CMPO(SZ:001914) Changjiang Securities·2024-05-06 01:02Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Insights - The company is expected to achieve stable growth in its property management business, with a focus on non-residential advantages and active market expansion. The company has successfully secured major projects, enhancing its competitive position [5][12]. - The company aims to reduce interest-bearing liabilities, which is anticipated to boost profit expectations. The cash dividend ratio is projected to remain no less than 25% from 2024 to 2026, with potential for further increases in dividends due to stable cash inflows [5][12]. - The company forecasts net profits attributable to the parent company of 870 million, 1.01 billion, and 1.17 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth of 18.5%, 15.8%, and 15.5% [5][12]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 3.72 billion yuan, a year-on-year increase of 12.7%, and a net profit attributable to the parent company of 190 million yuan, up 3.3% [6][26]. - The company managed 2,155 projects with a total managed area of 374 million square meters, contributing to revenue growth [26]. Market Position and Strategy - The company continues to strengthen its non-residential business, which accounted for 61.9% of its managed scale by the end of 2023. It has successfully bid for several large projects in various sectors, including finance and transportation [12][26]. - The company is actively expanding its service offerings, including value-added services and asset management, which are expected to enhance profitability [27]. Future Outlook - The company is projected to maintain a stable growth trajectory, with expectations of further reductions in interest-bearing liabilities leading to decreased financial expenses. This is likely to support ongoing profit growth [26][27].