 47 Costco FY1993-2023 FY2002 及以前 业务探索期 FY2003-2014 模式稳定期 FY2015 至今 持续拓展期 收入 CAGR 约 10.6%净利润 CAGR 约 11.2%PE 约 15-40 倍 收入 CAGR 约 9.3%净利润 CAGR 约 9.4%PE 约 20-30 倍 收入 CAGR 约 8.9%净利润 CAGR 约 13.2%PE 约 30-50 倍 Bloomberg 1 FY2002 Costco 1993-1994 Price Club 1995 Kirkland 1998 1997 2000 3 FY1992-2002 Costco CAGR 11%PE 15-40 30 48 Costco FY1993-2002 Bloomberg ZIPPIA 2 FY2003-2014 FY2000-2002 Costco 10 FY2003 FY2004 7 1.6%-2.0%FY2003-2014 CAGR 9%PE 20-30 FY2006-2008 Costco 15/20/9 FY2009 FY2010 Costco PE SP500 PE 2012 11 7 49 Costco FY2003-2014 Bloomberg 3 FY2015 FY2015-2023 CAGR 9%CAGR 13%PE 30 50 2023 12 43 FY2015 2.0%2017 FY2023 2.6%PE 2020 11 CPI-9.4%21 5 28.5%Costco Q2FY21 2020/12-2021/02 4pct 11%0.6pct 2.1%Q3FY21 7pct 18%0.6pct 2.7%2020 11 2022 1 Costco PE SP500 PE 2021 3 2020/03 2020/12 2021/03 CPI 2021 3 1.6%2022 6%Costco FY2009-4%FY2010 2012/11 7 2005/10 14 2006/07 20 1993 Price Club 1995 Kirkland 1997 1998 2000 3 31 PE 50 2022 3 2022 2-3 Costco PE 35-40 50 Costco FY2015 Bloomberg 7.1 2 3 2015/01 5 2017/04 7 Q2FY21 SSSG NPM 2023/12 15 2019 8 32 Table_Analysts 祎 Table_Reports,-SW,-W,1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%
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