CMPO(001914) 光大证券·2025-03-19 02:10Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a revenue growth of 10% year-on-year for 2024, with a non-GAAP net profit growth of 21% [1]. - The property management segment showed strong growth, with significant improvements in gross margins and outstanding performance in value-added services [2][3]. - The company has maintained a high level of new contract signings despite increased competition, with a total signed property management contract amount of 4.03 billion yuan for the year [3]. - The company reported a robust cash flow from operating activities of 1.84 billion yuan, with a year-end bank deposit of 4.61 billion yuan and an increased dividend payout ratio of 29.3% [3]. Summary by Sections Revenue and Profitability - The company reported total revenue of 17.17 billion yuan for 2024, a 9.9% increase from the previous year, and a net profit of 840 million yuan, reflecting a 14.2% increase [1][4]. - The gross margin for the property management business improved, with non-residential property management gross margin at 10.6%, up 1.5 percentage points, and residential property management gross margin at 10.9%, up 3.0 percentage points [2]. Market Expansion - As of the end of 2024, the company managed a total area of 365 million square meters across 2,296 projects in 162 cities [3]. - The company signed new property management contracts worth 4.03 billion yuan, with third-party projects contributing 3.69 billion yuan, a 4.4% increase year-on-year [3]. Value-Added Services - Revenue from professional value-added services reached 2.55 billion yuan, a 23.8% increase, with notable growth in real estate brokerage, smart energy, and renovation services [3]. - The company’s core client renewal rate stood at 96%, indicating strong client retention [3]. Financial Forecast and Valuation - The forecast for net profit for 2025-2027 has been adjusted to 966 million yuan, 1.1 billion yuan, and 1.22 billion yuan respectively, with corresponding EPS estimates of 0.91, 1.04, and 1.15 yuan [4]. - The company is considered a rare leading player in the property management sector in A-shares, with an attractive valuation [4].