CMPO(SZ:001914) Tianfeng Securities·2024-09-02 08:41Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company achieved a revenue of 7.839 billion yuan in H1 2024, representing a year-on-year increase of 12.34%. The net profit attributable to shareholders was 435 million yuan, also up by 3.79% year-on-year [1][2]. - The property management business generated 7.535 billion yuan in revenue, reflecting a growth of 12.68% year-on-year, with the basic property management segment growing by 15.86% [2]. - The company has expanded its managed projects to 2,209, an increase of 108 from the end of 2023, with a managed area of 385 million square meters, up 11.55% [3]. Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 12.57%, a decrease of 0.73 percentage points compared to the same period in 2023. The basic property management segment had a gross margin of 10.95%, up by 0.38 percentage points [2]. - The company’s total revenue for 2024 is projected to reach 17.974 billion yuan, with a growth rate of 15.02% [6]. Business Segments - The asset management business generated 289 million yuan in revenue, a year-on-year increase of 2.61%, primarily due to an increase in managed commercial projects [2]. - The platform value-added services segment achieved revenue of 256 million yuan, growing by 3.96% year-on-year [4]. Market Expansion - The company signed new annual contracts worth 1.893 billion yuan in H1 2024, with third-party projects accounting for 92% of this amount. The new contracts from major clients like ZTE, Honor, and JD contributed significantly to this growth [3]. - The non-residential management area increased by 18.22%, now accounting for 66% of the total managed area [3]. Cost Management - The sales, management, and R&D expense ratio decreased by 1.20 percentage points to 3.89%, indicating improved cost control capabilities [2].