Keep going where? Stock (NASDAQ:QUNR) Hold rating

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

Percentage increase in mobile revenue: where to? Management recently said in a conference call that the 18% to 20% revenue from the 2013 fiscal year will come from mobile platforms, compared with 15% in the third quarter. The increase in the percentage of mobile revenue is mainly attributable to: 1 seasonal strong factors: 2 10.1 golden Week factor. PC-based bookings are usually one week ahead of schedule, so this part of the revenue is September revenue, resulting in lower PC platform revenue in the quarter. At the same time, many hotel bookings have advantages over mobile platforms.

and Baidu "intimate search" cooperation: Baidu agreed to grant to go where on the PC side Baidu "intimate search" tourism products and tourism category of the exclusive right to operate the right, the exclusive right to operate the rights involved in air tickets, hotels and commercial holiday products. The partnership is now proceeding in a step-by-step manner, but is still in its early stages of testing and will be followed by a larger scale. We expect that the current daily page traffic (PV) is less than 600,000, only 10% of the expected PV in the contract. Where are you going? Management said the partnership had begun to bear fruit and the conversion rate was better than expected. Management expects a significant increase in revenue for fiscal year 2014, especially in the last three quarters.

Competition and Hotel Rebate promotions: Given the dominant position in the airline reservation field, where to go to do not intend to carry out preferential promotional activities in the market. In order to win more market share from Ctrip and Art Dragon, where to go plan to take further measures in respect of hotel coupons, the specific preferential scale, scope and duration will also be based on the actions of competitors. The move could affect where to go to the hotel booking revenue and put pressure on diluted earnings per share.

Quarterly results expected: Where to go forecast, the fourth quarter revenue will reach 240 million yuan to 245 million yuan. We expect to go where the total 2014 fiscal year revenue will reach 1.4 billion yuan.

Valuation: We continue to go where the stock "holds" the rating while maintaining a 22.10 dollar target share price unchanged.