CMPO(001914) 国信证券·2025-03-19 05:56Investment Rating - The investment rating for the company is "Outperform the Market" [6][3][18] Core Views - The company achieved a revenue of 17.17 billion yuan in 2024, representing a year-on-year growth of 9.9%, and a net profit attributable to the parent company of 840 million yuan, which is a 14.2% increase year-on-year [1][3][8] - The overall gross margin increased by 0.4 percentage points to 12.0% in 2024, with the property management business gross margin also rising by 0.4 percentage points to 10.5% [1][8] - The company has shown significant cost reduction and efficiency improvement, leveraging the resources of its parent company and strong external expansion capabilities, which is expected to lead to stable and continuous growth in performance [3][13] Financial Performance Summary - In 2024, the property management business generated revenue of 16.49 billion yuan, up 11.7% year-on-year, while the asset management business saw a revenue decline of 4.0% to 670 million yuan [1][8] - The company signed new annual contracts worth 4.03 billion yuan in 2024, with third-party projects accounting for 3.69 billion yuan [2][12] - As of the end of 2024, the company managed 2,296 projects across 162 cities, covering a management area of 365 million square meters [2][12] Earnings Forecast and Financial Indicators - The company’s projected revenues for 2025 and 2026 are 19 billion yuan and 20.76 billion yuan, respectively, with net profits expected to be 919 million yuan and 1.016 billion yuan [4][15] - The earnings per share (EPS) for 2025 and 2026 are forecasted to be 0.87 yuan and 0.96 yuan, with corresponding price-to-earnings (PE) ratios of 14.0 and 12.7 [3][4] - The company’s return on equity (ROE) is projected to increase from 8.1% in 2024 to 8.9% by 2027 [4][15]