CMPO(001914) 中泰证券·2025-04-03 13:45Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [15]. Core Insights - The company achieved a revenue of 17.17 billion yuan in 2024, representing a year-on-year growth of 9.89%. The net profit attributable to shareholders was 840 million yuan, up 14.24% year-on-year [4][6]. - The improvement in profitability is attributed to a rise in gross margin, which increased from 11.56% in the previous year to 11.96% in 2024, leading to a net profit margin increase from 4.73% to 5.06% [6]. - The company successfully expanded its property management projects, managing 2,296 projects across 162 cities, with a total managed area of 365 million square meters [7]. - The residential and non-residential segments saw a recovery in profit margins, with residential gross margin rising from 7.89% in 2023 to 10.88% in 2024, and non-residential gross margin increasing from 9.10% to 10.59% [8]. - The company reported a significant reduction in financial expenses, down 52.64% year-on-year to 30 million yuan, due to a decrease in interest-bearing debt [6]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 17.17 billion yuan, with a year-on-year growth rate of 9.89%. The net profit attributable to shareholders was 840 million yuan, reflecting a 14.24% increase year-on-year [4][6]. - The company’s gross margin improved to 11.96%, up from 11.56% the previous year, contributing to a net profit margin increase to 5.06% [6]. Business Expansion - The company signed new annual contracts worth 4.029 billion yuan, with third-party contracts contributing 3.693 billion yuan. The company also successfully expanded into key projects such as Shenzhen Xinhua Hospital and Tsinghua University [7]. - The total leasable area managed by the company reached 468,900 square meters, with an overall occupancy rate of 95% [9]. Profitability and Valuation - The report projects earnings per share (EPS) to be 0.91 yuan for 2025, 1.03 yuan for 2026, and 1.13 yuan for 2027, reflecting an upward revision from previous estimates [10]. - The price-to-earnings (P/E) ratio is expected to decrease from 17.5 in 2023 to 10.7 by 2027, indicating an improving valuation outlook [3].