Post
Yuvi.
$COST
消费分化加剧，Costco为何仍可能保持防守优势？
会员费、续费率和高周转模式提供稳定现金流，消费者追求性价比也能带来客流。若同店销售与会员收入稳步增长，估值有支撑。
若客流增长不能转化为盈利，我会降低预期。
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