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].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥4,321,143,773.20, an increase of 11.42% compared to the same period last year[3] - The net profit attributable to shareholders for Q3 2024 was ¥184,578,709.47, reflecting a growth of 5.14% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥177,961,828.22, up 16.62% from the previous year[3] - The basic earnings per share for Q3 2024 was ¥0.1741, an increase of 5.13% compared to the same period last year[3] - The company achieved operating revenue of 12.16 billion RMB in the first three quarters of 2024, representing a year-on-year growth of 12.01%[10] - The net profit attributable to shareholders was 620 million RMB, an increase of 4.19% compared to the same period last year[10] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 592 million RMB, up 10.20% year-on-year[10] - Total operating revenue for the current period reached CNY 12,160,076,470.35, an increase from CNY 10,855,909,049.39 in the previous period, representing a growth of approximately 12.0%[18] - Net profit for the current period was CNY 641,067,627.97, compared to CNY 627,172,467.85 in the previous period, indicating a growth of approximately 2.0%[19] - The total profit for the current period was CNY 833,891,283.05, compared to CNY 816,522,175.32 in the previous period, indicating a growth of approximately 2.0%[19] Assets and Liabilities - The total assets as of the end of Q3 2024 amounted to ¥19,046,425,591.44, representing a 2.38% increase from the end of the previous year[3] - The equity attributable to shareholders increased to ¥10,206,855,169.64, a rise of 4.59% compared to the end of last year[3] - As of September 30, 2024, total assets amounted to CNY 19,046,425,591.44, an increase from CNY 18,604,057,638.04 at the beginning of the period[15] - Total current assets reached CNY 9,175,843,364.57, up from CNY 8,713,979,178.48[16] - Total liabilities stood at CNY 8,684,448,842.17, slightly down from CNY 8,693,683,405.22[17] - The company's equity attributable to shareholders rose to CNY 10,206,855,169.64 from CNY 9,759,358,937.12, reflecting a healthy growth in retained earnings[17] - The company reported a significant increase in accounts payable, which rose to CNY 2,702,883,381.20 from CNY 2,155,096,642.66[16] Cash Flow - The cash flow from operating activities showed a significant decline, with a net outflow of ¥1,099,486,908.65, down 421.97% year-on-year[3] - Cash inflow from operating activities totaled CNY 12,373,985,945.15, up from CNY 11,889,228,426.07, marking an increase of approximately 4.1%[21] - The net cash flow from operating activities was -1,099,486,908.65, compared to -210,641,110.78 in the previous year[22] - The total cash and cash equivalents at the end of the period amounted to 2,448,356,139.45, down from 2,515,530,660.22 year-over-year[22] - The company reported a decrease in cash and cash equivalents by 1,875,566,033.87 compared to a decrease of 625,973,428.79 in the previous year[22] Operational Efficiency - The company implemented multiple digital management systems to enhance operational efficiency and monitoring of receivables[12] - The company focused on five key capabilities: cash collection, cost control, technological empowerment, development, and service quality[12] - The company is focusing on new technology development to improve operational efficiency and customer service[16] Market Expansion - The company actively adjusted its debt structure, resulting in a 293.84% increase in long-term loans to ¥134,340.00 million[6] - The new annual contract amount signed in the first three quarters of 2024 was 2.909 billion RMB, indicating steady market expansion[11] - The company reported a 79% year-on-year increase in new annual contract amounts for market-oriented residential projects[11] - The overall occupancy rate at the end of the reporting period was 95%[11] - The company plans to expand its market presence and enhance its product offerings, although specific figures were not disclosed during the discussions[16] - Future guidance indicates a cautious but optimistic outlook for revenue growth, driven by strategic initiatives and market expansion efforts[16] Investment and Expenses - Research and development expenses decreased to CNY 50,917,485.40 from CNY 67,294,986.89, a reduction of about 24.3%[19] - Financial expenses, including interest expenses, decreased significantly to CNY 21,321,963.54 from CNY 49,001,770.09, a decline of approximately 56.5%[19] - The company reported an investment income of CNY 12,433,328.76, up from CNY 10,318,986.77, reflecting an increase of about 20.5%[19]

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：2024-48 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 ...

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， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and potential growth [5][6]. Core Insights - The Chairman's proposal to repurchase company shares reflects confidence in sustainable development and long-term value recognition. The repurchase plan includes a total amount not less than RMB 0.78 billion and not exceeding RMB 1.56 billion, with a buyback price cap set at 150% of the average trading price over the previous 30 trading days [5]. - The company's property management revenue for H1 2024 increased by 16% year-on-year, with new contracts signed for third-party projects up by 6%. The total managed area reached 385 million square meters, a 17% increase year-on-year [5][6]. - The commercial management area under management grew by 15% year-on-year, with commercial operation revenue increasing by 17.3% in H1 2024. The company is expected to benefit from the increased commercial real estate layout by its parent company [6]. Financial Summary - For 2024, the company forecasts total revenue of RMB 17.215 billion, a 10.2% year-on-year growth, and a net profit of RMB 831 million, reflecting a 13% increase [7]. - The earnings per share (EPS) are projected to be RMB 0.78 for 2024, with a price-to-earnings (PE) ratio of 14 times based on the current price [5][7]. - The company's gross margin is expected to stabilize around 11.6% for the next few years, with a return on equity (ROE) projected to improve gradually [7].

证券代码：001914 证券简称：招商积余 公告编号：2024-46 招商局积余产业运营服务股份有限公司 关于公司董事长提议回购公司股份的提示性公告 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公司（以下简称"公司"）董事会于 2024 年 10 月 13 日收到公司董事长吕斌先生提交的《关于提议招商局积余产业运营服务 股份有限公司回购公司股份的函》，吕斌先生提议公司通过深圳证券交易所交易 系统以集中竞价交易方式回购公司已发行的部分人民币普通股（A 股）股票，具 体内容如下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长吕斌先生 2、提议时间：2024 年 10 月 13 日 3、是否享有提案权：是 二、提议人提议回购股份的原因和目的 基于对公司未来持续发展的信心和对公司价值的认可，为了维护广大投资者 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，本次回购的股份拟全部予以 注销并减少公司注册资本。 三、提议人的提议内容 1、回购股份的种类：公司已发行的人 ...