Deutsche Bank released its investment report today, reiterating that only the stock (nyse:vips) buying rating

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

Third-quarter results: Net revenue of 384 million U.S. dollars, the year-on-year growth of 146%, the chain growth of 9%, beyond the 370 million-dollar guideline expected ceiling, but also higher than we and Wall Street expectations. The only product forecast is that fourth-quarter revenues will reach $580 million trillion to $590 million trillion, 5% to 7% higher than Wall Street's expectations. Based on non-US general accounting standards, diluted earnings per share of 0.26 U.S. dollars, quarter-on-quarter growth of 27%, 32% higher than our expectations, 27% higher than Wall Street expectations. We expect this growth trend to continue. Thanks to operating leverage and high-margin platform business, we think the profit margin will continue to rise. To this end, we reiterate the "buy" rating of its stock.

Stable user base, new user growth is rapid: the recent flow of data shows that only the website traffic will continue to grow. The third quarter, the only product will be active user number of 4 million (26% for new users), the chain growth of 15%, the year-on-year growth of 132%. Order number of 11.7 million, the chain growth of 6%, the year-on-year increase of 117%.

Logistics capabilities: In the near future, only the goods will increase the capacity of 60,000 square meters warehouse design, so that the quarter of the warehouse area reached 290,000 square meters. Only the goods will be expected, by 2014 warehouse area will add 500,000 square meters, resulting in the order processing capacity of 70% to 80% year-on-year growth. We believe the move will also attract more third-party platforms while stimulating revenue growth for fiscal year 2014.

Adjustment of performance expectations: We will be the only products in the 2013 fiscal year, 2014 fiscal year and 2015 fiscal year's revenue forecast to increase by 6%, 16% and 27% respectively, the diluted earnings per share is expected to increase by 6%, 18% and 34% respectively.

Valuation: We reiterate that the only stock "buy" rating, the target share price from 66 U.S. dollars to 93 U.S. dollars.