CMPO(001914) 长江证券·2025-03-20 02:39Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has demonstrated improved quality and efficiency, emphasizing shareholder returns, and is expected to enjoy valuation premiums as a leading player in the market [2][10]. - The property management business is operating steadily with stable market expansion, and the company has successfully enhanced its gross profit margin while reducing costs, leading to improved profitability [2][10]. - The company is actively increasing its dividend payout ratio and engaging in share buybacks to enhance shareholder returns, which boosts market confidence and reflects its commitment as a central enterprise [2][10]. Financial Performance - In 2024, the company achieved a revenue of 17.17 billion yuan, representing a 9.9% increase, and a net profit attributable to shareholders of 840 million yuan, up 14.2% [4][10]. - The gross profit margin for the company improved by 0.4 percentage points to 12.0%, with the property management segment's margin also increasing by 0.4 percentage points to 10.5% [10]. - The company’s management area reached 365 million square meters by the end of 2024, with a year-on-year growth of 5.8% [10]. Market Expansion - The company has seen steady growth in third-party market expansion, with a focus on both residential and non-residential sectors [10]. - By the end of 2024, the company’s management area consisted of 37.7% residential and 62.3% non-residential properties, with third-party contracts accounting for 63.8% of the total [10]. Shareholder Returns - The company reported accounts receivable of 2.19 billion yuan, a decrease of 4.4%, and distributed cash dividends of 254 million yuan, with a dividend payout ratio of 30.2% [10]. - The total dividend payout ratio, including share buybacks, reached 31.4%, showcasing the company's commitment to shareholder returns [10]. Future Outlook - The company is expected to achieve net profits of 940 million yuan, 1.05 billion yuan, and 1.17 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding valuations of 13.3X, 12.0X, and 10.8X [10].