CMPO(SZ:001914) HTSC·2025-04-29 04:15Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 14.96 [7][8]. Core Views - The company reported a revenue of RMB 4.46 billion for Q1 2025, representing a year-on-year increase of 20%, and a net profit attributable to the parent company of RMB 220 million, up 15% year-on-year, primarily driven by the property management segment [1][2]. - The property management segment is expected to continue driving revenue growth, with a focus on quality improvement and efficiency enhancement strategies to further improve profitability throughout the year [2][3]. Revenue and Profitability - The company achieved a new annual contract amount of RMB 850 million in Q1 2025, a 7% increase year-on-year, with third-party contracts contributing RMB 770 million [3]. - The gross margin slightly decreased by 0.2 percentage points year-on-year, while the expense ratio increased by 0.1 percentage points, mainly due to bonus payments [2]. Asset Management - As of Q1 2025, the company managed 70 commercial projects with a total managed area of 3.93 million square meters, maintaining stability compared to the end of 2024 [4]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is RMB 0.88, with expected growth in net profit attributable to the parent company reaching RMB 933.7 million, reflecting an 11.09% increase year-on-year [6][27]. - The report suggests a reasonable price-to-earnings (PE) ratio of 17 times, considering the company's strong non-residential market expansion capabilities and improving profitability trends [5].