CMPO(001914) 长江证券·2024-11-04 07:25Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a revenue of 12.0% growth year-on-year, reaching 12.16 billion yuan, and a net profit attributable to shareholders of 6.2 billion yuan, reflecting a 4.2% increase [2]. - The company has demonstrated stable growth despite pressure on gross margins, with effective cost control contributing to overall performance [2][3]. - The company is actively repurchasing shares, which enhances investor returns and reflects confidence in its future prospects [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 12.16 billion yuan, a 12.0% increase year-on-year, and a net profit of 6.2 billion yuan, up 4.2% [2]. - The gross margin decreased by 1.4 percentage points to 11.3%, with the property management segment's gross margin declining by 0.7 percentage points to 10.9% [2]. - The company managed a total area of 401 million square meters, marking a 20.4% increase, which supported steady growth in property management revenue [2]. Market Expansion - The company has maintained stable growth in market expansion, with a new annual contract amount of 2.91 billion yuan, reflecting a 4.2% increase [3]. - The company is focusing on both residential and non-residential sectors, with the residential segment seeing a significant market expansion, with new contracts increasing by 79% year-on-year [3]. Asset Management - The asset management business has become a significant source of cash flow and profit, managing 71 commercial projects with a total area of 4.02 million square meters [3]. - The sales revenue of managed commercial projects increased by 26.7% year-on-year, indicating strong operational performance [3]. Share Repurchase - The company plans to repurchase shares at a price not exceeding 14.90 yuan per share, with a total repurchase amount between 78 million and 156 million yuan, which is expected to boost market confidence [4]. - The proactive share repurchase is seen as a demonstration of the company's commitment to enhancing shareholder value and reflects its strong market position [4]. Future Outlook - The company is expected to continue its stable growth trajectory, with projected net profits of 7.9 billion yuan, 8.8 billion yuan, and 9.7 billion yuan for 2024, 2025, and 2026 respectively [4]. - The company is anticipated to benefit from reduced financial costs due to decreasing interest-bearing liabilities, which will further enhance profitability [4].