Jaffray issued an investment report today, reiterating that it will increase its rating

Summary: View the latest quotes Beijing time August 16 Evening News, the U.S. investment bank Jaffray Piper Jaffray today issued an investment report, reiterated that only the stock (Nyse:vips) Overweight rating, the target share price from 55 U.S. dollars to 51 U.S. dollars. The following is a summary of the report

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Jaffray Piper Jaffray, the US investment bank, released its investment report today, reiterating that it had "overweight" its stock (nyse:vips) and lowered its target share price from $55 trillion to $51, Beijing time August 16 Evening News.

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

Only goods will be 2013 fiscal year second quarter revenue and diluted earnings per share exceeded the forecast, we continue to recommend only stock. The increase in the number of active users is consistent with our expectations, the order quantity is slightly lower than we expected, but is compensated for by the higher each order amount. Only the goods will expect third-quarter revenues to grow 134% and 137% year-on-year, a median of 2% below Wall Street expectations. As China's online flash market leader, only products will still have a lot of room for growth. For example, its apparel business, which accounts for 55% of its revenue, has a share of only 5.1% in China's discounted apparel retail market. We reiterate that only the stock "overweight" rating, the target share price from 55 U.S. dollars to 51 dollars.

Second-quarter results: Revenue of 351 million U.S. dollars, an increase of 160%, higher than we expected 335 million U.S. dollars and Wall Street expected 340 million dollars. Diluted earnings per share of 0.16 dollars, higher than we expected 0.10 U.S. dollars and Wall Street expected 0.13 dollars.

Stable user and order growth: the second quarter, only the goods will order the number of 11 million, an increase of 136%, slightly lower than we expected 11.6 million. The average revenue per order was 31.91 dollars, up 11% from a year earlier, above our expected 28.93 dollars. The number of active users was 3.5 million, up 139% year-on-year, consistent with our expectations.

Strong operational leverage: Overall operating expenses account for revenue in line with our expectations, performance and marketing expenditures accounted for slightly more than we expected, but general and administrative expenses were better than we expected. The operating profit margin of the second quarter was 1.9%, higher than our expected 1.5% and a year earlier-4%, reflecting the measurable nature of the only commercial model.

Adjustment of performance expectations: We will be the only goods in the third quarter of 2013 fiscal year revenue forecast from 394.5 million U.S. dollars to 368.7 million U.S. dollars to reflect the only goods will increase the trend of orders, and Wall Street is expected to be 376 million U.S. dollars, the company's guidance is expected to be 365 million U.S. dollars to 370 million U.S. dollars.

Valuation: We reiterate that the only stock "overweight" rating, the target share price from 55 U.S. dollars to 51 U.S. dollars. (Li Ming)