CMPO(SZ:001914) NORTHEAST SECURITIES·2025-11-04 09:14Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company reported a revenue of 13.942 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 14.65%. The net profit attributable to shareholders was 686 million yuan, up 10.71% year-over-year [2][3]. - The company's gross margin improved to 11.55%, an increase of 0.25 percentage points compared to the same period last year [3]. - The company has a steady growth in its management scale, with 2,410 managed property projects as of Q3 2025, a year-over-year increase of 7.0%. The management area is 367 million square meters, down 8.5% year-over-year [4]. - The company signed new property management contracts worth 3.023 billion yuan in the first three quarters, a year-over-year increase of 3.9%, with 92% of these contracts coming from market-oriented projects [4]. - The asset management business is gradually gaining momentum, with 72 commercial projects under management and a total management area of 3.97 million square meters. The overall occupancy rate of the properties held by the company is 94% [4]. Financial Summary - The company is expected to achieve revenues of 19.08 billion yuan, 20.87 billion yuan, and 22.68 billion yuan for the years 2025, 2026, and 2027, respectively. The net profits attributable to shareholders are projected to be 940 million yuan, 1.059 billion yuan, and 1.162 billion yuan for the same years [5][6]. - The price-to-earnings (P/E) ratios are forecasted to be 12.9X, 11.4X, and 10.4X for 2025, 2026, and 2027, respectively [5].