CMPO(001914) 东吴证券·2025-03-18 03:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 17.17 billion yuan in 2024, representing a year-on-year growth of 9.9%, and a net profit attributable to shareholders of 840.5 million yuan, which is a 14.2% increase year-on-year [8] - The property management business saw revenue and gross margin improvements, with property management revenue reaching 16.49 billion yuan, up 11.7% year-on-year, while the asset management business revenue decreased by 4.0% to 670 million yuan [8] - The company continues to deepen its focus on non-residential sectors, with non-residential revenue accounting for 58.6% of the property management business [8] Summary by Sections Financial Performance - The company forecasts total revenue for 2025 to be 18.82 billion yuan, with a net profit of 939.13 million yuan, and an EPS of 0.89 yuan [1][9] - The gross margin for the property management business improved to 10.5%, with a comprehensive gross margin of 11.9%, an increase of 0.4 percentage points year-on-year [8] Business Development - As of the end of 2024, the company managed 2,296 projects, an increase of 195 projects year-on-year, with a managed area of 365 million square meters, up 5.8% [8] - The company signed new annual contracts worth 4.03 billion yuan, with a core client renewal rate of 96% [8] Asset Management - The company managed 70 commercial projects, with a total leasable area of 469,000 square meters and an overall occupancy rate of 95% [8] - The sales revenue of managed commercial projects increased by 30% year-on-year, with foot traffic up by 34% [8] Profitability Forecast - The company expects net profits to be 1.04 billion yuan in 2026 and 1.14 billion yuan in 2027, with corresponding EPS of 0.98 yuan and 1.08 yuan respectively [1][9]