CMPO(001914) 天风证券·2025-03-19 05:52Investment Rating - The investment rating for the company is "Buy" 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 up 14.24% [1][2]. Revenue and Profitability - The property management business generated revenue of 16.487 billion yuan, a year-on-year increase of 11.72%. The gross margin for the property management business improved to 11.96%, up 0.4 percentage points from 2023 [2][4]. - The company plans to distribute a cash dividend of 2.4 yuan per 10 shares, raising the cash dividend ratio to 30.25% [2]. Business Expansion and Contracts - As of 2024, the company managed 2,296 projects, an increase of 195 projects from the end of 2023, with a managed area of 365 million square meters, up 5.80% [3]. - The new annual contract amount reached 4.029 billion yuan, remaining stable compared to 2023, with significant contributions from third-party contracts and various new projects [3]. Financial Forecasts - The company forecasts net profits of 922 million yuan in 2025, 1.078 billion yuan in 2026, and 1.188 billion yuan in 2027, reflecting a positive growth trajectory [4][12]. - The projected revenue growth rates for the next few years are 10.05% in 2025, 11.80% in 2026, and 10.89% in 2027 [5][12]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 15.33 in 2024 to 10.84 in 2027, indicating potential value appreciation [5][12]. - The price-to-book (P/B) ratio is expected to decline from 1.24 in 2024 to 0.99 in 2027, suggesting an attractive valuation [5][12]. Market Position - The company benefits from its affiliation with the China Merchants Group, which provides a strong support network for project delivery and business expansion [4]. - The company has shown resilience in performance, supported by improved profitability in its core property management segment [4].