CMPO(001914) 天风证券·2025-03-19 04:13Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company achieved a revenue of 17.172 billion yuan in 2024, representing a year-on-year increase of 9.89%. The net profit attributable to shareholders was 840 million yuan, up 14.24% year-on-year, with basic earnings per share of 0.79 yuan, also reflecting a 14.24% increase [1][2]. Revenue and Profitability - The property management business generated revenue of 16.487 billion yuan, growing by 11.72% year-on-year. The basic property management segment saw a revenue increase of 10.63%, while platform value-added services and professional value-added services experienced declines of 8.22% and growth of 23.77%, respectively [2]. - The gross profit margin for 2024 was 11.96%, an improvement of 0.4 percentage points from 2023. The gross profit margins for basic property management, platform value-added, and professional services were 10.67%, 10.51%, and 9.23%, respectively [2]. Cost Management - The company improved its cost management, with sales, management, and financial expense ratios changing to 0.67%, 3.5%, and 0.17%, respectively. The financial expense ratio showed significant optimization due to enhanced capital turnover efficiency [2]. Dividend Policy - The company proposed a cash dividend of 2.4 yuan per 10 shares, raising the cash dividend payout ratio to 30.25% [2]. Project Expansion - As of 2024, the company managed 2,296 projects, an increase of 195 from the end of 2023, covering an area of 365 million square meters, up 5.80% year-on-year. The new annual contract amount reached 4.029 billion yuan, remaining stable compared to 2023 [3][4]. Asset Management Performance - The asset management business generated revenue of 670 million yuan, a decrease of 4.03% year-on-year. The commercial operation business managed 70 projects with a management area of 3.93 million square meters, achieving a 30% increase in sales year-on-year [4]. Financial Forecast - The company forecasts net profits of 922 million yuan, 1.078 billion yuan, and 1.188 billion yuan for 2025, 2026, and 2027, respectively, indicating a positive growth trajectory [4].