招商局积余产业运营服务股份有限公司（以下简称"公司"）于2024年10月 16日召开第十届董事会第二十五次会议，于2024年11月28日召开2024年第三次临 时股东大会，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》， 同意公司以自有资金或自筹资金通过深圳证券交易所系统以集中竞价交易方式 回购公司股份，回购的股份全部用于注销并减少注册资本，回购股份价格不超过 人民币14.90元/股，回购资金总额不低于人民币0.78亿元且不超过人民币1.56亿元， 回购期限自股东大会审议通过本次回购方案之日起12个月内。具体内容详见公司 披露在巨潮资讯网（www.cninfo.com.cn）上的相关公告。 公司已与招商银行股份有限公司深圳分行签署《股票回购增持贷款合同》， 公司回购股份资金来源中的自筹资金，为招商银行股份有限公司深圳分行提供的 股票回购贷款。 一、回购公司股份的具体情况 根据《上市公司股份回购规则》《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，公司在回购期间应当在每个月的前三个交易日 内披露截至上月末的回购进展情况。现将回购进展情况公告如下： 截至2025年3月31日，公司 ...

Performance Overview - The company achieved a revenue growth of double digits in 2024, with net profit growth outpacing revenue growth, indicating a focus on quality growth [4][11]. - The residential new contract amount reached CNY 5.67 billion in 2024, with a 47% year-on-year increase in third-party expansion [17]. Market Conditions and Strategies - The real estate industry is currently in a consolidation phase, with a shift from incremental to stock market competition [4][20]. - The company plans to leverage its collaboration with the China Merchants Group and its subsidiaries to enhance project acquisition and operational capabilities [4][6]. Digital Transformation and AI Integration - The company has initiated an "AI+" action plan to enhance service capabilities through AI integration, including the development of an intelligent customer service program [2][3]. - AI-driven initiatives have been implemented in inspection and cleaning operations, achieving significant efficiency improvements [2][3]. Financial Management and Cash Flow - The company has focused on managing accounts receivable, resulting in a continued decrease in accounts receivable balance despite a 10% revenue growth [6][12]. - The operating net cash flow is expected to continue growing year-on-year in 2024 [6]. Market Expansion and Competitive Advantage - In 2024, the company expanded its third-party market by CNY 36.93 billion, with non-residential expansion reaching CNY 33.96 billion [7]. - The company maintains a competitive edge through strategic partnerships and leveraging its extensive resource network [9][10]. Quality Growth and Service Improvement - The company emphasizes quality growth, focusing on project management quality and internal management quality to enhance profitability [4][10]. - A comprehensive service improvement initiative has been launched, including the implementation of a service quality management system and talent development programs [24][25]. Future Outlook - The company aims to continue its focus on quality growth and market expansion in 2025, particularly in the residential sector [17][19]. - The aging population presents opportunities for the company to explore health and wellness services, integrating property management with elder care services [14][15][16].

Investment 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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has demonstrated improved quality and efficiency, emphasizing shareholder returns, and is expected to enjoy valuation premiums as a leading player in the market [2][10]. - The property management business is operating steadily with stable market expansion, and the company has successfully enhanced its gross profit margin while reducing costs, leading to improved profitability [2][10]. - The company is actively increasing its dividend payout ratio and engaging in share buybacks to enhance shareholder returns, which boosts market confidence and reflects its commitment as a central enterprise [2][10]. Financial Performance - In 2024, the company achieved a revenue of 17.17 billion yuan, representing a 9.9% increase, and a net profit attributable to shareholders of 840 million yuan, up 14.2% [4][10]. - The gross profit margin for the company improved by 0.4 percentage points to 12.0%, with the property management segment's margin also increasing by 0.4 percentage points to 10.5% [10]. - The company’s management area reached 365 million square meters by the end of 2024, with a year-on-year growth of 5.8% [10]. Market Expansion - The company has seen steady growth in third-party market expansion, with a focus on both residential and non-residential sectors [10]. - By the end of 2024, the company’s management area consisted of 37.7% residential and 62.3% non-residential properties, with third-party contracts accounting for 63.8% of the total [10]. Shareholder Returns - The company reported accounts receivable of 2.19 billion yuan, a decrease of 4.4%, and distributed cash dividends of 254 million yuan, with a dividend payout ratio of 30.2% [10]. - The total dividend payout ratio, including share buybacks, reached 31.4%, showcasing the company's commitment to shareholder returns [10]. Future Outlook - The company is expected to achieve net profits of 940 million yuan, 1.05 billion yuan, and 1.17 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding valuations of 13.3X, 12.0X, and 10.8X [10].

Investment 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].

Summary of the Conference Call for 招商积余 (Zhaoshang Jiyu) Company Overview - **Company**: 招商积余 (Zhaoshang Jiyu) - **Fiscal Year**: 2024 - **Industry**: Property Management Key Financial Performance - **Revenue**: 171.72 billion CNY, a year-on-year increase of 10% [3] - **Net Profit**: 8.4 billion CNY, a year-on-year increase of 14.24%, indicating improved profitability [3] - **Property Management Revenue**: 158.6 billion CNY, accounting for 96% of total revenue [3] - **Asset Management Contribution**: 6.7 billion CNY [3] - **Gross Margin Improvement**: Overall property management gross margin increased by 0.44 percentage points [3] Operational Highlights - **Managed Projects**: 2,296 projects covering 36.5 million square meters across 162 cities [3] - **Non-residential Revenue**: Over 70% of income from non-residential sectors, with office space being the largest contributor [3][5] - **New Contracts**: 40.29 billion CNY in new annual contracts, with third-party contracts nearing 97 billion CNY [3][6] - **Digital Transformation**: Implementation of AI tools and digital applications to enhance customer service efficiency [8][22] Strategic Initiatives - **Value-added Services**: Focus on high-value segments, introducing 36 new community service categories [7] - **Customer Satisfaction**: High satisfaction scores with residential services at 93 and non-residential at 99.58 [10] - **Market Expansion**: Significant growth in traditional residential services, with new contracts up 47% [6] Financial Health - **Total Assets**: 190.67 billion CNY with a debt-to-asset ratio of 44.56%, down 2.17 percentage points [4] - **Debt Reduction**: Interest-bearing debt decreased by 58.12% to 8.33 billion CNY [4] - **Cash Flow**: Operating cash flow increased by 1.1% [4][26] Market Position and Challenges - **Competitive Landscape**: Transition from growth to a more competitive market with a focus on existing assets [33] - **Government Policies**: Positive impact from government initiatives aimed at urban renewal and housing demand [34] Future Outlook - **2025 Strategy**: Emphasis on cash flow management, profitability enhancement, and strategic execution [14] - **Sustainability Initiatives**: Commitment to ESG practices and sustainable development [12] - **Elderly Care Services**: Expansion into elderly care, responding to demographic trends and market needs [30] Shareholder Engagement - **Dividend Policy**: Increased cash distribution ratio to over 30% in 2024, with a commitment to stable dividends [13][35] - **Market Communication**: Enhanced investor relations through regular updates and transparency [36] Conclusion - **Growth Focus**: 招商积余 aims to balance scale and quality in its growth strategy, leveraging digital transformation and customer-centric services to maintain competitive advantage in a challenging market environment [23][27]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The report emphasizes the improvement in quality and efficiency, highlighting the company's commitment to shareholder returns and the potential for valuation premium as a leading player in the industry [2][6]. - The property management business is operating steadily with stable market expansion, and the company has seen a notable increase in gross profit margin and a decrease in expense ratios, enhancing profitability [2][6]. - The company has proactively increased its dividend payout ratio and engaged in share buybacks, which boosts market confidence and reflects its responsibilities as a central enterprise [2][6]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 17.17 billion yuan (up 9.9%) and a net profit attributable to shareholders of 840 million yuan (up 14.2%), with a non-recurring net profit of 800 million yuan (up 21.1%) [6]. - The gross profit margin improved by 0.4 percentage points to 12.0%, with the property management segment's margin increasing to 10.5% [10]. Market Expansion - As of the end of 2024, the company managed an area of 365 million square meters (up 5.8%), contributing to a year-on-year revenue increase of 11.72% in the property management segment [10]. - The company signed new annual contracts worth 4.03 billion yuan (down 0.4%), with third-party expansion contracts increasing by 4.4% [10]. Shareholder Returns - The company has reduced accounts receivable by 4.4% to 2.19 billion yuan and has prioritized shareholder returns with cash dividends of 254 million yuan, achieving a dividend payout ratio of 30.2% [10]. - The total dividend payout ratio, including buybacks, reached 31.4%, showcasing the company's commitment to its shareholders [10]. Future Outlook - The company expects steady growth in management scale and revenue driven by both internal and external expansion, with significant potential for further quality and efficiency improvements [10]. - Forecasted net profits for 2025, 2026, and 2027 are 940 million yuan, 1.05 billion yuan, and 1.17 billion yuan, respectively, with corresponding valuations of 13.3X, 12.0X, and 10.8X [10].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点评： 物管主业增长强劲，毛利率显著提升，专业增值表现亮眼，分红比例提升 1) 物管主业增长强劲，毛利率显著提升。2024年公司在经营质量管控、资源配置优化方面取得成效，对项 目实施精准化、分类化治理，推动存量项目提质增效。2024年基础物管业务实现收入134亿元，占总收入 比重达到78.0%，其中住宅业态37.3亿元，同比增长9.7%，非住宅业态96.7亿元，同比增长11.0%，物管主 业增长强劲，同时毛利率显著提升，非住宅业态物管毛利率为10.6%，同比提升1.5pct；住宅物管毛利率为 10.9%，同比提升3.0pct。 2）外拓精准发力，年度新签约合同额维持较高水平。截至2024年末，公司总在管面积3.65亿平，在管项目 229 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【建筑建材】文旅或是人形机器人的最先落地场景——建筑建材行业跟踪报告 人形机器人 已从实验室走向初步商业化应用，正处于专用场景落地加速、通用场景探索突破的关键阶段。 一是公共服务领域，机器人已用于展览表演、迎宾接待、高危环境巡检等场景。 二是工业制造领域，异构 人形机器人在上海张江的训练场中，已能执行倒饮料、叠衣服等任务，未来可扩展至工业分拣、医疗辅助 等场景。 （何缅南/韦勇强） 2025-03-19 （孙伟风） 2025- 03-19 您可点击今日推送内容的第1条查看 【电子】半导体材料市场景气上行，各领域头部企业受益于国产化浪潮——半导体材料系列报告之三 半导体材料市场逐步回暖，行业维持景气上行。人工智能驱动需求推 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][6] Core Views - The company achieved a revenue of 17.172 billion yuan in 2024, representing a year-on-year growth of 9.89%, and a net profit attributable to shareholders of 840 million yuan, which is a 14.24% increase year-on-year [4][6] - The increase in net profit outpaced revenue growth due to improved gross margins and effective cost control [4][6] - The property management business showed steady growth, with a revenue of 13.401 billion yuan, up 10.63% year-on-year, and the company managed 2,296 properties across 162 cities [4][6] Financial Performance Summary - The company reported a basic earnings per share (EPS) of 0.79 yuan, with a cash dividend of 2.4 yuan per 10 shares [4][6] - The gross margin for 2024 was 11.96%, an increase of 0.40 percentage points from the previous year, primarily driven by a rise in the property management business's gross margin [4][6] - Operating cash flow reached 1.836 billion yuan, reflecting a year-on-year growth of 1.10% [4][6] Future Financial Projections - Projected revenues for 2025, 2026, and 2027 are 18.913 billion yuan, 20.403 billion yuan, and 21.755 billion yuan, respectively, with corresponding growth rates of 10.14%, 7.88%, and 6.62% [5][8] - The forecasted net profit for the same years is 937 million yuan, 1.044 billion yuan, and 1.133 billion yuan, with profit growth rates of 11.51%, 11.42%, and 8.51% [5][8] - The projected EPS for 2025, 2026, and 2027 is 0.88 yuan, 0.98 yuan, and 1.07 yuan, respectively [5][8]