CMPO(SZ:001914) Shenwan Hongyuan Securities·2025-04-29 07:16Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported strong performance in Q1 2025, with revenue of 4.465 billion yuan, a year-on-year increase of 19.9%, and a net profit of 2.2 billion yuan, up 15.1% year-on-year, slightly exceeding market expectations [7] - The company continues to improve its expense ratio, with a total expense ratio of 4.1%, down 0.2 percentage points year-on-year, driven by cost reduction and efficiency enhancement measures [7] - The company is focusing on property management and asset management, leveraging strong resources and market expansion capabilities, which are expected to lead the property management industry [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 18.908 billion yuan, with a year-on-year growth rate of 10.1% [6] - The net profit attributable to the parent company is projected to be 970 million yuan in 2025, reflecting a year-on-year growth of 15.4% [6] - Earnings per share are expected to be 0.91 yuan in 2025, with a price-to-earnings ratio of 13 [6] Performance Metrics - The company achieved a gross margin of 11.5% in Q1 2025, with a net profit margin of 5.1% [7] - The return on equity (ROE) for Q1 2025 was 2.1%, with expectations for gradual improvement in future years [6][7] - The company has a total managed area of 371 million square meters, with a slight year-on-year decrease of 0.8% due to the disposal of inefficient contracts [7]