Vipshop(US:VIPS) GF SECURITIES·2024-03-06 16:00Investment 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].