报告名称：Vipshop Holdings(VIPS)In line with expectations： $300mn share repurchase announc
报告类型：海外市场
报告日期：2015-11-19
研究机构：高盛集团
页数：7
简介：(1) VIPS announced a US$300mn buyback over the next 2 years. (2) Active customers grew 54% yoy to 14.6mn; excl. Lefeng and group-buy, VIPS core growth was 71% yoy, while core orders grew 75%. However, 3Q new active customers of 5.4mn fell from 2Q’s 5.5mn. Given slower new user adds, VIPS will continue to focus more on revenue growth while maintaining stable margins. VIPS is also eyeing new categories such as 3C. Both GMV and new users tripled yoy during Nov 11 promotions this year. (3) Cross-border business grew 164% qoq, to ~5% of total GMV. Total bonded warehouse size reached 50k sqm and VIPS plans to expand further. (4) Logistics: VIPS now has 1.6m sqm of warehouse. Its in-house and invested logistics team covers 80% of orders, up from 50% a year ago. (5) 3Q op. cash flow was Rmb285mn. AP turnover days did not fall much qoq and we expect they will stabilize at ~60-65 days. AR turnover days increased qoq mainly on supplier chain financing as VIPS booked loans to suppliers in accounts receivable, vs the netting with the AP balance JD uses. VIPS invested Rmb837mn in 3Q in land and future office space in Hangzhou Internet Innovation Zone. We fine tune estimates post results. Our 12m TP remains US$18, still using 20x 2017E non-GAAP EPADS. We expect it to take time for VIPS to restore investor confidence, but maintain Buy. Key risks: Faster-than-expected revenue slowdown on lower user growth. Continued warm weather that could impact apparel purchases.

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