CMPO(001914) 太平洋·2025-03-23 13:11Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a revenue of 17.172 billion yuan in 2024, representing a year-on-year growth of 9.89%, while the net profit attributable to shareholders reached 840 million yuan, up 14.24% year-on-year [3][4] - The growth in net profit outpaced revenue growth due to improved gross margins in property management and effective cost control measures [4][10] - The company continues to expand its property management business, with a significant contribution from basic property management services [5][10] Revenue and Profit Growth - In 2024, the property management segment generated revenue of 16.487 billion yuan, a year-on-year increase of 11.72%, while the asset management segment saw a decline of 4.03% to 670 million yuan [5][11] - Basic property management services accounted for 78.04% of total revenue, with residential and non-residential segments contributing 27.85% and 72.15% respectively [5] Cost Control and Efficiency - The company successfully reduced management and financial expense ratios, leading to a decrease of 0.37 and 0.23 percentage points to 3.50% and 0.17% respectively [4][10] - The gross margin for property management improved to 10.45%, up 0.44 percentage points from the previous year, contributing to an overall sales gross margin increase to 11.96% [4] Contract and Project Management - As of the end of 2024, the company managed 2,296 property projects across 162 cities, with a total managed area of 365 million square meters, reflecting a year-on-year growth of 5.8% [6] - The company signed new contracts worth 4.029 billion yuan during the year, with third-party project contracts increasing by 4.35% [6] Future Profitability Forecast - The report projects net profits of 954 million yuan, 1.007 billion yuan, and 1.134 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 13.25X, 12.55X, and 11.14X [12]