研报掘金｜中金：首予沃尔玛“跑赢行业”评级及目标价125美元

中金财经2025-12-29

中金发表报告，首次覆盖沃尔玛，予“跑赢行业”评级，目标价125美元，基于可比公司估值法，对应2027财年市盈率预测42倍。该行认为，公司已从传统零售转型为全渠道生态平台，凭借显著的成本优势和仓+店混合履约网络，开启由广告、会员等高毛利业务驱动的第二增长曲线，长期盈利质量提升和估值体系均具备重构空间。该行预计公司2026、2027财年每股盈利分别为2.72美元及2.97美元，2025至2027财年...

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