CMPO(SZ:001914) Soochow Securities·2026-03-16 05:24Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a total revenue of 19.27 billion yuan for 2025, representing a year-on-year increase of 12.23%. However, the net profit attributable to shareholders decreased by 22.12% to 655 million yuan, primarily due to a one-time reduction in profit from the sale of a project [7] - Excluding the impact of the project sale, the net profit increased by 8.3%. The company is enhancing shareholder returns through dividends and share buybacks, proposing a cash dividend of 2.60 yuan per 10 shares, an increase of 0.2 yuan from the previous year [7] - The company is focused on reducing debt and improving cash flow management, with bank loans decreasing by 3.16 billion yuan to 517 million yuan and cash reserves increasing by 20.4% to 5.623 billion yuan by the end of 2025 [7] - The property management segment achieved strong growth, with revenue of 18.603 billion yuan, up 12.83% year-on-year. The gross margin for property management was 10.0%, a slight decrease of 0.4 percentage points [7] - The company’s asset management business generated revenue of 666 million yuan, down 0.7% year-on-year, with a gross margin of 41.2%, a decline of 6.9 percentage points [7] - The company is expected to achieve net profits of 9.12 billion yuan, 10.21 billion yuan, and 11.20 billion yuan for 2026, 2027, and 2028, respectively, with corresponding EPS of 0.87 yuan, 0.97 yuan, and 1.06 yuan [7] Financial Projections - Total revenue projections for the company are as follows: 17.172 billion yuan for 2024, 19.273 billion yuan for 2025, 21.014 billion yuan for 2026, 22.501 billion yuan for 2027, and 24.022 billion yuan for 2028 [1] - The projected net profit for 2024 is 840.50 million yuan, decreasing to 654.58 million yuan in 2025, then increasing to 912.28 million yuan in 2026, 1,020.85 million yuan in 2027, and 1,120.25 million yuan in 2028 [1] - The company’s P/E ratios are projected to be 13.49 for 2024, 17.32 for 2025, 12.43 for 2026, 11.11 for 2027, and 10.12 for 2028 [1]