$BJ · The Motley Fool · 2026-10-29
BJ's Wholesale是一个估值合理、可对冲AI风险的好标的：增长可接受，模式类似Costco而估值约为Costco的一半，规模较小，有268家门店和850万会员，已连续15个季度提升份额，自有品牌销售占27%支撑利润率。增长温和——两年开25至30家门店，约合每年5%——但十年后它仍应是一门好生意，因为数字化/AI下单仍需到店取货。
逐段跳播
好的，第四个箭头，B.J.'s Wholesale。如果AI泡沫破裂，他们为什么会蓬勃发展？
Okay , Arrow number four, B.J.'s Wholesale. Why would they thrive if the AI bubble burst ?
如果你在寻找可接受的增长、良好的估值，并且完全规避 AI 风险，那么你应该转向“Begies”。因此，它可以被视为“Cusco”的经济版。
If you are looking for acceptable growth, good valuation, and complete avoidance of AI risks, then you should head towards "Begies". Thus, it can be considered an economical version of "Cusco".
“Bee Geez”的评级只有它的一半，但商业模式非常相似，尽管 Bee Gees 的规模要小得多。它拥有 268 家门店和 850 万名会员，规模远小于 Costco。不过，它的市场份额正在提升，已连续 15 个季度实现份额增长。这很好。
"Bee Geez" has half that rating with a very similar business model. Although the Bee Gees are much smaller. With 268 stores and 8.5 million members, it is much smaller than Costco.
However, it is gaining market share, having increased its share for 15 consecutive quarters. This is good.
是的，而且它的自有品牌覆盖程度也非常相似。所以，他们销售的产品中约有 27% 是自有品牌，这带来了略高一些的利润率，这也是好事。
Yes, and it has a very similar reach to its own brands. So, about 27% of the products they sell are their own brands, and that provides a slightly better profit margin , which is also good.
增长幅度未必很大。它计划在未来两年只新开 25 到 30 家门店，相比目前的 268 家门店，年增长约为 5%。新店不算多，但仍然……
Growth is not necessarily large. It is looking to open only 25 to 30 stores over the next two years, compared to the current 268 stores, representing an annual growth of approximately 5%. Not many new stores, but still,
这类公司是能够持续存在下去的公司。它可能不是一台巨大的增长机器，但十年后它仍然会是一门很好的生意。是的，而且它有数字平台。它已经有了。它在数字平台中使用人工智能，作为一个迷你购物助手，而现在人人都有这个了。
我刚才说的有意思之处在于，大多数数字订单仍然是从门店取货的。所以，大多数时候人们是到店取自己的订单。他们只是增加了通过 App 或其他方式下单的便利。因此，这是这门生意中有意思的一部分。
是的，就像我说的，人工智能并没有改变这一现实。它不会消失。人们仍然需要到店去办很多事情。
This type of company is the one that will continue to exist. It may not be a huge growth machine, but it will still be a great business ten years from now. Yes, and it has digital platforms.
She already has that. It uses artificial intelligence in its digital platform, as a mini shopping assistant, and everyone has that now. What's interesting about what I just said is that most digital orders are still picked up from the store .
Therefore, most of the time people come to the store to pick up their orders. They are simply adding the convenience of ordering via the app or other means. Therefore, this is an interesting part of this work.
Yes, as I said, artificial intelligence does not change this reality. He's not going anywhere. People still need to go to the store for many things.
好，请告诉我们你对这四个选择怎么看。Disney、C Limited、Alphabet 和 B.J.'s Wholesale。如果 AI 泡沫以某种方式破裂，这些股票会有强劲表现吗？
Okay, tell us what you think about these four choices. Disney, C Limited, Alphabet, and B.J.'s Wholesale. If the AI bubble were to burst somehow, would these stocks be strong performers?