CMPO(001914) 开源证券·2024-11-27 13:05Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is experiencing continuous expansion in property management scale and steady growth in non-residential sectors, supported by cost reduction and efficiency improvement measures that are aiding profit recovery [3][4] - The company is backed by China Merchants Group, which enhances its market share and strategic positioning [3] - The company adheres to a "large property management" and "large asset management" strategy, with a clear focus on diversifying its service offerings [3][4] Summary by Sections 1. Company Overview - The company, China Merchants Jiyu, is a platform enterprise under China Merchants Group, focusing on property asset management and services [25] - The company has established a comprehensive cloud technology platform model, providing integrated solutions across various property management and asset management sectors [25][26] 2. Property Management Diversification - The company has achieved a management scale of 3.85 billion square meters, with a year-on-year growth of 16.5% [41] - The proportion of non-residential management has reached 66%, the highest among leading property companies [41][51] - The company signed new contracts worth 18.93 billion yuan in the first half of 2024, with third-party projects accounting for 92% of the total [55][57] 3. Revenue Growth and Profitability - The company reported a revenue of 121.6 billion yuan in the first three quarters of 2024, a year-on-year increase of 12.0% [28] - The property management revenue for the first half of 2024 was 63.6 billion yuan, reflecting a growth of 15.9% [59][62] - The gross profit margin for property management improved to 11.0% in the first half of 2024, up 0.4 percentage points year-on-year [61][62] 4. Cost Reduction and Efficiency Improvement - The company has implemented various cost-cutting measures, resulting in a management fee rate of 1.9%, the lowest in the industry [9][45] - The company's financial costs have decreased, with interest-bearing liabilities at their lowest level in five years [9][45] 5. Financial Forecast and Valuation - The company is expected to maintain revenue growth from 2024 to 2026, with projected revenues of 17.35 billion yuan, 19.36 billion yuan, and 21.26 billion yuan respectively [3][9] - The earnings per share (EPS) for 2024 is forecasted to be 0.80 yuan, with a price-to-earnings (P/E) ratio of 13.6 [3][9]