Deutsche Bank publishes its investment report today to maintain the buy-only rating

Summary: View the latest quotes Beijing time March 4 Evening News, Deutsche Bank released its investment report today, maintaining the only stock (nyse:vips) Buy rating, the target price from 134 U.S. dollars to 184 U.S. dollars. The following is a summary of the report: fourth quarter results: Camp

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Beijing Time March 4 Evening News, Deutsche Bank released its investment report today, maintaining the only commodities stock (nyse:vips) "Buy" rating, the target share price from 134 U.S. dollars to 184 dollars.

The following is a summary of the contents of the report:

Quarterly results: Revenue for the 651 million yuan, the growth of 117%, the chain growth of 70%, compared to our expectations of 8% higher than Wall Street expected 11%. Based on non-US GAAP, the diluted earnings per share is 17% higher than our forecast and 18% higher than Wall Street expectations. We believe that, thanks to traffic growth and synergy from the Lok Bee Network, the product will continue to grow.

The momentum will continue: the management's performance is expected to be relatively conservative and capable of performing well. In fact, the only product will have dominated the retail discount market in China. The quarter, the only product will platform revenue for 9 million U.S. dollars, the chain growth of 250%. Through a stake in the Lok Bee network, we expect that the only product will become a comprehensive platform for women users.

Le Bee Network on the impact of profit margin: Only the management said that the Lok Bee Network on the only product will contribute to the revenue will not be very large. We expect that, thanks to its platform model, the gross profit margin will grow. In view of the loss of the Lok Bee Network, the initial investment will have a negative impact on the profits of the goods. But after the integration, will bring the cross-selling synergy effect and the operation leverage function.

Adjustment of performance expectations: We will be the only products in fiscal year 2014 and 2015 fiscal year revenue forecasts respectively increase by 8% and 16%, the diluted earnings per share is expected to increase by 17% and 26% respectively.

Valuation: We continue to maintain the only stock "buy" rating, the target share price from 134 U.S. dollars to 184 dollars.