CMPO(SZ:001914)2024-10-14 09:51Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and potential growth [5][6]. Core Insights - The Chairman's proposal to repurchase company shares reflects confidence in sustainable development and long-term value recognition. The repurchase plan includes a total amount not less than RMB 0.78 billion and not exceeding RMB 1.56 billion, with a buyback price cap set at 150% of the average trading price over the previous 30 trading days [5]. - The company's property management revenue for H1 2024 increased by 16% year-on-year, with new contracts signed for third-party projects up by 6%. The total managed area reached 385 million square meters, a 17% increase year-on-year [5][6]. - The commercial management area under management grew by 15% year-on-year, with commercial operation revenue increasing by 17.3% in H1 2024. The company is expected to benefit from the increased commercial real estate layout by its parent company [6]. Financial Summary - For 2024, the company forecasts total revenue of RMB 17.215 billion, a 10.2% year-on-year growth, and a net profit of RMB 831 million, reflecting a 13% increase [7]. - The earnings per share (EPS) are projected to be RMB 0.78 for 2024, with a price-to-earnings (PE) ratio of 14 times based on the current price [5][7]. - The company's gross margin is expected to stabilize around 11.6% for the next few years, with a return on equity (ROE) projected to improve gradually [7].