公 司 报 告 房地产 2025年03月17日 招商积余(001914.SZ) 业绩稳增，质效并进 相关研究报告 【平安证券】招商积余（001914.SZ）*季报点评*业 绩稳健增长，规模再上台阶*推荐20241031 证券分析师 杨侃 投资咨询资格编号 S1060514080002 事项： 公司公布2024年年报，全年实现营业收入171.7亿元，同比增长9.9%，归母净 利润8.4亿元，同比增长14.2%，拟向全体股东每10股派发现金红利2.40元 （含税），不送红股，不以公积金转增股本。 平安观点： 推荐 ( 维持) 股价:10.84元 行情走势图 司 年 报 点 评 研 究 报 告 BQV514 YANGKAN034@pingan.com.cn 郑茜文 投资咨询资格编号 S1060520090003 ZHENGXIWEN239@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 15,627 | 17,172 | 18,460 | 19, ...

Investment Ratings - The report maintains a "Buy" rating for several companies including Zijin Mining, Weichuang Electric, Ideal Auto, and Honghua Wisdom Energy [22][24][26][36] Core Insights - The macroeconomic environment shows signs of recovery, with consumer demand beginning to stabilize, particularly in the real estate and automotive sectors [2][4] - The report highlights a positive outlook for the consumer sector driven by government initiatives aimed at boosting consumption, including the "Consumption Promotion Special Action Plan" [17] - The technology sector, particularly companies like NVIDIA, is expected to benefit from upcoming product launches and advancements in chip technology [28] Summary by Sections Macro Overview - The report indicates that the U.S. economic growth expectations are being downgraded, while Germany's fiscal expansion plans are gaining traction [2] - Consumer demand is showing marginal improvement compared to the previous year, with signs of recovery in housing transactions and automotive sales [2][4] Sector Analysis - The consumer sector is expected to see a shift from "repair growth" to "endogenous expansion," with a focus on service consumption and quality improvement [17] - The report emphasizes the potential for structural investment opportunities in sectors such as AI-driven consumption and the aging population market [17][18] Company-Specific Insights - Zijin Mining is projected to maintain strong growth with a forecasted CAGR of 14% for net profit from 2025 to 2028 [22] - Weichuang Electric is recognized for its leadership in industrial control and is expected to expand into new markets, maintaining a "Buy" rating [22] - Ideal Auto's revenue is expected to grow significantly, with new models set to launch in 2025 [24] - Honghua Wisdom Energy reported a substantial increase in core profits, with a projected dividend yield exceeding 6% [29] Market Trends - The A-share market is anticipated to continue its upward trend, supported by a favorable macro environment and active market sentiment [7] - The report notes that the technology sector remains a key focus for investment, with expectations of strong performance in the coming quarters [5][6]

持续用力推动房地产市场止跌回稳，加力实施城中村和危旧房改造，充分释放刚性和改善性住房需求潜 力。 允许专项债券支持城市政府收购存量商品房用作保障性住房。 落实促进房地产市场平稳健康发展有关税收政策。 人民财讯3月17日电，房地产板块表现活跃，衢州发展、招商积余涨停，光明地产冲击涨停。 消息面上，深圳大幅上调公积金贷款额度，家庭最高231万元。 另外，中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》，其中提出，更好满足住房消费 需求。 ...

基本养老保险基金八零二组合、基本养老保险基金一零零三组合为招商积余第六、第八大流通股东，合 计持股量为3181.65万股，占流通股比例3.00%。 （数据宝） 养老金持股明细 去年年末养老金账户出现在招商积余前十大流通股东榜。 财报披露季，机构最新持股动向逐渐明朗。 ...

Group 1 - The company has approved a total guarantee amount of RMB 394 million, which accounts for 37.82% of the latest audited net assets attributable to shareholders [1] - The total balance of external guarantees provided by the company and its subsidiaries is RMB 222 million, representing 21.31% of the latest audited net assets attributable to shareholders [1] - There are no overdue guarantees or guarantees involving litigation [1] Group 2 - The company has changed its accounting policy in accordance with the Ministry of Finance's Interpretation No. 18, which affects the accounting treatment of certain quality guarantees [2][3] - The previous accounting policy was based on the basic accounting standards and specific accounting regulations issued by the Ministry of Finance [2] - The new accounting policy will not have a significant impact on the company's financial position, operating results, or cash flow [3] Group 3 - The company plans to use up to RMB 2.5 billion of temporarily idle self-owned funds for entrusted wealth management at China Merchants Bank, with a rolling usage period of 12 months [5][6] - The investment will focus on structured deposits and other high-safety, high-liquidity financial products [5][6] - The board of directors has authorized the general manager to handle the entrusted wealth management matters within the approved limits [6] Group 4 - The company has approved a total credit limit of up to RMB 30.90 billion for applications to non-related financial institutions over the next twelve months [51][52] - This credit limit includes various types of financing such as working capital loans, mortgage loans, and bank acceptance bills [52] - The authorization for this credit application is valid for 12 months from the date of board approval [52]

Core Viewpoint - The company aims to become a leading property asset management operator in China, focusing on a diversified business model that includes property management, asset management, and various value-added services [2][10]. Company Overview - The company operates under the umbrella of China Merchants Group, emphasizing a development strategy characterized by "lightweight, scalable, technological, and market-oriented" principles [2]. - The main business segments include property management, asset management, and other services, with a focus on providing comprehensive solutions across various scenarios [2]. Property Management Business - The property management segment serves diverse sectors, including residential, commercial, and urban services, covering over 160 cities in China [3]. - The service offerings are categorized into basic property management, platform value-added services, and professional value-added services, with a focus on enhancing service quality through standardization and platform operations [3][4]. Asset Management Business - The asset management segment primarily involves commercial operations and leasing of owned properties, including hotels and office spaces [7][8]. - The company provides consulting services during the development and operational phases of commercial real estate projects [7]. Financial Performance - In 2024, the company achieved a revenue of 17.172 billion yuan, a year-on-year increase of 9.89%, with property management revenue at 16.487 billion yuan, up 11.72% [13]. - The net profit attributable to shareholders was 840 million yuan, reflecting a growth of 14.24% [13]. Business Development - The company managed 2,296 projects by the end of 2024, with a total managed area of 36.5 million square meters, and signed new contracts worth 4.029 billion yuan [14]. - The company has successfully expanded its market presence, particularly in non-residential sectors, achieving significant contract growth in healthcare and transportation [15][16]. Value-Added Services - The platform value-added services have seen substantial growth, with a transaction volume exceeding 1.1 billion yuan, driven by digital upgrades and high customer retention rates [17]. - The company has also expanded its professional value-added services, including real estate brokerage and smart energy solutions, enhancing its competitive edge [18]. Management and Operational Efficiency - The company has implemented a comprehensive management system aimed at optimizing resource allocation and improving operational efficiency [21]. - A focus on service quality has led to high customer satisfaction rates, with the company recognized as a top performer in the property service industry [22]. Technological Advancements - The company is advancing its digital transformation by integrating AI and smart technologies into its service offerings, enhancing operational efficiency and customer experience [23]. Brand and Cultural Development - The company has strengthened its brand value through cultural initiatives and media engagement, achieving recognition as one of the top property service enterprises in China [24].

Financial Performance - The company's operating revenue for 2024 reached ¥17,172,299,022.77, representing a 9.89% increase compared to ¥15,626,679,038.60 in 2023[6]. - Net profit attributable to shareholders for 2024 was ¥840,498,776.86, a 14.24% increase from ¥735,729,811.25 in 2023[6]. - The net profit after deducting non-recurring gains and losses was ¥798,836,393.11, up 21.12% from ¥659,540,078.25 in 2023[6]. - The net cash flow from operating activities for 2024 was ¥1,836,403,235.25, a slight increase of 1.10% from ¥1,816,416,285.48 in 2023[6]. - Basic earnings per share for 2024 were ¥0.7927, reflecting a 14.24% increase from ¥0.6939 in 2023[6]. - Total assets at the end of 2024 amounted to ¥19,066,728,233.48, a 2.49% increase from ¥18,604,057,638.04 at the end of 2023[6]. - Net assets attributable to shareholders increased by 6.76% to ¥10,418,968,857.12 at the end of 2024, compared to ¥9,759,358,937.12 at the end of 2023[6]. - The company reported a quarterly revenue of ¥5,012,222,552.42 in Q4 2024, contributing to a total annual revenue growth[6]. - The company achieved a new annual contract value of 3.693 billion yuan for third-party contracts in 2024, with innovative market expansion strategies contributing 560 million yuan to this total[48]. - The company reported a total revenue of 1.2 billion CNY for 2023, representing a year-on-year increase of 15%[171]. Dividend Distribution - The company plans to distribute a cash dividend of 2.40 RMB per 10 shares to all shareholders, based on a total share capital of 1,059,350,260 shares as of March 13, 2025[5]. - The cash dividend distribution plan was approved at the shareholders' meeting held on June 25, 2024[179]. - The company’s total distributable profit at the end of 2024 was RMB 3,271,399,733.38[183]. Business Strategy and Market Position - The company focuses on property management and asset management as its core business areas, following a strategic shift from diversified operations to a concentration on real estate development[21]. - The company aims to become a leading property asset management operator in China, following the acquisition of 100% equity in China Merchants Property Management[21]. - The company is actively pursuing market expansion strategies, including the development of new service offerings and technology enhancements in property management[16]. - The company has established a systematic mechanism for cost reduction and efficiency improvement to enhance resource allocation effectiveness[124]. - The company plans to enhance its operational capabilities by focusing on three core areas: improving profitability, optimizing business structure, and implementing precise cost control measures[124]. - The company aims to build a diversified community service ecosystem to increase non-core property service revenue[124]. - The company anticipates that the demand for community care services will grow due to an aging population, expanding the boundaries of property value-added services[123]. Risk Management - The company has identified potential risks in its future development plans and has outlined corresponding mitigation measures in its management discussion[4]. - The company emphasizes the importance of risk awareness among investors regarding its future plans and forecasts[4]. - The company faces risks including increased market uncertainty, intensified industry competition, and challenges in innovating new business models[120]. - The property management industry is transitioning from growth to a competitive environment, with a slowdown in industry growth and heightened competition[122]. Operational Efficiency and Digital Transformation - The company is focusing on digital transformation and has completed the establishment of a financial data exchange center to improve financial management and operational efficiency[102]. - The company aims to enhance operational efficiency through the implementation of a multi-tenant platform, which has already integrated three business systems and 15 business segments[101]. - The company has completed digital transformation across 10 major business scenarios, enhancing operational management through data integration[82]. - The company is committed to digital transformation to enhance operational efficiency and create a smart property ecosystem[124]. Corporate Governance and Management Changes - The company has experienced changes in its board of directors and senior management during the reporting period, as detailed in the report[142]. - 聂黎明 resigned as Chairman of the Board on April 30, 2024, due to work relocation[143]. - Lu Bin was elected as the new Chairman of the Board on May 6, 2024[143]. - The company plans to enhance its operational efficiency through strategic management adjustments and leadership changes[148]. - The company is focusing on expanding its market presence and improving governance through the appointment of experienced board members[149]. Environmental and Social Responsibility - The company actively promotes low-carbon transformation and sustainable development, aligning with the "dual carbon" strategic goals[197]. - The company has implemented energy management platforms for real-time monitoring and analysis, contributing to reduced energy consumption and carbon emissions[198]. - The company has established a comprehensive environmental governance system, ensuring compliance with national environmental laws and regulations[197]. - The company has launched the "Green Rattan Action" brand campaign to raise environmental awareness and promote low-carbon living among the public[199]. Employee Development and Human Resources - The total number of employees at the end of the reporting period was 41,531, with 38,782 in production roles[176]. - The company implemented a training program aimed at developing over 800 young leaders and key backup talents in 2024[177]. - The company has established a multi-level salary system to attract and retain core talent, focusing on performance and value creation[176]. - The company has no retired employees requiring pension expenses, indicating a focus on a younger workforce[176]. Internal Control and Compliance - The company reported no significant internal control deficiencies in financial reporting as of December 31, 2024[188]. - The company maintains effective internal controls in all significant aspects according to the internal control evaluation report[188]. - The company has not reported any significant deficiencies in the management control of subsidiaries during the reporting period[189]. - The board's decisions have been made with a focus on protecting the legal rights of the company and all shareholders[168].

人民财讯3月16日电，招商积余3月16日晚间发布2024年年报，营业收入171.7亿元， 同比增9.89%；净 利润8.41亿元，同比增14.24%；基本每股收益0.7927元，拟向全体股东每10股派发现金红利2.40元（含 税）。 ...

内部控制审计报告 毕马威华振审字第 2501087 号 关于招商局积余产业运营服务股份有限公司 内部控制审计报告 2024 年 12 月 31 日 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告（续） 招商局积余产业运营服务股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了招商局积余产业运营服务股份有限公司（以下简称"贵公司"）2024 年 12 月 31 日 的财务报告内部控制的有效性。 一、 企业对内部控制的责任 ...

关于招商局积余产业运营服务股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项说明 2024 年 12 月 31 日 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 我们接受委托，按照中国注册会计师审计准则审计了招商局积余产业运营服务股份有限公 司（以下简称"招商积余"）2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司资 产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东 权益变动表以及相关财务报表附 ...