CMPO(001914) 开源证券·2025-03-17 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] 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 is 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 PE ratios of 13.8, 11.7, and 10.3 times for the respective years. The trend of profit recovery is evident due to business structure adjustments and cost reduction measures, indicating potential for continued performance release in the future [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 business 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 cash flow from operating activities was 1.836 billion yuan, an increase of 1.10% [6][9]. - 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. Profit growth was driven by improved gross margins in core businesses and a reduction in expense ratios [6][9]. Business Segments - Core 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 year-on-year increase of 5.8%, with a core customer renewal rate of 96% [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 was 2.551 billion yuan, up 23.77% year-on-year, but the gross margin decreased by 8.6 percentage points to 9.23% [7]. Financial Summary and Projections - The company forecasts revenue growth of 11.8% in 2025, followed by 9.6% in 2026 and 9.0% in 2027. The net profit growth rates are projected at 9.3%, 17.6%, and 13.1% for the respective years [9][11]. - Key financial ratios include a gross margin of 12.0% in 2025, a net margin of 4.8%, and a return on equity (ROE) of 8.3% [9][11]. Market Position - The company is positioned to benefit from ongoing structural adjustments and cost efficiency measures, which are expected to enhance profitability and market competitiveness in the property management sector [5][6].