CMPO(001914) 国信证券·2025-03-19 02:44Investment 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][8] - The overall gross margin increased by 0.4 percentage points to 12.0% in 2024, with the property management segment's gross margin also rising by 0.4 percentage points to 10.5% [1][8] - The company has shown significant improvement in cost reduction and efficiency, 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] Summary by Sections Financial Performance - 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 revenue composition of the property management business includes basic property management at 13.40 billion yuan (up 10.6%), platform value-added services at 540 million yuan (down 8.2%), and professional value-added services at 2.55 billion yuan (up 23.8%) [1][8] Operational Metrics - The company signed new annual contracts worth 4.03 billion yuan in 2024, with third-party projects accounting for 3.69 billion yuan and parent company projects for 340 million 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] - The commercial projects under management saw a 30% increase in sales year-on-year, with foot traffic up 34% and same-store sales up 6% [2][12] Earnings Forecast - The earnings forecast for 2025 and 2026 has been slightly adjusted, with expected revenues of 19.0 billion yuan and 20.8 billion yuan, and net profits of 920 million yuan and 1.02 billion yuan respectively [3][4][13] - The expected earnings per share (EPS) for 2025 and 2026 are projected to be 0.87 yuan and 0.96 yuan, with corresponding price-to-earnings (PE) ratios of 14.0 and 12.7 [3][4][13]