CMPO(001914) 光大证券·2025-03-19 16:07Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - The company achieved a revenue growth of 10% year-on-year in 2024, with a non-GAAP net profit growth of 21% [1]. - The property management segment showed strong growth, with significant improvements in gross margins and a notable performance in professional value-added services [2][3]. - The company has maintained a high level of new contract signings despite increased competition, with a total signed property management contract amount of 4.03 billion yuan, remaining stable year-on-year [3]. - The professional value-added services segment saw a revenue increase of 23.8%, highlighting strong performance in areas such as real estate brokerage and smart energy [3]. - The company has a robust cash flow position, with a net cash flow from operating activities of 1.84 billion yuan and a year-end bank deposit of 4.61 billion yuan [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 17.17 billion yuan, a 9.9% increase from the previous year, and a net profit attributable to shareholders of 840 million yuan, up 14.2% [1][4]. - The gross margin for the non-residential property management segment improved to 10.6%, an increase of 1.5 percentage points year-on-year, while the residential property management gross margin reached 10.9%, up 3.0 percentage points [2]. Market Position and Strategy - The company has a total managed area of 365 million square meters across 2,296 projects in 162 cities, demonstrating strong market expansion capabilities [3]. - The company focuses on differentiated market competitiveness, particularly in sectors like healthcare and transportation, with significant contract growth in these areas [3]. Future Projections - The report adjusts the company's net profit forecasts for 2025 and 2026 to 966 million yuan and 1.1 billion yuan, respectively, while introducing a new forecast for 2027 at 1.22 billion yuan [4]. - The expected earnings per share (EPS) for 2025-2027 are projected to be 0.91, 1.04, and 1.15 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 13, 12, and 11 [4].