Maintain the only stock increase rating, the target share price from 35 U.S. dollars to 51 U.S. dollars

JPMorgan released its investment report today to maintain its nyse:vips "overweight" rating, raising its target share price from $35 trillion to $51.

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

We believe that the only product will be the core value of the online clearing channels remain unchanged. While rivals are starting to grow, the only product will remain the front-runner for China's flash-buying market. We believe that market competition in the short term will have little impact on the product. But in the medium to long term, competition will gradually increase.

The new competitor's entry into the short term will have little impact on the only product: because the core advantage of the product will be its coverage and the wide range of users in the lower-level cities. By contrast, its main e-commerce rivals have the advantage mainly in the high-level cities. We expect the number of active users to account for 1% to 2% of the number of E-commerce users in China. We believe that the market is large enough to accommodate multiple competitors.

The increase in profit margins from sales and marketing spending will slow: we expect 2014 sales and marketing spending to fall by 10 benchmark points, compared with 70 benchmark points this year and 200 benchmarks in 2012.

The core profit growth driver: The only product will benefit from: 1 The development of online flash market; 2 the online flash-purchase penetration rate is still low, 3 the logistics efficiency is increased, 4 is a high user retention ratio.

Valuation: We continue to maintain the "overweight" rating of the only commodities stock, raising the target share price from 35 US dollars to 51 dollars.