CMPO(001914) 平安证券·2024-10-31 03:00Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Insights - The company achieved steady growth in performance, with a revenue of 12.16 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12%. The net profit attributable to shareholders was 620 million yuan, up 4.2% year-on-year [2][3]. - The gross profit margin for the first three quarters was 11.3%, a decrease of 1.4 percentage points year-on-year. The management expense ratio improved to 2.8%, down 0.6 percentage points year-on-year [3]. - The company has expanded its property management projects to 2,252, with a managed area of 401 million square meters. The new annual contract amount for market-oriented residential projects increased by 79% year-on-year [3]. - The board approved a share buyback plan, intending to repurchase shares at a price not exceeding 14.9 yuan per share, with a total amount between 78 million yuan and 156 million yuan [3]. Financial Summary - For the fiscal years 2024 to 2026, the expected earnings per share (EPS) are projected to be 0.75 yuan, 0.81 yuan, and 0.89 yuan, respectively. The current stock price corresponds to price-to-earnings (P/E) ratios of 14.9x, 13.8x, and 12.7x for the respective years [4][5]. - The company’s revenue is forecasted to grow from 15.63 billion yuan in 2023 to 21.66 billion yuan in 2026, with year-on-year growth rates of 20% in 2023, 13% in 2024, and gradually declining thereafter [5][9]. - The net profit is expected to increase from 736 million yuan in 2023 to 938 million yuan in 2026, with a year-on-year growth rate of 24% in 2023 and 8.3% in 2024 [5][9]. - The company maintains a debt ratio of 45.6% and a return on equity (ROE) projected to rise from 7.5% in 2023 to 8.0% in 2026 [5][9].