Vipshop(US:VIPS) CMS·2025-11-21 06:41Investment Rating - The report maintains a "Strong Buy" rating for the company [4]. Core Insights - The company reported Q3 2025 revenue of 21.4 billion yuan, a year-on-year increase of 3.4%, and GMV of 43.1 billion yuan, up 7.5% year-on-year, exceeding expectations [2][5]. - The company expects Q4 revenue to be between 33.2 billion and 34.9 billion yuan, indicating a year-on-year growth of 0% to 5%, which is above consensus expectations [2][5]. - The company is focused on high-quality development and anticipates continued year-on-year growth in user numbers and stable profit margins in 2026 [2][5]. Financial Performance - For Q3 2025, the Non-GAAP net profit was 1.5 billion yuan, a year-on-year increase of 14.6%, surpassing consensus expectations of 10.6% [2][5]. - The gross margin for Q3 was 23%, with expectations to maintain this level in the future [5]. - The company has a buyback plan with a remaining budget of 621.4 million USD, aiming to return at least 75% of 2024 Non-GAAP net profit to shareholders [5][6]. User Engagement - The quarterly active user count reached 40.1 million, reflecting a year-on-year increase of 1.3%, with SVIP membership growing at a double-digit rate [2][5]. - The company has implemented exclusive sales events for SVIP members to enhance user experience and loyalty [5]. Valuation and Target Price - The target valuation for the company is set between 20.58 and 25.72 USD, based on a projected Non-GAAP net profit multiple of 8-10 times for 2025 [4][5].