CMPO(001914) 开源证券·2025-03-17 11:02Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has achieved double growth in revenue and profit, with new expansion scale remaining stable while improving quality. The forecast for net profit for 2025-2027 has been adjusted to 919 million, 1.081 billion, and 1.222 billion yuan respectively, with corresponding EPS of 0.87, 1.02, and 1.15 yuan. The current stock price corresponds to a PE ratio of 13.8, 11.7, and 10.3 times for the respective years. The profitability is expected to recover due to business structure adjustments and cost reduction measures, indicating a positive outlook for future performance [5][6][9]. Financial Performance - In 2024, the company achieved revenue of 17.172 billion yuan, a year-on-year increase of 9.89%, with property management revenue accounting for 96% and growing by 11.72%. The net profit attributable to the parent company was 840 million yuan, up 14.24% year-on-year, and the net profit after deducting non-recurring gains and losses increased by 21.12%. The operating cash flow was 1.836 billion yuan, a 1.10% increase year-on-year. The gross margin and net margin were 11.96% and 5.06%, respectively, reflecting increases of 0.4 percentage points and 0.34 percentage points year-on-year [6][9]. Business Segments - Basic Property Management: Revenue reached 13.401 billion yuan, up 10.63% year-on-year, with a gross margin increase of 1.9 percentage points to 10.67%. The managed area reached 365 million square meters, a 5.8% increase year-on-year, with a core customer renewal rate of 96%. New contracts signed amounted to 4.029 billion yuan, remaining stable year-on-year, with third-party new contracts accounting for 92% and market-oriented residential contracts increasing by 47% [7]. - Platform Value-Added Services: Revenue was 536 million yuan, down 8.22% year-on-year, with a gross margin increase of 2.0 percentage points to 10.51%. The transaction volume on the platform exceeded 1.1 billion yuan, with a penetration rate of over 30% for home services in Guangzhou [7]. - Professional Value-Added Services: Revenue reached 2.551 billion yuan, a year-on-year increase of 23.77%, but the gross margin decreased by 8.6 percentage points to 9.23% [7]. Asset Management - The asset management revenue for 2024 was 670 million yuan, down 4.03% year-on-year, with a gross margin decrease of 2.7 percentage points to 48.1%. The company managed 70 commercial projects with a managed area of 3.93 million square meters, achieving a 30% year-on-year increase in sales and a 34% increase in foot traffic [8].