Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $20.99 per ADS, indicating an expected strong performance relative to the market over the next 12 months [3][9]. Core Insights - The company reported a revenue of 34.7 billion RMB for Q4 2023, a year-on-year increase of 9.2%, and a non-GAAP net profit of 3.2 billion RMB, up 43.4% year-on-year [1]. - For the full year 2023, the company achieved a total revenue of 112.9 billion RMB, reflecting a 9.4% growth, with a non-GAAP net profit of 9.5 billion RMB, which is a 39.1% increase compared to the previous year [1]. - The company's GMV for 2023 reached 208 billion RMB, marking an 18.7% year-on-year growth, with total orders increasing by 9.8% to 810 million and average order value rising by 13.8% to 283 RMB [1]. - The report highlights a historical high in non-GAAP profit margin at 9.2% for Q4 2023, an increase of 2.2 percentage points year-on-year [1]. - The company has actively returned value to shareholders, distributing dividends totaling approximately $250 million for the fiscal year 2023 [1]. - The report notes a significant increase in high-value customer growth, with active customer numbers reaching 87.4 million, a 4% increase year-on-year, and SVIP active users growing by 13% to 7.6 million [1]. - Future revenue projections for 2024-2026 are estimated at 118.8 billion RMB, 124.9 billion RMB, and 131.1 billion RMB, with expected growth rates of 5.2%, 5.1%, and 5.0% respectively [1]. Financial Summary - The company’s revenue for 2023 was 112.9 billion RMB, with a growth rate of 9.4% [2]. - Non-GAAP net profit for 2023 was 9.5 billion RMB, reflecting a growth rate of 39.1% [2]. - The projected non-GAAP EPS for 2024 is 18.6 RMB per ADS, with a P/E ratio of 6.6 [2]. - The report anticipates a return on equity (ROE) of 19.0% for 2024, slightly decreasing to 14.7% by 2026 [2].

股 票 研 究 [Table_industryInfo] 批零贸易业 [ Table_Main[唯I Tnaf 品bol]e 会_Ti（tle] V IPS.N） [评Tab级le_：Inv est] 增持 当前价格（美元）： 19.39 四季度业绩超预期，首次现金派息提振信心 2024.03.01 海 ——唯品会2023Q4 业绩点评 [ Table_Market] 交易数据 外 刘越男(分析师) 庄子童(研究助理) 52周内股价区间（美元） 14.01-19.53 公 021-38677706 021-38032683 当前股本（百万股） 108 司 liuyuenan@gtjas.com zhuangzitong026312@gtjas.com 当前市值（十亿美元） 10.5 证书编号 S0880516030003 S0880122050050 （ 美 本报告导读： [ Table_PicQuote] 四季度公司继续受益平价消费大趋势，补贴收窄的同时收入端继续超预期，并同时首 国 次批准年度现金股息政策，显著提升市场信心。 ） 摘要： [T able维_S持um增m持ar评y]级 。2023Q4 业绩 ...

Core Viewpoint - Vipshop (VIPS) is identified as a strong value investment opportunity, holding a Zacks Rank of 1 (Strong Buy) and a Value grade of A, indicating it is likely undervalued in the current market [2][3]. Valuation Metrics - Vipshop has a P/E ratio of 6.94, significantly lower than the industry average of 14.55, suggesting strong value potential [2]. - The stock's P/B ratio stands at 1.94, compared to the industry's average P/B of 3.45, indicating a favorable valuation [2]. - Vipshop's P/S ratio is 0.66, which is lower than the industry average of 1.06, reinforcing its undervalued status [3]. - The P/CF ratio for Vipshop is 7.35, well below the industry's average of 13.85, highlighting its attractive cash flow outlook [3]. Performance Indicators - Over the past year, Vipshop's Forward P/E has fluctuated between 5.87 and 9.92, with a median of 7.74, indicating variability in market perception [2]. - The P/B ratio has ranged from 1.61 to 2.37 over the last 12 months, with a median of 1.86, showing stability in its book value relative to market value [2]. - The P/CF ratio has varied between 6.09 and 8.78 in the past 52 weeks, with a median of 7.06, suggesting consistent cash flow performance [3].

Robert Way In December of 2023, I published my investment thesis on Vipshop (NYSE:VIPS). To recap, VIPS is a Chinese specialty discount retailer operating in a niche market with limited competition. VIPS's moat includes a large network of professional buyers, a loyal group of customers, and long-term relationships with many brand partners. VIPS was up more than 12% on Feb 28 after reporting Q4 2023 earnings, and up almost 20% since my write-up. Both revenue and net income beat analysts' expectations. But mo ...

浦银国际研究 财务模型更新 | 互联网行业 唯品会（VIPS.US）：季节性需求推动 赵丹 浦 业绩超预期，预计 FY24 平稳增长 首席互联网分析师 银 dan_zhao@spdbi.com 国 (852) 2808 6436 际 季节性需求推动公司4Q23业绩优于预期。考虑到宏观环境及行业竞 杨子超，CFA 争，预计 2024 年增长保持平缓。因降本增效优于预期，上调盈利预 互联网分析师 测，并上调目标价至 20 美元，当前估值相较同业未具吸引力，维持 charles_yang@spdbi.com “持有”评级。 (852) 2808 6409 财 务 2024年2月29日 强劲季节性需求推动业绩超预期。公司 4Q23 收入人民币 347 亿元， 模 型 同比增长 9.2%，高于市场预期 4.5%，优于先前指引（318 亿-333 亿 评级 更 元），主要是因天气寒冷，服装品类增长强劲；4Q23 GMV 为 664 亿 新 元，同比增长 21.9%，订单量同比增长 7.2%，活跃买家数同比增长 目标价（美元） 20 2.3%，其中 SVIP 会员数同比增长 14%，贡献约45%的GMV。 潜在升幅/降幅 ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?Let's take a look at what these Wall Street heavyweights have to say about Vipshop Holdings Limited (VIPS) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.Vipshop Holdings Limited currently has an avera ...

Vipshop Holdings Limited (NYSE:VIPS) Q4 2023 Earnings Conference Call February 28, 2024 7:30 AM ET Company Participants Jessie Zheng - Head of Investor Relations Eric Shen - Co-Founder, Chairman and CEO Mark Wang - Chief Financial Officer Conference Call Participants Alicia Yap - Citigroup Eddy Wang - Morgan Stanley Ronald Keung - Goldman Sachs Andre Chang - JPMorgan Operator Ladies and gentlemen, good day everyone and welcome to Vipshop Holdings Limited's Fourth Quarter and Full-Year 2023 Earnings Conferen ...

Vipshop Holdings Limited (VIPS) is set to report fourth-quarter 2023 results on Feb 28.VIPS expects fourth-quarter total net revenues between RMB 31.8 billion and RMB 33.3 billion, indicating growth of 0-5% from the prior-year quarter’s reported figure.The Zacks Consensus Estimate for revenues is pegged at $4.66 billion, suggesting growth of 1.2% from the year-ago reported figure.The consensus mark for earnings per share is pegged at 74 cents per share, indicating growth of 39.6% from the prior-year reporte ...

[Fourth Quarter and Full Year 2023 Highlights](index=1&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202023%20Highlights) Vipshop achieved significant year-over-year growth in key financial and operational metrics for both Q4 and the full year 2023, including GMV, net revenues, and net income Q4 2023 Key Performance Indicators (YoY Growth) | Metric | Q4 2023 Value | YoY Growth | | :--- | :--- | :--- | | Total Net Revenues | $34.7 billion | +9.2% | | GMV | $66.4 billion | +21.9% | | Gross Profit | $8.2 billion | +19.3% | | Net Income (Attributable) | $3.0 billion | +32.2% | | Non-GAAP Net Income (Attributable) | $3.2 billion | +43.4% | | Active Customers | 48.5 million | +2.3% | | Total Orders | 234.3 million | +7.2% | Full Year 2023 Key Performance Indicators (YoY Growth) | Metric | Full Year 2023 Value | YoY Growth | | :--- | :--- | :--- | | Total Net Revenues | $112.9 billion | +9.4% | | GMV | $208.0 billion | +18.7% | | Gross Profit | $25.7 billion | +19.0% | | Net Income (Attributable) | $8.1 billion | +28.9% | | Non-GAAP Net Income (Attributable) | $9.5 billion | +39.1% | | Active Customers | 87.4 million | +3.9% | | Total Orders | 812.3 million | +9.8% | [Management Commentary](index=2&type=section&id=Management%20Commentary) Management attributed strong 2023 results to effective merchandising, achieving record profitability and GMV, and initiating an annual dividend policy to enhance shareholder returns - CEO Eric Shen highlighted that the company's strategy focusing on discount retail for brands paid off, leading to increased customer loyalty, double-digit growth in active Super VIP members, and annual GMV crossing **$200 billion** for the first time[5](index=5&type=chunk) - CFO Mark Wang noted that 2023 was the most profitable year in Vipshop's history, driven by efficiency improvements, and announced the board's approval of an annual cash dividend policy, reflecting confidence in future growth and commitment to shareholder value[5](index=5&type=chunk) [Fourth Quarter 2023 Financial Results](index=2&type=section&id=Fourth%20Quarter%202023%20Financial%20Results) Vipshop's Q4 2023 financial performance showed robust growth in total net revenues, significant improvements in gross and operating margins, and a substantial increase in net income attributable to shareholders Q4 2023 Financial Performance vs. Q4 2022 | Financial Metric | Q4 2023 | Q4 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Total Net Revenues | $34.7B | $31.8B | +9.2% | | Gross Profit | $8.2B | $6.9B | +19.3% | | Gross Margin | 23.7% | 21.7% | +2.0 p.p. | | Income from Operations | $3.7B | $2.5B | +46.2% | | Operating Margin | 10.6% | 7.9% | +2.7 p.p. | | Net Income (Attributable) | $3.0B | $2.2B | +32.2% | | Diluted ADS | $5.35 | $3.66 | +46.2% | Q4 2023 Operating Expenses Analysis | Expense Category | Amount ($) | % of Revenues | YoY Change | | :--- | :--- | :--- | :--- | | Fulfillment Expenses | $2.5 billion | 7.3% | +17.0% | | Marketing Expenses | $843.2 million | 2.4% | -10.7% | | Technology & Content | $496.4 million | 1.4% | +21.5% | | General & Administrative | $1.0 billion | 2.9% | -11.7% | | **Total Operating Expenses** | **$4.9 billion** | **14.0%** | **+4.8%** | - As of December 31, 2023, the company held **$26.3 billion** in cash, cash equivalents, and restricted cash, and **$2.0 billion** in short-term investments[16](index=16&type=chunk) - Net cash generated from operating activities in Q4 2023 was **$8.7 billion**, a significant increase from **$6.5 billion** in Q4 2022[16](index=16&type=chunk)[17](index=17&type=chunk) [Full Year 2023 Financial Results](index=4&type=section&id=Full%20Year%202023%20Financial%20Results) Vipshop's full year 2023 results showed a 9.4% increase in total net revenues, significant improvements in gross and operating margins, and substantial growth in both GAAP and non-GAAP net income Full Year 2023 Financial Performance vs. Full Year 2022 | Financial Metric | Full Year 2023 | Full Year 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Total Net Revenues | $112.9B | $103.2B | +9.4% | | Gross Profit | $25.7B | $21.6B | +19.0% | | Gross Margin | 22.8% | 21.0% | +1.8 p.p. | | Income from Operations | $9.1B | $6.2B | +46.9% | | Operating Margin | 8.1% | 6.0% | +2.1 p.p. | | Net Income (Attributable) | $8.1B | $6.3B | +28.9% | | Diluted ADS | $14.42 | $9.83 | +46.7% | Full Year 2023 Non-GAAP Performance vs. Full Year 2022 | Non-GAAP Metric | Full Year 2023 | Full Year 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Non-GAAP Income from Operations | $10.6B | $7.4B | +43.3% | | Non-GAAP Operating Margin | 9.4% | 7.2% | +2.2 p.p. | | Non-GAAP Net Income (Attributable) | $9.5B | $6.8B | +39.1% | | Non-GAAP Diluted ADS | $16.90 | $10.67 | +58.4% | - For the full year 2023, net cash generated from operating activities was **$14.4 billion**, up from **$10.5 billion** in 2022, and free cash inflow increased to **$9.3 billion** from **$7.8 billion** in the prior year[22](index=22&type=chunk)[23](index=23&type=chunk) [Shareholder Returns](index=5&type=section&id=Shareholder%20Returns) Vipshop is enhancing shareholder value through ongoing share repurchases and the introduction of a new annual cash dividend policy, demonstrating confidence in future performance - Under its **$1 billion** share repurchase program (effective through March 2025), the company repurchased **$3.4 million** of its ADSs in Q4 2023, leaving an unutilized amount of **$548.1 million**[24](index=24&type=chunk) - On February 22, 2024, the board adopted an annual cash dividend policy[25](index=25&type=chunk) 2023 Annual Dividend Details | Metric | Value | | :--- | :--- | | Dividend per Ordinary Share | $2.15 | | Dividend per ADS | $0.43 | | Total Payout Amount | Approx. $250 million | | Record Date | March 15, 2024 | | Payment Date | April 8, 2024 | [Business Outlook](index=6&type=section&id=Business%20Outlook) Vipshop forecasts Q1 2024 total net revenues to range between $27.5 billion and $28.9 billion, representing a year-over-year growth of approximately 0% to 5% - The company expects total net revenues for Q1 2024 to be between **$27.5 billion** and **$28.9 billion**[27](index=27&type=chunk) - This revenue guidance represents a year-over-year increase of approximately **0% to 5%**[27](index=27&type=chunk) [Financial Statements (Unaudited)](index=9&type=section&id=Financial%20Statements%20%28Unaudited%29) This section presents the unaudited condensed consolidated financial statements, including statements of income, balance sheets, and GAAP to Non-GAAP reconciliations for Q4 and full year 2023 - Presents the Unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the three and twelve months ended December 31, 2023, compared to the same periods in 2022[35](index=35&type=chunk)[36](index=36&type=chunk) - Includes the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2023, compared to December 31, 2022[38](index=38&type=chunk)[39](index=39&type=chunk) - Provides detailed reconciliations of GAAP financial measures to their corresponding Non-GAAP measures, such as income from operations and net income attributable to shareholders[40](index=40&type=chunk)

GUANGZHOU, China, Feb. 20, 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 fourth quarter and full year 2023 financial results on Wednesday, February 28, 2024, before the US market open. The Company will hold a conference call on Wednesday, February 28, 2024, at 7:30 am US Eastern Time, 8:30 pm Beijing Time to discuss the financial results. All participants wishing to ...