CMPO(SZ:001914) KAIYUAN SECURITIES·2025-10-30 13:20Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported double-digit growth in both revenue and profit, with a year-on-year increase in market expansion scale [5][6] - The forecast for net profit attributable to the parent company for 2025-2027 is estimated at 919 million, 1.081 billion, and 1.222 billion yuan respectively, with corresponding EPS of 0.87, 1.02, and 1.15 yuan [5] - The current stock price corresponds to a PE ratio of 13.2, 11.2, and 9.9 times for the years 2025, 2026, and 2027 respectively [5] Revenue and Profit Growth - For the first three quarters of 2025, the company achieved revenue of 13.942 billion yuan, a year-on-year increase of 14.65%, and a net profit attributable to the parent company of 686 million yuan, up 10.71% year-on-year [6] - The operating cash flow was -1.21 billion yuan, with gross and net profit margins at 11.55% and 4.97%, respectively, showing a year-on-year increase of 0.25 percentage points and a decrease of 0.30 percentage points [6] Market Expansion and Contract Growth - As of the end of Q3 2025, the company managed 2,410 property projects, a year-on-year increase of 7.0%, with a management area of 367 million square meters, down 8.5% year-on-year [7] - The new contract amount for property management in the first three quarters was 3.023 billion yuan, up 3.9% year-on-year, with market-oriented projects accounting for 92% of the new contracts [7] - The company focused on high-value-added sectors such as space operation and home services, with a 24% year-on-year increase in space resource efficiency and a 79% increase in real estate brokerage revenue [7] Financial Summary and Valuation Metrics - The company’s revenue is projected to grow from 15.627 billion yuan in 2023 to 22.947 billion yuan in 2027, with a compound annual growth rate of approximately 9.0% [9] - The gross margin is expected to improve from 11.6% in 2023 to 12.9% in 2027, while the net margin is projected to increase from 4.7% to 5.3% over the same period [9][12] - The return on equity (ROE) is forecasted to rise from 7.5% in 2023 to 9.4% in 2027 [9]