CMPO(SZ:001914) Guoxin Securities·2025-09-05 13:25Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company achieved a 9% growth in net profit, with a revenue of 9.11 billion yuan in the first half of 2025, representing a year-on-year increase of 16.2%. The net profit attributable to the parent company was 470 million yuan, up 8.9% year-on-year [1][7]. - The property management segment generated 8.8 billion yuan in revenue, a 16.8% increase year-on-year, driven by growth in existing projects, new project conversions, and value-added services from specialized companies [1][7]. - The gross margin for basic property management improved, with revenue of 6.85 billion yuan and a gross margin increase of 0.61 percentage points to 11.56% [1][13]. - The company signed new annual contracts worth 1.764 billion yuan in the first half of 2025, with third-party projects contributing 1.592 billion yuan, of which large projects accounted for 58% [2][14]. - The asset management business showed steady growth, with 72 commercial projects under management and a 10.3% year-on-year increase in concentrated commercial sales [2][14]. Financial Projections - The company is projected to achieve revenues of 19 billion yuan and 20.8 billion yuan in 2025 and 2026, respectively, with net profits of 920 million yuan and 1.02 billion yuan [3][17]. - Earnings per share (EPS) are expected to be 0.87 yuan and 0.96 yuan for 2025 and 2026, with corresponding price-to-earnings (PE) ratios of 13.9 and 12.5 [3][17]. - The overall gross margin for property management remained stable, while the gross margin for basic property management continued to improve [1][13].