J.P. Morgan Sharply Reduced The Price Of A Lot Of Targets. How Did It Go For A Year?

According to media reports, J.P. Morgan has sharply reduced its stock price to a "lighten up" price with a target price of $17, which is still 17% down compared with the current average price.

Affected by the news, the stock price fell by 3.12% on the same day, closing at $19.84, and yesterday's stock price fell to $19.34 again, again approaching the $19 issue in July last year.

Revenue growth and monthly growth rate are "double low"

In May of this year, more than 4 billion 545 million 200 thousand Q1 earnings reports were released in 2019. Data show that a lot of revenue in the Q1 quarter of 2019 was $4 billion 545 million 200 thousand, an increase of 228% over the same period last year, the lowest growth rate since the launch. According to previous earnings reports, the revenue figures for the second quarter, the third quarter and the fourth quarter of 2018 were 2 billion 709 million yuan, 3 billion 372 million yuan and 5 billion 654 million yuan, respectively. The corresponding year-on-year growth figures were 2489%, 697% and 379% respectively.

Another key indicator, monthly activity, is also facing bottlenecks. According to the results of the financial report, a lot of mobile clients live 289 million 700 thousand monthly users. The average monthly number of live users in the second quarter of 2018 was 195 million. The number of monthly live users in the third quarter was 232 million. The number of active users in the fourth quarter was 273 million. As we can see, the increase in the number of users per month is significantly slower than that of monthly users. In particular, compared to the 272 million 600 thousand quarter of last quarter, only 17 million growth, a record low.

At the analysts' telephone conference after the publication of the earnings report, the founder Huang Zheng needle also could not conceal his emotions, calling it a little bit sad because she was not understood.

According to Wall Street analysts, the Morgan chase sharply lowered its rating to a sharp increase in profit pressure, which was linked to a lot of earnings. Losses, revenue and monthly turnover have led to a loss of patience in the market.

　　 Marketing costs are high but growth is hard to see.

A lot of advertisements are popular among the people. Behind the scenes is a lot of marketing. The high marketing cost has attracted huge market controversy at the same time, but a lot of marketing has not stepped on the brakes of marketing. Huang Zheng said: "in the user brain, a lot of brand awareness is not so strong, and a lot of marketing expenses is to solve this problem, improve users' recognition of the company's brand."

From the 2019 Q1 earnings report, which spelled more and more, the cost of marketing was up to 4 billion 890 million in the first quarter, which continued to exceed revenue, and the corresponding passenger cost increased by 8% to 197 yuan. In 2017, the corresponding cost of Q3 was only 7 yuan.

But at such a high cost of marketing, the 618 billions of subsidies that have been sped up by the 6.18 business wars have not actually led to a lot of transactions. According to the Questmobile 6.18 electricity supplier big report, during the 618 period, the number of users living on a daily basis increased by 105.2%, much lower than that of suning.com 247.8%, and also lower than that of other typical mobile shopping industries such as Taobao and Jingdong.

The rising cost of attracting customers and its incompatible marketing efficiency have penetrated the bottom line of investors' psychology. There are even voices saying, "too many valuation models have failed."

The problem of counterfeit goods flooding and the development of stock prices

Since the establishment of self spelling, the problem of low-end and cottage fake has been accompanied by its development. It is not only a cow that cannot be abandoned, but also a thunder likely to explode at any time.

Since its listing, the company has been jointly charged by 13 law firms in the United States, and has initiated a class action lawsuit for sale, intentional breach of the Federal Securities Exchange Act and misleading investors. The case also set up the "double record" which was most sued and most complained after IPO.

Prior to that, Shanghai and district two levels of industrial and commercial interviews were sped up, because of its large number of sales of fake and shoddy goods received reports, demanding immediate self-examination and self correction; in addition, a lot of sales also due to the sale of yellow related products, the national anti pornography Office in-depth investigation.

Since the beginning of this year, the US Trade Representative Office (USTR) has launched a series of "counterfeit products on many platforms" and "rampant cottage brands", and many of the regulatory measures announced abroad do not solve the problem.

It is even more difficult to talk about selling and infringement cases. Many brands have been brought to court by TCL, XTEP, SKYWORTH, Chi Wei and many other brands, involving clothing, household appliances, sports brands, electronics and many other categories. But for counterfeit goods, many partners, dada, have responded that fake goods are human problems and social problems, and it is unfair to make 3 years old.

Seekingalpha analysts believe that the problem of overloading counterfeit goods is a lot of stock price constraints, predicting the stock price to be as low as 7 dollars.

　　 Last

One year after the listing, the transcript that has been handed over for many years, whether it is the overrun of sales revenue, monthly growth rate or the low end and fakes that have not been solved, are all overdrawn investors' confidence.

Internal growth is weak, and there are pressure from Ali Juhuasuan on the outside and how to break through the plight. This chase is the first in many investment institutions with lots of investment. It may mean the starting point of market distrust and patience. Assuming that this sentiment is stacked in the capital market, it may become the beginning of future multi crisis.