CMPO(001914) 长江证券·2025-03-19 12:43Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The report emphasizes the improvement in quality and efficiency, highlighting the company's commitment to shareholder returns and the potential for valuation premium as a leading player in the industry [2][6]. - The property management business is operating steadily with stable market expansion, and the company has seen a notable increase in gross profit margin and a decrease in expense ratios, enhancing profitability [2][6]. - The company has proactively increased its dividend payout ratio and engaged in share buybacks, which boosts market confidence and reflects its responsibilities as a central enterprise [2][6]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 17.17 billion yuan (up 9.9%) and a net profit attributable to shareholders of 840 million yuan (up 14.2%), with a non-recurring net profit of 800 million yuan (up 21.1%) [6]. - The gross profit margin improved by 0.4 percentage points to 12.0%, with the property management segment's margin increasing to 10.5% [10]. Market Expansion - As of the end of 2024, the company managed an area of 365 million square meters (up 5.8%), contributing to a year-on-year revenue increase of 11.72% in the property management segment [10]. - The company signed new annual contracts worth 4.03 billion yuan (down 0.4%), with third-party expansion contracts increasing by 4.4% [10]. Shareholder Returns - The company has reduced accounts receivable by 4.4% to 2.19 billion yuan and has prioritized shareholder returns with cash dividends of 254 million yuan, achieving a dividend payout ratio of 30.2% [10]. - The total dividend payout ratio, including buybacks, reached 31.4%, showcasing the company's commitment to its shareholders [10]. Future Outlook - The company expects steady growth in management scale and revenue driven by both internal and external expansion, with significant potential for further quality and efficiency improvements [10]. - Forecasted net profits for 2025, 2026, and 2027 are 940 million yuan, 1.05 billion yuan, and 1.17 billion yuan, respectively, with corresponding valuations of 13.3X, 12.0X, and 10.8X [10].