Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the market [3]. Core Insights - The company reported a revenue of 12.16 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 12.01%. The net profit attributable to shareholders was 620 million yuan, with a growth of 4.19% year-on-year [3]. - The revenue growth was driven by a stable performance in property management and a diversified business layout. The company signed new annual contracts worth 2.909 billion yuan in the third quarter, showing steady growth in market expansion [3]. - The asset management business demonstrated strong operational capabilities, with a management area of 4.02 million square meters and a rental rate of 95% as of the end of the third quarter [3]. - The company is actively expanding its value-added services, including home services and rental sales, which have significantly improved service coverage [3]. - The company plans to repurchase shares using its own or raised funds, reflecting confidence in its future development [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 12.16 billion yuan, a year-on-year increase of 12.01%, and a net profit of 620 million yuan, up 4.19% year-on-year [3]. - The gross profit margin for the first three quarters was 11.31%, a decrease of 1.35 percentage points compared to the same period last year [3]. - The company forecasts revenues of 17.68 billion yuan, 19.84 billion yuan, and 21.65 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 806.86 million yuan, 909.03 million yuan, and 970.49 million yuan [6][9]. - The earnings per share (EPS) are projected to be 0.76 yuan, 0.86 yuan, and 0.92 yuan for the years 2024, 2025, and 2026, respectively [6][9]. - The price-to-earnings (PE) ratio is expected to decrease from 16.66 in 2023 to 12.63 by 2026, indicating a potentially more attractive valuation over time [6][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [5][8]. Core Insights - The company has shown steady growth in its performance, with a 12% year-on-year increase in revenue for Q1-Q3 2024, reaching 12.16 billion yuan, and a 4.2% increase in net profit, totaling 620 million yuan [5][9]. - The company has demonstrated continuous improvement in its expense ratios, with a total expense ratio of 3.5%, down 1.0 percentage points year-on-year, reflecting ongoing cost management efforts [5]. - A recent stock buyback announcement reflects the company's confidence in its future growth and long-term value [5][8]. Financial Performance Summary - As of Q3 2024, the company managed a total area of 4.01 million square meters, marking a 20% year-on-year increase, with new annual contract signings of 2.91 billion yuan, up 4.3% year-on-year [6]. - The company's commercial management area reached 402,000 square meters, with a 17.3% increase in commercial operation revenue for H1 2024, totaling 70 million yuan [7]. - The projected earnings per share for 2024-2026 are adjusted to 0.76, 0.85, and 0.95 yuan respectively, reflecting a slight downward revision due to increased industry competition [8][9]. Revenue and Profit Forecast - The total revenue forecast for 2024 is 17.215 billion yuan, with a year-on-year growth rate of 10.2%, and net profit is expected to reach 810 million yuan, reflecting a 10.1% increase [9][10]. - The company’s gross margin is projected to stabilize around 11.4% for 2024, with a gradual improvement expected in subsequent years [9]. Market Position and Strategy - The company is strategically focused on property management and asset management, leveraging its strong resource base and market expansion capabilities to maintain leadership in the property management sector [8]. - Continuous optimization of organizational structure and cost reduction measures are anticipated to enhance profitability and support high-quality growth [8].

Investment 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].

招商局积余产业运营服务股份有限公司 2024 年第三季度报告 公司无需追溯调整或重述以前年度会计数据 1 证券代码：001914 证券简称：招商积余 公告编号：2024-51 招商局积余产业运营服务股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述 或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人吕斌、主管会计工作负责人陈海照及会计机构负责人（会计主管人员）江霞声明：保证季度报告中财 务信息的真实、准确、完整。 3、第三季度报告未经审计。 一、主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------|-------------------------------------------|------------- ...

证券时报e公司讯，10月25日，北京科建积余物业服务有限公司（简称"北科建积余物业"）合资合作签 约仪式在北京举行。 北京科技园建设(集团)股份有限公司（简称"北科建集团"）总经理王新光表示，此次携手成立北科建积 余物业，是双方战略协同、优势互补的成功范例。 本次合作不仅展现了双方在物业市场的深耕和长远发展的战略选择，也为物业管理服务行业注入了新的 活力。 招商积余总经理陈海照表示，北科建积余物业将全力服务于北科建集团，致力于打造专属园区服务标准 体系，挖掘增值服务潜力，赋能智慧运营，持续提升综合保障服务水平，成为北科建集团的得力助手和 优秀管家。 此次签约标志着北科建集团与招商积余在物业管理领域的合作关系迈上了新的台阶。 ...

证券代码：001914 证券简称：招商积余 公告编号：2024- 50 招商局积余产业运营服务股份有限公司 关于签署《合作协议》、收到《贷款承诺函》暨获 得回购公司股份融资支持的自愿性信息披露公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示 1、招商局积余产业运营服务股份有限公司（以下简称"公司"）与招商银 行股份有限公司深圳分行（以下简称"招行深圳分行"）签署了《合作协议》并 获得招行深圳分行出具的《贷款承诺函》。招行深圳分行拟为公司的股票回购项 目提供不超过人民币 10,920 万元的贷款额度，贷款期限 12 个月，贷款利率原则 上不超过 2.25%且不超过市场利率。 2、《合作协议》的签署涉及与招商银行股份有限公司（以下简称"招商银 行"）的关联交易，已在公司第十届董事会第十七次会议批准管理层实施的授权 范围内，具体详见公司于 2024 年 3 月 16 日在巨潮资讯网和《证券时报》《中国 证券报》《上海证券报》《证券日报》上披露的《关于 2024 年度在招商银行存 贷款的关联交易公告》（公告编号：2024-14）。本次交易不构成《上市公司重大 ...

证券代码：001914 证券简称：招商积余 公告编号：2024-49 招商局积余产业运营服务股份有限公司 关于回购股份事项前十名股东及前十名无限售条件 股东持股情况的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 招商局积余产业运营服务股份有限公司（以下简称"公司"）董事会于 2024 年 10 月 16 日召开公司第十届董事会第二十五次会议，审议通过了《关于以集中 竞价交易方式回购公司股份方案的议案》，该议案尚需提交公司股东大会审议， 具体详见公司于 2024 年 10 月 17 日在巨潮资讯网和《证券时报》《中国证券报》 《上海证券报》《证券日报》上披露的《第十届董事会第二十五次会议决议公告》 《关于以集中竞价交易方式回购公司股份方案的公告》（公告编号分别为： 2024-47、2024-48）。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规 定，现将披露董事会公告回购股份决议的前一个交易日（2024 年 10 月 16 日）登记 在册的前十名股东和前十名无限售条件股东的名称及持股数量、比例情况公告如下： | 序号 | 股东名称 ...

证券代码：001914 证券简称：招商积余 公告编号：2024-47 招商局积余产业运营服务股份有限公司 第十届董事会第二十五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 招商局积余产业运营服务股份有限公司（以下简称"公司"）董事会 2024 年10月14日以电子邮件等方式发出召开公司第十届董事会第二十五次会议的通 知。会议于 2024 年 10 月 16 日以通讯表决方式召开，应参加表决 11 人，实际参 加表决 11 人，分别为吕斌、刘晔、陈海照、陈智恒、赵方、赵肖、章松新、陈 英革、许遵武、林洪、KAREN LAI（黎明儿）。本次会议的召集、召开符合《公 司法》及《公司章程》的有关规定，表决形成的决议合法、有效。 二、董事会审议情况 审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》 （一）回购股份的目的 公司基于对未来发展的信心，为增强投资者信心，有效维护广大投资者的利 益、增强投资者对公司的投资信心、稳定及提升公司价值，公司拟以自有资金或 自筹资金通过深圳证券交易所交易系统以集中竞价交易方式进行股份回购， ...

证券代码：001914 证券简称：招商积余 公告编号：2024-48 招商局积余产业运营服务股份有限公司 关于以集中竞价交易方式回购公司股份方案的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1、回购股份目的：招商局积余产业运营服务股份有限公司（以下简称"公 司"或"招商积余"）基于对公司未来发展的信心，为增强投资者信心，有效维 护广大投资者的利益、增强投资者对公司的投资信心、稳定及提升公司价值，公 司拟以自有资金或自筹资金通过深圳证券交易所交易系统以集中竞价交易方式 进行股份回购，本次回购的股份将全部予以注销并减少公司注册资本。 2、拟回购价格：不超过人民币14.90元/股（不超过董事会审议通过本次回购 股份决议前30个交易日公司股票交易均价的150%）。具体回购价格将结合公司 股票价格、公司财务状况和经营状况确定。 3、拟回购金额：不低于人民币0.78亿元，不超过人民币1.56亿元，具体回购 资金总额以回购期满时实际回购股份使用的资金总额为准。 4、回购股份资金来源：本次回购股份的资金来源为公司自有资金或自筹资 金。 5、拟回购期限：本 ...

房地产 证 券 研 究 报 告 2024 年 10 月 14 日 招商积余 (001914) ——招商系地产及物管公布回购，彰显价值认可 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 11 日 | | 收盘价（元） | 10.64 | | 一年内最高/最低（元） | 14.16/8.16 | | 市净率 | 1.1 | | 息率（分红 / 股价） | 1.60 | | 流通 A 股市值（百万元） | 11,282 | | 上证指数/深证成指 | 3,217.74/10,060.74 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 9.45 | | 资产负债率 % | 45.26 | | 总股本/流通 A 股（百万） | 1,060/1, ...