Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - For Q1 2024, the company is expected to generate revenue of 26.2 billion yuan, representing a year-over-year increase of 1%, with growth slowing compared to the previous quarter due to adverse weather conditions and a high base from last year [3][4] - The adjusted operating profit margin is projected to be 9.3%, and the Non-GAAP net profit margin is expected to be 7.7%, reflecting improvements in cost and expense management [3][4] - The long-term outlook for apparel consumption remains stable, with revenue forecasts adjusted to 118 billion, 125.2 billion, and 132.9 billion yuan for 2024-2026, with slight downward adjustments of -0.8% for each year [7] Revenue and Profit Forecast - The total revenue forecast for Q1 2024 is 27.8 billion yuan, with a gross profit of 6.5 billion yuan, indicating a gross margin of 23.3% [5] - The Non-GAAP net profit for Q1 2024 is estimated at 2.2 billion yuan, with a year-over-year increase of 7% [5] - The company’s future three-year adjusted net profit is revised to 9.5 billion, 10.5 billion, and 10.8 billion yuan, with slight upward adjustments of +0.3%, +0.1%, and +0.8% respectively [7] Market Position and Valuation - The current stock price corresponds to a PE ratio of 7 for 2024, with a projected compound annual growth rate of 6% for profits from 2024 to 2026 [7] - The target price is maintained at 22-24 USD, indicating an upside potential of 33%-48% [7]

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 (VIPS) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Over the past month, shares of this company have returned +0.4%, compared to the Zacks S&P 500 composite's +3.3% change. During this period, the Zacks Internet - Delivery Services industry, which Vipshop Holdings Limited falls in, has gained 5.7%. The key question now is: What could be ...

After reaching an important support level, Vipshop Holdings Limited (VIPS) could be a good stock pick from a technical perspective. VIPS surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages. ...

Vipshop Holdings Limited (VIPS) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a c ...

Investment Rating - Maintain "Overweight" rating [1][2][8] Core Views - Vipshop's Q4 2023 revenue and profit performance were strong, with the company announcing its first-ever dividend [1][5] - Revenue in Q4 2023 reached 34.7 billion yuan, a 9% YoY increase, with product revenue at 32.4 billion yuan (+8% YoY) and other revenue at 2.2 billion yuan (+21% YoY) [1][5] - GMV grew 22% YoY to 66.4 billion yuan in Q4 2023, with active buyers increasing 2% YoY to 48.5 million [1][5] - Non-GAAP net profit in Q4 2023 was 3.2 billion yuan, a 45% YoY increase, with net margin rising from 7.3% to 9.3% [1][5] - SuperVIP members reached 7.6 million, contributing 46% of online transaction value in Q4 2023 [1][5] Financial Performance - Revenue for 2023 was 112.856 billion yuan, a 9.4% YoY increase, with adjusted net profit of 9.468 billion yuan (+38.5% YoY) [3] - Revenue forecast for 2024-2026 is 118.861 billion yuan (+5.3% YoY), 126.152 billion yuan (+6.1% YoY), and 133.893 billion yuan (+6.1% YoY) respectively [3][8] - Adjusted net profit forecast for 2024-2026 is 9.518 billion yuan (+0.5% YoY), 10.482 billion yuan (+10.1% YoY), and 10.727 billion yuan (+2.3% YoY) respectively [3][8] - ROE for 2023 was 25.6%, expected to decline to 20.5% in 2024 and 15.8% by 2026 [3] Shareholder Returns - Total shareholder return in 2023 was approximately 9%, including dividends and buybacks [2][5] - The company announced its first-ever dividend of $250 million, with a dividend yield of 2.5% [2][5] - $340 million worth of shares were repurchased in Q4 2023, with $548 million remaining in the $1 billion buyback program valid until March 31, 2025 [2][5] Valuation - Current stock price implies a 2024 PE of 8x, with a target PE range of 9-10x [8] - Target price adjusted to $22-24, implying 13%-26% upside potential [8] - 2024-2026 revenue and adjusted net profit CAGR estimated at 6% [8]

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 ...