Vipshop(VIPS) 浦银国际证券·2024-10-17 06:38Investment Rating - The report maintains a "Hold" rating for the company with a target price adjusted to 15.3 [2][5]. Core Insights - The company is expected to experience a revenue decline of 9.5% year-on-year in Q3 2024, aligning with its prior guidance, with projected revenue of RMB 20.6 billion [2]. - The gross margin is anticipated to be 23.0%, a decrease of 0.6 percentage points year-on-year, while the adjusted net profit is expected to be RMB 1.26 billion, with an adjusted net profit margin of 6.1%, down 2.0 percentage points year-on-year [2]. - For 2024, the estimated revenue is projected to be RMB 107 billion, with an adjusted net profit of RMB 8.62 billion and an adjusted net profit margin of 8.0% [2]. Financial Forecast Changes - Revenue for 2024E is forecasted at RMB 107,047 million, slightly down from the previous forecast of RMB 107,363 million, indicating a change of -0.29% [3]. - The gross profit is expected to be RMB 25,032 million, with a gross margin of 23.4%, reflecting a minor increase of 0.1 percentage points from the prior forecast [3]. - The adjusted net profit for 2024E is revised to RMB 8,616 million, down 2.85% from the previous estimate of RMB 8,868 million, with an adjusted net profit margin of 8.0% [3].