Investment Rating - Maintain "Overweight" rating with a target price range of $22-24, implying an upside potential of 33%-48% [2][7] Core Views - Revenue growth remains under pressure due to weak demand and intensified competition, with Q1 revenue at RMB 27.6 billion, up 0.4% YoY [1][5] - Profitability continues to improve, with Q1 Non-GAAP net profit reaching RMB 2.6 billion, up 24% YoY, and net margin increasing to 9.3% from 7.5% [1][5] - SuperVIP members grew 11% YoY, contributing 45% of online transaction value in Q1 [1][5] - Shareholder returns are expected to exceed 11% in 2024, with RMB 7.2 billion allocated for share buybacks and dividends [2][5] Financial Performance - Q1 GMV increased 8% YoY to RMB 52.4 billion, with active buyers declining 2% YoY to 43.1 million [1][5] - Product revenue declined 0.3% YoY to RMB 25.8 billion, while other revenue grew 13% YoY to RMB 1.8 billion, driven by the Outlets business [1][5] - Gross margin improved by 2 percentage points, with sales and management expense ratios decreasing by 0.5 and 0.4 percentage points, respectively [1][5] Forecasts and Valuation - 2024-2026 revenue forecasts adjusted to RMB 113.7/120.7/128.1 billion, down 3.6% each year [2][7] - 2024-2026 adjusted net profit forecasts raised to RMB 9.6/10.6/10.8 billion, up 0.9%/0.8%/0.3% [2][7] - Current valuation at 7x 2024 PE, with 6% CAGR for revenue and adjusted net profit from 2024-2026 [2][7] Shareholder Returns - Q1 share buyback of $11.9 million, with $536 million remaining in the buyback program valid until March 31, 2025 [2][5] - Management plans to complete the remaining buyback by end-2024 and allocate at least 75% of 2024 Non-GAAP net profit for buybacks and dividends [2][5]

[Table_Page] 公告点评|零售业 证券研究报告 [【Table_广Title] 发商社&海外】唯品会（VIPS） [公Tab司le_I评nves级t] 买入 当前价格 15.91美元 1Q24 点评：天气影响春装销售，营销投放维持审慎 合理价值 20.62美元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-24 ⚫ 唯品会公布 24Q1 业绩：（1）公司 24Q1 实现净收入 276 亿元，同比 [相Tab对le_P市icQ场uote表] 现 增长0.4%；non-GAAP归母净利润为26亿元，同比增长24.8%。（2） 公司 24Q1 毛利率为 23.7%，较 23Q1 提升 2.2pps，主要得益于①服 80% 60% 装收入占比提升②补贴力度有所下降。（3）non-GAAP 归母净利率为 40% 20% 9.3%，较23Q1提升1.8pps。 0% -20% ⚫ 24Q1公司GMV为524亿元，同比增长8.0%，其中服饰GMV实现双 -40% -60% 位数增长。订单量约 1.8 亿，同比下降 3.2%；活跃客户数为 4310 万 -80% -1 ...

股 票 研 究 [Table_industryInfo] 批零贸易业 [ Table_Main[ 唯 TIna 品fbole] 会 _T （itle V] IPS.N） [评Tab级le_：Inv est] 增持 当前价格（美元）： 15.94 Q1 业绩亮眼，增强股东回报 2024.05.26 海 ——唯品会 2024Q1 点评 [ Table_Market] 交易数据 外 刘越男(分析师) 陈笑(分析师) 52周内股价区间（美元） 13.80-19.05 公 021-38677706 021-38677906 当前股本（百万股） 108 司 liuyuenan@gtjas.com chenxiao015813@gtjas.com 当前市值（十亿美元） 8.6 （ 证书编号 S0880516030003 S0880518020002 美 本报告导读： [ Table_PicQuote] 国 Q1收入端承压，但利润端表现亮眼，注重强化SVP服务创新、增强整体运营效率及 ） 提升股东回报，将持续提振市场信心。 摘要： [维Ta持bl增e_持Su。mm考a虑ry] Q1天气原因导致春季销售窗口期偏短、上年基数效应 ...

Investment Rating - The report maintains a "Hold" rating for Vipshop (VIPS US) with an adjusted target price of $18 [1][2] Core Views - Vipshop's Q1 2024 revenue was RMB 27 6 billion flat YoY slightly below market expectations by 0 9% but within the guidance range of RMB 27 5-28 9 billion [1] - Q1 2024 GMV grew 8 0% YoY to RMB 52 4 billion while order volume declined 3 2% to 180 million and active buyers decreased 1 4% to 43 1 million [1] - The apparel category showed strong performance with double-digit GMV growth and active SVIP members increased 11% YoY contributing 45% of online consumption [1] - Gross margin remained high at 23 7% up 2 3pp YoY and flat QoQ while adjusted net profit grew 24 8% YoY to RMB 2 58 billion exceeding market expectations by 15 1% [1] - Adjusted net margin reached a historical high of 9 3% up 1 8pp YoY and 0 1pp QoQ [1] - The company provided a cautious Q2 2024 revenue guidance of RMB 26 5-27 9 billion representing a YoY decline of 5% to 0% due to seasonal demand slowdown and intensified competition [1] - Vipshop plans to complete the remaining $500 million share repurchase within the year and allocate over 75% of its 2024 adjusted net profit for buybacks or dividends [1] - Full-year 2024 revenue is expected to remain flat with adjusted net margin projected to improve to 8 6% driven by operational efficiency [1] Financial Projections - Revenue is forecasted to be RMB 112 696 billion in FY24E slightly down from RMB 112 856 billion in FY23 [2] - Operating profit is expected to increase to RMB 26 263 billion in FY24E from RMB 25 721 billion in FY23 [2] - Adjusted net profit is projected to grow to RMB 9 661 billion in FY24E from RMB 9 510 billion in FY23 [2] - The target PE ratio for FY24E is 7 5x [2] Market Data - The current stock price is $16 52 with a 52-week range of $13 8-20 19 [3] - The target price of $18 implies a potential upside of 9% [3] - The company has a market capitalization of $8 959 billion and a 3-month average daily trading volume of $74 2 million [3]

Vipshop Holdings Limited (NYSE:VIPS) Q1 2024 Earnings Conference Call May 22, 2024 7:30 AM ET Company Participants Jessie Zheng - Head of IR Eric Shen - Co-Founder, Chairman & CEO Mark Wang - CFO Conference Call Participants Alicia Yap - Citigroup Ronald Keung - Goldman Sachs Eddy Wang - Morgan Stanley Operator Ladies and gentlemen, good day, everyone, and welcome to Vipshop Holdings Limited First Quarter 2024 Earnings Conference Call. At this time, I would like to turn the call to Ms. Jessie Zheng, Vipshop ...

Vipshop Reports Unaudited First Quarter 2024 Financial Results Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 22, 2024 Guangzhou, China, May 22, 2024 — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop” or the “Company”), today announced its unaudited financial results for the quarter ended March 31, 2024. First Quarter 2024 Highlights  Total net revenues for the first quarter of 2024 increased by 0.4% year over year to RMB27.6 billion ...

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 22, 2024GUANGZHOU, China, May 22, 2024 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced its unaudited financial results for the quarter ended March 31, 2024.First Quarter 2024 HighlightsTotal net revenues for the first quarter of 2024 increased by 0.4% year over year to RMB27.6 billion (US$3.8 billion) from RMB27.5 billion in the prior ye ...

ipuwadol Investment Thesis Vipshop Holdings Limited (NYSE:VIPS) stock has gained more than 110% over the last 5 years outperforming the S&P 500 by a margin of about 25%. Seeking Alpha Despite this strong performance, I am bullish on this stock given its unique business model and market position which I believe shall be a major growth lever. Additionally, its solid financial footings imply solid fundamentals which are a recipe for stock growth. Additionally, this stock is undervalued with a significant ...

GUANGZHOU, China, May 13, 2024 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced that it plans to release its first quarter 2024 financial results on Wednesday, May 22, 2024, before the US market open.The Company will hold a conference call on Wednesday, May 22, 2024 at 7:30 am US Eastern Time, 7:30 pm Beijing Time to discuss the financial results.All participants wishing to join the conference call mus ...

The latest trading session saw Vipshop Holdings Limited (VIPS) ending at $14.98, denoting a -0.4% adjustment from its last day's close. This move lagged the S&P 500's daily loss of 0.34%. At the same time, the Dow added 0.23%, and the tech-heavy Nasdaq lost 0.33%.The company's stock has dropped by 14.11% in the past month, falling short of the Computer and Technology sector's loss of 4.23% and the S&P 500's loss of 4.05%.Investors will be eagerly watching for the performance of Vipshop Holdings Limited in i ...