[Table_Title] 【广发商社&海外】唯品会（VIPS） 2Q24 点评：收入端持续承压，SVIP 会员群体壮大 [Table_Summary] 核心观点： ⚫ 唯品会公布 24Q2 业绩：根据公司财报，（1）公司 24Q2 实现净收入 269 亿元，同比下降 3.6%；non-GAAP 归母净利润为 22 亿元，同比 下降 8.3%。（2）公司 24Q2 毛利率为 23.6%，同比提升 1.4pps，主要 得益于成本控制和运营效率提升；non-GAAP 归母净利率为 8.1%，同 比下降 0.5pps。（3）24Q2 公司 GMV 为 506 亿元，同比持平。（4） 24Q2 活跃客户数为 4430 万，同比下降 2.8%。 ⚫ 24Q2 公司履约费用率为 8.1%，同比提升 0.3pps；营销费用率为 2.8%， 同比下降 0.4pps；管理费用率为 3.4%，同比下降 0.1pps。公司维持审 慎的获客策略，注重用户的质量。 ⚫ 24Q2 公司回购 2 亿美元股票，并新提出 10 亿美元价值的股票回购计 划，持续积极回报股东。公司指引 Q3 收入同比下降 5%-10%，消费大 盘景气导致公司收入 ...

Investment Rating - Maintains an "Overweight" rating [2] Core Views - External consumption environment and competition impact led to a downward revision of net profit forecasts for 2024-26 to 9/9.6/10 billion RMB, with growth rates of -6/7/5% respectively [2] - Q2 revenue and membership metrics fell short of expectations, but SVIP performance was strong [2] - GMV: 50.6 billion RMB, flat YoY [2] - Active members: 44.3 million, down 2.9% YoY [2] - Orders: 197.8 million, down 7.5% YoY [2] - SVIP members: 7.4 million, up 11% YoY, contributing 47% of online consumption [2] - Core financial metrics: [2] - Revenue: 26.88 billion RMB, down 3.7% YoY, within guidance range (26.5-27.9 billion RMB) [2] - Non-GAAP net profit: 2.17 billion RMB, down 9.8% YoY [2] - Gross margin: 23.6%, up 1.4 percentage points YoY [2] - Non-GAAP net margin: 8.1%, down 0.5 percentage points YoY [2] - Q3 guidance is cautious, with revenue expected to be 26.5-27.9 billion RMB, down 10-5% YoY [2] - The company completed a $200 million stock repurchase in Q2 and plans to repurchase up to $1 billion in the next 24 months [2] - Plans to use over 75% of 2024 Non-GAAP net profit for repurchases or dividends, equivalent to approximately 14.9% of the latest market cap [2] Business Strategy - Continues to enhance SVIP services by enriching differentiated product offerings and increasing exclusive promotional events [2] - Introduced over 600 new well-known brands to meet evolving consumer demands [2] - Deepened cooperation with nearly 200 brands in customized products, with Q2 customized product GMV growing over 140% and higher repurchase rates compared to similar products [2] - Super Brand Day and Super Category Day overall performance grew over 49% [2] - Plans to add 4-20 new outlet stores by the end of the year, with Q2 outlet performance continuing to show strength [2] Financial Summary - Revenue (billion RMB): 101.9 (2020A), 117.1 (2021A), 103.2 (2022A), 112.9 (2023A), 108.2 (2024E), 114.8 (2025E), 119.4 (2026E) [5] - Revenue growth (%): 10 (2020A), 15 (2021A), -12 (2022A), 9 (2023A), -4 (2024E), 6 (2025E), 4 (2026E) [5] - Gross profit (billion RMB): 21.3 (2020A), 23.1 (2021A), 21.6 (2022A), 25.7 (2023A), 24.9 (2024E), 26.5 (2025E), 27.7 (2026E) [5] - Net profit (billion RMB): 5.9 (2020A), 4.7 (2021A), 6.3 (2022A), 8.1 (2023A), 7.7 (2024E), 8.2 (2025E), 8.5 (2026E) [5] - Net profit growth (%): 63 (2020A), 60 (2021A), 68 (2022A), 95 (2023A), 90 (2024E), 96 (2025E), 100 (2026E) [5] Market Data - 52-week price range (USD): 19.05-11.56 [3] - Current shares outstanding (million): 107 [3] - Current market cap (billion USD): 6.3 [3]

浦银国际研究 财务模型更新 | 互联网行业 唯品会（VIPS.US）：增长压力仍存 收入符合指引，利润维持相对稳定。公司 2Q24 收入人民币 269 亿元， 同比下降 3.6%，符合先前指引（265 亿-279 亿元），主要受高基数及 消费情绪偏弱影响。2Q24 GMV 为 506 亿元，同比持平，其中服装品 类表现良好，标品较弱；订单量同比下降 7.5%至 1.98 亿，活跃买家 数同比下降 3.1%至 4,430 万。活跃 SVIP 会员数同比增长 11%，贡献 线上消费的 40%。毛利率保持高位，2Q24 同比提升 1.4pp 至 23.6%， 调整后净利率同比下降 0.5pp 至 8.1%。 三季度仍保持谨慎，加大股东回报。由于消费情绪低迷，公司对三季 度指引保持谨慎，预计 3Q24 收入人民币 205 亿-216 亿元，对应同比 下降 10%至 5%。三季度至今，服装品类 GMV 略有下降，非服装品类 GMV 下降幅度更大，主要是由于行业补贴水平较高，但公司补贴政 策相对克制。展望下半年，公司将继续稳固服装品类优势，并促进 SVIP 用户增长，提高消费频次及订单价；对于标品品类，公司目标逐渐企 稳 ...

Robert WayI first wrote about my initial thesis on Vipshop Holdings (NYSE:VIPS) in December of last year. Then in July of this year, I warned in my follow-up article that “VIPS has faced both expected and unexpected challenges in 2024. It is predictable that VIPS's Q2 results will be under tremendous pressure.” Unfortunately, my warnings for VIPS has proven to be prescient, as VIPS reported horrendous Q2 2024 results on August 20th before the bell. Revenue, active customers and orders were all down duri ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's revenue for the quarter was 26.9 billion yuan, a year-on-year decrease of 3.6%, primarily due to weak demand and increased competition [3] - Product revenue was 25.1 billion yuan, down 4.1% year-on-year, with wearables showing low single-digit growth and standard products declining due to competition [3] - Other revenue increased by 5% year-on-year to 1.8 billion yuan, driven by the growth of Shan Shan Outlet stores [3] - For Q3 2024, management expects revenue growth to be in the range of -10% to -5% due to continued weak demand and competitive pressures [3] Operational Data - GMV for the quarter remained flat at 50.6 billion yuan, with the gap between GMV and revenue growth narrowing [4] - Active buyers decreased by 3% year-on-year to 44.3 million, with the number of purchases per user declining in the low single digits and average order value increasing [4] - SuperVIP members grew by 11% year-on-year to 7.4 million, accounting for 47% of the company's online transaction value [4] Profitability - Non-GAAP net profit for the quarter was 2.2 billion yuan, down 10% year-on-year, with the net profit margin decreasing from 8.6% to 8.1% due to foreign exchange losses, partially offset by adjusted operating profit growth [4] - Adjusted operating profit increased by 12% year-on-year, with an adjusted operating profit margin of 9.5%, driven by continuous improvement in gross margin [4] Shareholder Returns - The company repurchased $210 million worth of shares in Q2, with $330 million remaining in the current repurchase plan, valid until March 31, 2025 [6] - A new $1 billion repurchase program has been approved, effective for 2 years after the current plan is exhausted [6] - The company plans to allocate at least 75% of its 2024 full-year non-GAAP net profit for share repurchases and dividends, with an estimated shareholder return of 6.8 billion yuan and a return rate of around 15% [6] Financial Forecasts - Revenue forecasts for 2024-2026 have been revised downward to 1090/1126/1195 billion yuan, with adjustments of -7.6%/-10.1%/-10.1% [8] - Adjusted net profit forecasts for 2024-2026 have been revised to 90/97/103 billion yuan, with adjustments of -6.9%/-8.4%/-4.9% [8] - The company's current stock price corresponds to a 2024 PE of 5x, with a 2024-2026 revenue/adjusted net profit compound growth rate of 5%/7% [8] - The target price has been revised to $14-15, representing a 37%/38% reduction, with an upside potential of 20%-30% [8] Financial Metrics - Revenue for 2022-2026E is projected at 103152/112856/108959/112614/119537 million yuan, with year-on-year changes of -11.9%/9.4%/-3.5%/3.4%/6.1% [10] - Adjusted net profit for 2022-2026E is projected at 6837/9544/8971/9686/10317 million yuan, with year-on-year changes of 13.7%/39.6%/-6.0%/8.0%/6.5% [10] - EBIT margin for 2022-2026E is projected at 4.9%/8.3%/7.9%/7.5%/7.5% [10] - ROE for 2022-2026E is projected at 20.9%/25.8%/19.5%/17.4%/15.6% [10] - PE ratio for 2022-2026E is projected at 8.2/5.3/5.0/4.6/4.3 [10]

The Chinese online clothing retailer issued soft guidance, but shares look incredibly cheap.Shares of Chinese online retailer Vipshop (VIPS -17.55%) were falling hard in Tuesday trading, down 17.2% as of 3:03 p.m. ET.The company reported earnings this morning, and while second-quarter numbers beat expectations, which were conservative heading in, third-quarter guidance may have surprised investors with regard to how weak it was.It looks as though the Chinese consumer is still in a funk. But are Vipshop shar ...

Key TakeawaysVipshop reported second-quarter revenue that fell 3.6% year-over-year and orders that dropped to 197.8 million from 213.8 million.The retailer's third-quarter revenue guidance fell short of expectations.Vipshop American depositary receipts (ADRs) plunged in intraday trading Tuesday. Vipshop Holdings (VIPS) American depository receipts (ADRs) plunged in intraday trading Tuesday after the Chinese discount retailer reported falling second-quarter sales and an underwhelming outlook. The company rep ...

Vipshop Holdings Limited (NYSE:VIPS) Q2 2024 Earnings Conference Call August 20, 2024 7:30 AM ET Company Participants Jessie Zheng - Head of IR Eric Shen - Co-Founder, Chairman & CEO Mark Wang - CFO Conference Call Participants Thomas Chong - Jefferies Alicia Yap - Citi Andre Chang - JPMorgan Ronald Keung - Goldman Sachs Jialong Shi - Nomura Operator Ladies and gentlemen, good day, everyone and welcome to Vipshop Holdings Limited Second Quarter 2024 Earnings Conference Call. At this time, I would like to t ...

U.S. stock futures were mixed this morning, with the S&P 500 futures gaining around 0.1% on Tuesday.Shares of Vipshop Holdings Limited VIPS fell sharply in today's pre-market trading after reporting second-quarter results.Vipshop reported second-quarter sales of $3.7 billion, down by 3.6% year-on-year, which topped the Wall Street view of $3.66 billion. Vipshop Holdings registered adjusted earnings per ADS of 54 cents, which aligns with the analyst consensus.For the third quarter of 2024, the company expect ...

Exhibit 99.1 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 RM ...