CMPO(SZ:001914) Changjiang Securities·2024-09-02 07:11Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company achieved a revenue of 7.84 billion yuan in H1 2024, representing a year-on-year increase of 12.3%, with a net profit attributable to shareholders of 440 million yuan, up 3.8% [2] - The management area reached 385 million square meters, an increase of 16.5%, contributing to stable growth in the property management segment [2][3] - The company is expected to continue steady growth in management scale and revenue, with limited further decline in gross margin and significant reduction in interest expenses due to decreasing interest-bearing liabilities [2][3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 7.84 billion yuan, with property management revenue of 7.54 billion yuan, up 12.7% year-on-year [2] - The overall gross margin slightly decreased by 0.7 percentage points to 12.6%, with the property management segment's gross margin down 0.7 percentage points to 10.9% [2] - The net profit attributable to shareholders was 440 million yuan, reflecting a 3.8% increase, while the non-recurring net profit was 410 million yuan, up 7.6% [2] Business Expansion - The company’s managed area consists of 34.4% residential and 65.6% non-residential properties, with a focus on non-residential segments for future growth [3] - New annual contract value signed in H1 2024 was 1.89 billion yuan, a slight increase of 0.3%, with non-residential contracts accounting for 85.7% of the total [3] - The company has successfully expanded into major projects in finance and transportation sectors, maintaining strong performance in core areas [3] Value-Added Services and Asset Management - Revenue from platform value-added services grew by 4.0%, while professional value-added services saw a decline [3] - The asset management business is becoming a key driver for profitability, with a 26.7% year-on-year increase in sales from managed commercial properties [3] - The company is focusing on enhancing its operational capabilities through joint ventures and partnerships in various cities [3] Future Outlook - The company is expected to maintain steady growth in its core property management business, supported by parent company backing and ongoing market expansion [3] - Future net profits are projected to be 810 million yuan in 2024, 900 million yuan in 2025, and 1 billion yuan in 2026, with corresponding valuations of 10.8X, 9.7X, and 8.8X [3]