Vipshop(US:VIPS) GF SECURITIES·2024-08-23 02:45Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $14.96 per ADS based on a 6X PE valuation for 2024 [3][6]. Core Insights - The company reported a net revenue of 26.9 billion RMB in Q2 2024, a year-on-year decline of 3.6%, while the non-GAAP net profit was 2.2 billion RMB, down 8.3% year-on-year [1]. - The gross margin for Q2 2024 was 23.6%, an increase of 1.4 percentage points year-on-year, attributed to cost control and improved operational efficiency [1]. - The company’s active customer base decreased by 2.8% year-on-year to 44.3 million, while the GMV remained flat at 50.6 billion RMB [1]. - The company has initiated a stock buyback of $2 billion and announced a new $1 billion stock repurchase plan, indicating a commitment to returning value to shareholders [1]. Financial Summary - The company’s revenue for 2024 is projected to be 110.3 billion RMB, reflecting a decrease of 2.2% compared to 2023 [2]. - Non-GAAP net profit forecasts for 2024, 2025, and 2026 are 9.48 billion RMB, 9.78 billion RMB, and 10.12 billion RMB, respectively, with year-on-year changes of -0.3%, +3.1%, and +3.4% [2]. - The company’s EBITDA for 2024 is expected to be 10.59 billion RMB, with a P/E ratio of 4.6 [2].