摩根士丹利：沃尔玛数字化势头预示长期利润增长

英为财情

2025/06/29

Investing.com - 根据摩根士丹利详细的电子商务"Block"分析，沃尔玛转型为数字零售巨头已重塑其盈利轨迹。在本周发给客户的一份报告中，该公司强调了沃尔玛(NYSE:WMT)在过去十年如何从"被亚马逊挤压的传统实体零售商"演变为"电子商务、零售媒体和供应链颠覆者"。摩根士丹利将沃尔玛的数字化演变分为三个不同阶段：2009年至2012年的"温和增长"阶段；2013年至2019年的大规模...

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根据摩根士丹利详细的电子商务\"Block\"分析，沃尔玛转型为数字零售巨头已重塑其盈利轨迹。在本周发给客户的一份报告中，该公司强调了沃尔玛(NYSE:WMT)在过去十年如何从\"被亚马逊挤压的传统实体零售商\"演变为\"电子商务、零售媒体和供应链颠覆者\"。摩根士丹利将沃尔玛的数字化演变分为三个不同阶段：2009年至2012年的\"温和增长\"阶段；2013年至2019年的大规模...</p>\n\n<a href=\"https://cn.investing.com/news/stock-market-news/article-2864854\">网页链接</a>\n\n</div>\n","source":"investing_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>摩根士丹利：沃尔玛数字化势头预示长期利润增长</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n摩根士丹利：沃尔玛数字化势头预示长期利润增长\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-06-29 16:30 北京时间&nbsp;&nbsp;&nbsp;<a href=https://cn.investing.com/news/stock-market-news/article-2864854><strong>英为财情</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investing.com - 根据摩根士丹利详细的电子商务\"Block\"分析，沃尔玛转型为数字零售巨头已重塑其盈利轨迹。在本周发给客户的一份报告中，该公司强调了沃尔玛(NYSE:WMT)在过去十年如何从\"被亚马逊挤压的传统实体零售商\"演变为\"电子商务、零售媒体和供应链颠覆者\"。摩根士丹利将沃尔玛的数字化演变分为三个不同阶段：2009年至2012年的\"温和增长\"阶段；2013年至2019年的大规模...</p>\n\n<a href=\"https://cn.investing.com/news/stock-market-news/article-2864854\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4504","symbol_name":"桥水持仓","start_time":0,"source_url":"https://cn.investing.com/news/stock-market-news/article-2864854","article_id":"2547876520","we_media_id":null,"thumbnails":[],"rights":{"source":"investing_news","url":"https://cn.investing.com/news/stock-market-news/article-2864854","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2547876520","pubTimestamp":1751185800,"columns":[],"sourceInfo":{"source_id":"investing_news","name":"英为财情新闻"},"weMediaInfo":null,"summary":"Investing.com - 根据摩根士丹利详细的电子商务\"Block\"分析，沃尔玛转型为数字零售巨头已重塑其盈利轨迹。摩根士丹利将沃尔玛的数字化演变分为三个不同阶段：2009年至2012年的\"温和增长\"阶段；2013年至2019年的大规模投资阶段；以及当前以电子商务亏损收窄和运营利润率扩大为特征的时期。摩根士丹利总结道：\"沃尔玛的数字化飞轮支持长期盈利增长\"，预测随着高利润率收入流增长超过数字销售，这一强劲势头将持续。","collect":0,"end_time":0,"defaultTopTitle":"investing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK4504":"桥水持仓","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","WMT":"沃尔玛","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU1989772840.SGD":"CPR Invest - 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Global Income A (div) SGD","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC"},"translate_title":"Walmart's digital momentum signals long-term profit growth: Morgan Stanley","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WMT":1},"content_text":"Investing.com - 根据摩根士丹利详细的电子商务\"Block\"分析，沃尔玛转型为数字零售巨头已重塑其盈利轨迹。在本周发给客户的一份报告中，该公司强调了沃尔玛(NYSE:WMT)在过去十年如何从\"被亚马逊挤压的传统实体零售商\"演变为\"电子商务、零售媒体和供应链颠覆者\"。摩根士丹利将沃尔玛的数字化演变分为三个不同阶段：2009年至2012年的\"温和增长\"阶段；2013年至2019年的大规模投资阶段；以及当前以电子商务亏损收窄和运营利润率扩大为特征的时期。分析师指出，\"电子商务亏损已收窄至接近盈亏平衡点\"，这得益于规模经济效应、覆盖区域密度增加以及高利润会员和广告收入流的增长。根据摩根士丹利的分析，电子商务\"Block\"包括三个协同的收入来源：在线商品销售（自营和第三方）、沃尔玛Connect广告和沃尔玛+会员费。尽管在线商品销售仍然\"亏损\"，但摩根士丹利看到\"亏损正在收窄\"，因为规模扩大降低了配送成本。广告收入估计约占GMV的3.5%，\"约70%转化为调整后营业收入\"，而沃尔玛+现在拥有约1500万订阅用户，预计2024年将贡献约13亿USD的收入。随着这些要素协同作用，摩根士丹利估计沃尔玛美国电子商务部门在未来三年内可能产生约60亿USD的增量调整后营业收入，利润率可能在\"约10%至约12%范围内\"。数字GMV已从2022年的590亿USD增长到2024年的890亿USD，同期广告收入从19亿USD增加到32亿USD。摩根士丹利总结道：\"沃尔玛的数字化飞轮支持长期盈利增长\"，预测随着高利润率收入流增长超过数字销售，这一强劲势头将持续。\n本文由人工智能协助翻译。更多信息，请参见我们的使用条款。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}