SEA2025Q3财报点评：收入表现亮眼电商加大物流基建布局_老虎社区_美港股上老虎

SEA2025Q3财报点评：收入表现亮眼电商加大物流基建布局

国信证券2025-11-14

整体表现：电商/数字金融/游戏驱动收入增速亮眼。收入端看，2025Q3 公司收入60 亿美元，同比增长38%，电商/数字金融/游戏业务增速分别为35%/61%/31%。利润端看，本季度公司实现净利润3.8 亿美元，净利率6%，实现经调整EBITDA 8.74 亿美元，对应利润率15%。电商业务：收入端快速增长，加大物流建设影响利润释放。本季度电商业务营收43 亿美元，同比+35%，主要与GMV 较...

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利润率4.3%，环比-1.7pct，除季节性因素影响外还与公司加大物流建设投入有关。数字金融：信贷规模强劲增长，不良贷款率保持稳定。2025Q3 公司数字金融业务实现收入9.9 亿美元，同比增长61%，主要受信贷业务驱动。经调整EBITDA 为2.58 亿美元，利润率26%，同比-5pct。截至2025Q3 末，应收贷款总额为79 亿美元，同比+70%，25Q3 逾期90 天以上的不良贷款率1.1%，保持稳定。数字娱乐：多款游戏双位数增长，全年流水增速指引上调至30%。2025Q3收入6.5 亿美元，同比+31%，流水8.4 亿美元，同比增长51%，调整后EBITDA 4.7 亿美元，对应利润率71%。本季度QAU 达到6.7 亿，同比+7%，付费用户6600 万，同比+31%，付费率9.8%，同比+1.8pct，环比提升0.5pct。预计游戏业务2025 年实现超30%的流水增长。投资建议：考虑到强劲的数字金融和电商业务表现，以及公司对游戏业务后续流水表现的信心， 我们调整公司2025-2027 年收入预测至228/286/329 亿美元，调整幅度+5%/+8%/+8%；考虑公司电商业务加大投入，调整公司净利润预测至17/27/36 亿美元，调整幅度为-5%/-6%/-5%。当前公司对应26 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