Vipshop(VIPS) 浦银国际证券·2024-11-20 09:37Investment Rating - The report maintains a "Hold" rating for the company with a target price adjusted to 13.26 [3][6]. Core Insights - The company's Q3 2024 revenue was RMB 20.7 billion, a year-on-year decline of 9.2%, which aligns with expectations and prior guidance, primarily due to weak industry demand. The gross margin improved to 24.0%, with an adjusted net margin of 6.3% [2]. - The company completed a 1 billion buyback plan, indicating a commitment to enhancing long-term shareholder returns by allocating over 75% of adjusted net profit for 2025 towards buybacks or dividends [2]. - The report highlights a cautious outlook for Q4 2024, projecting revenue between RMB 31.2 billion and RMB 32.9 billion, which corresponds to a year-on-year decline of approximately 10% to 5% [3]. Financial Projections - The updated financial model forecasts the following revenue and profit figures (in RMB million): - FY24E Revenue: 107,103 - FY25E Revenue: 107,647 - Adjusted Net Profit FY24E: 8,656 - Adjusted Net Profit FY25E: 8,815 - Target PE for FY24E: 6.2x, FY25E: 6.0x [5].