2025-05-15-Jefferies-沃尔玛（WMT）_初步观点销售强劲_市场份额最为重要；买入沃尔玛_8页_198kb

Walmart Equity Research Summary

Date: May 15, 2025
Ticker: WMT
Rating: BUY
Target Price: $120.00 (+24% upside from current $96.83)

Key Highlights

• Strong Q1 Performance: US comp sales +4.5% (beating expectations), Sam's Club +6.7%, e-Commerce up 21% YoY.
• In-Line but Missed Gross Margin (up 12bps YoY): Driven by margin improvements, inventory management, and lower markdowns, offset by merchandising mix.
• 2Q Expectations: Sales growth expected in the range 3.5%–4.5%. No explicit profit outlook, but management likely views a repeat of robust sales with margin challenges.
• FY 2025 Guidance REITED:
  • Adj. Net Sales Growth (REIT) 4.5%
  • Adj. Operating Income Growth (REIT) 4.9%
  • Adj. EPS REIT $2.60
• Strong BUY Recommendation: Maintain top pick status due to strong momentum and outlook.

Risks

• Grocery price investments/competition
• Ongoing e-commerce fulfillment investment and margin challenges
• Difficulty capturing margin expansion from higher-margin streams (advertising, 3P marketplace)
• Inflationary pressures and wage investments

Valuation

• Based on blended average F'27E EPS of $2.84 (~42x P/E, ~22x EV/EBITDA)
• Market Cap: $782.2B

*Important disclosure: This summary is provided for informational purposes and does not constitute investment advice.*