2025-06-05-Jefferies-第一轮（4680）_五月月度报告_日本和美国表现稳健_10页_464kb

报告摘要

Japan: May sales rose 8.8% YoY (excluding calendar impact +6%), driven by mini crane games and better weather. Apr-May SSS growth of 7.3% exceeded Q1 guidance.
US: May sales increased 8.2% YoY (excluding calendar impact +4%), supported by the March price hike and mini crane game installations. Apr-May SSS growth of 5.7% outperformed internal targets.
Recent-week performance shows sustained growth, with anticipation of large-scale summer collaborations boosting further gains.

Buy rating maintained. Price target retained at ¥1,500, equating to an FY2026 earnings multiple of 21x.
Forecast: FY2026 revenue of ¥191.9 billion, OP of ¥30.7 billion; FY2027 revenue ¥217.0 billion (+22.5% YoY).

Upside: Faster Japanese recovery due to young user demographics; strong US demand post-pent-up demand.
Downside: Cautious on US profitability; neutral stance on China and Russia expansions; potential slowdown from macroeconomic factors or natural disasters.
Medium-to-long-term cautiousness due to store consolidation and profitability risks.

Natural disasters, overseas business losses, cost inflation not passed through prices.
Competition, macroeconomic deterioration, and execution risks in new markets.

Monthly sales reports, quarterly earnings, announcements of collaborations or new store openings.
Tracker on domestic mini crane game penetration and prepaid card adoption.

展开完整摘要