CMPO(SZ:001914) Shenwan Hongyuan Securities·2025-03-17 06:14Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company has demonstrated strong performance with a focus on cost reduction and efficiency enhancement, leading to impressive financial results [5][6] - The company reported a revenue of 17.17 billion yuan for 2024, a year-on-year increase of 9.9%, and a net profit of 840 million yuan, up 14.2% year-on-year, slightly exceeding market expectations [5][6] - The company is expected to continue leading the property management industry due to its strong resource endowment and market expansion capabilities [5] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 15.627 billion yuan - 2024: 17.172 billion yuan - 2025E: 18.908 billion yuan - 2026E: 20.865 billion yuan - 2027E: 23.359 billion yuan - Year-on-year growth rates for total revenue are projected at 20.0% for 2023, 9.9% for 2024, and gradually increasing to 12.0% by 2027 [5][6] - The net profit forecast is as follows: - 2023: 736 million yuan - 2024: 840 million yuan - 2025E: 970 million yuan - 2026E: 1.086 billion yuan - 2027E: 1.219 billion yuan - The company’s gross margin is expected to improve slightly, reaching 12.3% by 2027 [5][6]