CMPO(001914) 申万宏源·2025-03-17 08:14Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Insights - The company achieved a revenue of 17.17 billion yuan in 2024, representing a year-on-year growth of 9.9%, and a net profit of 840 million yuan, up 14.2% year-on-year, slightly exceeding market expectations [6][7] - The company's gross margin improved to 12.0%, an increase of 0.4 percentage points, attributed to ongoing cost reduction and efficiency enhancement measures [6][7] - The company plans to distribute a cash dividend of 0.24 yuan per share, totaling 254 million yuan, which accounts for 31.4% of the net profit attributable to shareholders [6][7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 15.63 billion yuan - 2024: 17.17 billion yuan - 2025E: 18.91 billion yuan - 2026E: 20.87 billion yuan - 2027E: 23.36 billion yuan - Net profit forecasts are: - 2023: 736 million yuan - 2024: 840 million yuan - 2025E: 970 million yuan - 2026E: 1.09 billion yuan - 2027E: 1.22 billion yuan - The company’s return on equity (ROE) is projected to improve from 7.5% in 2023 to 9.3% by 2027 [6][7][8] Operational Highlights - The company managed a total area of 365 million square meters by the end of 2024, a year-on-year increase of 6% [6] - Property management revenue reached 16.49 billion yuan, with a gross margin of 10.7%, reflecting a 1.9 percentage point increase [6] - The company’s commercial management area was 3.93 million square meters, with stable commercial operations [6] Investment Analysis - The company is focused on cost reduction and efficiency, leading to strong performance, and is expected to continue leading the property management industry [6][7] - The profit margin is anticipated to gradually recover, supporting high-quality growth in both scale and efficiency [6][7]