CMPO(SZ:001914) Orient Securities·2025-04-15 05:23Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 14.04 CNY [1][6]. Core Views - The company reported a revenue of 17.17 billion CNY for 2024, representing a year-on-year increase of 9.9%. The net profit attributable to the parent company was 840 million CNY, up 14.2% year-on-year, while the net profit excluding non-recurring items was 800 million CNY, reflecting a 21.1% increase [5][9]. - The company has shown strong performance in property management, with a revenue of 16.49 billion CNY, an increase of 11.7%. The gross profit margin for basic property management improved by nearly 2 percentage points to 10.7%, contributing to an overall gross margin increase [9]. - The company achieved a new annual contract amount of 4.03 billion CNY, with third-party contracts accounting for 92% of the total, indicating a solid market expansion strategy [9]. Financial Performance Summary - Revenue for 2023 was 15.63 billion CNY, with a projected increase to 19.05 billion CNY in 2025, reflecting a compound annual growth rate (CAGR) of 10.9% [7]. - The net profit attributable to the parent company is expected to grow from 736 million CNY in 2023 to 1.15 billion CNY in 2025, indicating a growth rate of 36.3% [7]. - The company's gross margin is projected to improve from 11.6% in 2023 to 12.7% in 2025, while the net margin is expected to rise from 4.7% to 6.0% over the same period [7][11]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 15.4 for 2024, with an expected P/E of 11.3 for 2025 [10]. - The price-to-book (P/B) ratio is projected to decrease from 1.2 in 2024 to 1.1 in 2025, indicating a favorable valuation trend [11]. - The estimated earnings per share (EPS) is expected to increase from 0.79 CNY in 2024 to 1.08 CNY in 2025, reflecting strong earnings growth potential [7][10].