CMPO(SZ:001914)2024-08-31 11:01Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company achieved a revenue of 7.839 billion yuan in the first half of 2024, representing a year-on-year growth of 12.34%, while the net profit attributable to shareholders was 435 million yuan, up 3.79% year-on-year [1]. - The growth in revenue is attributed to the expansion of property management projects and an increase in delivery projects from the parent company [1]. - The company is focusing on non-residential sectors, with property management revenue reaching 7.535 billion yuan, a year-on-year increase of 12.68% [1]. - The average property management price for non-residential sectors was 3.06 yuan per square meter per month, higher than the residential sector's average of 2.16 yuan per square meter per month [1]. Summary by Sections Revenue and Profit Growth - In H1 2024, the company reported a revenue of 7.839 billion yuan, a 12.34% increase year-on-year, and a net profit of 435 million yuan, a 3.79% increase year-on-year [1]. - The gross profit margin slightly decreased to 12.57%, down 0.73 percentage points from the previous year [1]. - Tax and additional charges increased by 41.32% compared to the same period last year [1]. Focus on Non-Residential Sectors - The company achieved property management revenue of 7.535 billion yuan in H1 2024, with basic property management revenue of 6.356 billion yuan, up 15.86% year-on-year [1]. - The total managed area reached 385 million square meters, with a growth of 2.94% from Q1 2024 [1]. - Non-residential property management revenue accounted for 72.90% of basic property management revenue [1]. Value-Added Services and Asset Management - The company generated 256 million yuan from platform value-added services, a year-on-year increase of 3.96% [2]. - Asset management business revenue was 289 million yuan, up 2.61% year-on-year [2]. - The commercial operation business achieved revenue of 70.41 million yuan, a 17.34% increase year-on-year [2].