CMPO(001914) 中国银河·2024-11-03 02:14Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the market [3]. Core Insights - The company reported a revenue of 12.16 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 12.01%. The net profit attributable to shareholders was 620 million yuan, with a growth of 4.19% year-on-year [3]. - The revenue growth was driven by a stable performance in property management and a diversified business layout. The company signed new annual contracts worth 2.909 billion yuan in the third quarter, showing steady growth in market expansion [3]. - The asset management business demonstrated strong operational capabilities, with a management area of 4.02 million square meters and a rental rate of 95% as of the end of the third quarter [3]. - The company is actively expanding its value-added services, including home services and rental sales, which have significantly improved service coverage [3]. - The company plans to repurchase shares using its own or raised funds, reflecting confidence in its future development [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 12.16 billion yuan, a year-on-year increase of 12.01%, and a net profit of 620 million yuan, up 4.19% year-on-year [3]. - The gross profit margin for the first three quarters was 11.31%, a decrease of 1.35 percentage points compared to the same period last year [3]. - The company forecasts revenues of 17.68 billion yuan, 19.84 billion yuan, and 21.65 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 806.86 million yuan, 909.03 million yuan, and 970.49 million yuan [6][9]. - The earnings per share (EPS) are projected to be 0.76 yuan, 0.86 yuan, and 0.92 yuan for the years 2024, 2025, and 2026, respectively [6][9]. - The price-to-earnings (PE) ratio is expected to decrease from 16.66 in 2023 to 12.63 by 2026, indicating a potentially more attractive valuation over time [6][9].