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 ...

二、董事会审议情况 会议审议通过了《关于调整城市公司管理架构的议案》（11 票同意、0 票反 对、0 票弃权）。 为更好地支持公司战略落地，提升城市公司经营质效、组织效能，董事会同 意对城市公司管理架构进行调整，将江西公司调整为湖南公司的管理单位，不再 作为城市公司管理，并将中原公司更名为陕西公司。 三、备查文件 证券代码：001914 证券简称：招商积余 公告编号：2024-45 招商局积余产业运营服务股份有限公司 第十届董事会第二十四次会议决议公告 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 9 月 14 日以电子邮件等方式发出召开公司第十届董事会第二十四次会议的通 知。会议于 2024 年 9 月 19 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 ...

招商积余（001914.SZ）/房 地产行业 证券研究报告/公司点评 2024 年 9 月 9 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-------|--------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------ ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 招商积余（001914）公司半年报点评 2024 年 09 月 03 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | |-------------------------------------------------------------|------------|-------| | 股票数据 | | | | 09 [ Table_StockInfo 月 02 日收盘价（元） ] | | 8.51 | | 52 周股价波动（元） | 8.16-16.06 | | | 总股本 / 流通 A 股（百万股） | 1060/1060 | | | 总市值 / 流通市值（百万元） | 9024/9024 | | | 相关研究 | | | | [Table_ReportInfo] 《收入利润稳健增长，业务条线有序发展》 | | | | 2024.05.09 | | | | 《经营规模稳步提升，现金水平持续改善》 | | | | 2024.03.17 | | | | 《各项业务积极发展， ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company achieved a revenue of 7.839 billion yuan in H1 2024, representing a year-on-year increase of 12.34%. The net profit attributable to shareholders was 435 million yuan, also up by 3.79% year-on-year [1][2]. - The property management business generated 7.535 billion yuan in revenue, reflecting a growth of 12.68% year-on-year, with the basic property management segment growing by 15.86% [2]. - The company has expanded its managed projects to 2,209, an increase of 108 from the end of 2023, with a managed area of 385 million square meters, up 11.55% [3]. Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 12.57%, a decrease of 0.73 percentage points compared to the same period in 2023. The basic property management segment had a gross margin of 10.95%, up by 0.38 percentage points [2]. - The company’s total revenue for 2024 is projected to reach 17.974 billion yuan, with a growth rate of 15.02% [6]. Business Segments - The asset management business generated 289 million yuan in revenue, a year-on-year increase of 2.61%, primarily due to an increase in managed commercial projects [2]. - The platform value-added services segment achieved revenue of 256 million yuan, growing by 3.96% year-on-year [4]. Market Expansion - The company signed new annual contracts worth 1.893 billion yuan in H1 2024, with third-party projects accounting for 92% of this amount. The new contracts from major clients like ZTE, Honor, and JD contributed significantly to this growth [3]. - The non-residential management area increased by 18.22%, now accounting for 66% of the total managed area [3]. Cost Management - The sales, management, and R&D expense ratio decreased by 1.20 percentage points to 3.89%, indicating improved cost control capabilities [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company achieved a revenue of 7.84 billion yuan in H1 2024, representing a year-on-year increase of 12.3%, with a net profit attributable to shareholders of 440 million yuan, up 3.8% [2] - The management area reached 385 million square meters, an increase of 16.5%, contributing to stable growth in the property management segment [2][3] - The company is expected to continue steady growth in management scale and revenue, with limited further decline in gross margin and significant reduction in interest expenses due to decreasing interest-bearing liabilities [2][3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 7.84 billion yuan, with property management revenue of 7.54 billion yuan, up 12.7% year-on-year [2] - The overall gross margin slightly decreased by 0.7 percentage points to 12.6%, with the property management segment's gross margin down 0.7 percentage points to 10.9% [2] - The net profit attributable to shareholders was 440 million yuan, reflecting a 3.8% increase, while the non-recurring net profit was 410 million yuan, up 7.6% [2] Business Expansion - The company’s managed area consists of 34.4% residential and 65.6% non-residential properties, with a focus on non-residential segments for future growth [3] - New annual contract value signed in H1 2024 was 1.89 billion yuan, a slight increase of 0.3%, with non-residential contracts accounting for 85.7% of the total [3] - The company has successfully expanded into major projects in finance and transportation sectors, maintaining strong performance in core areas [3] Value-Added Services and Asset Management - Revenue from platform value-added services grew by 4.0%, while professional value-added services saw a decline [3] - The asset management business is becoming a key driver for profitability, with a 26.7% year-on-year increase in sales from managed commercial properties [3] - The company is focusing on enhancing its operational capabilities through joint ventures and partnerships in various cities [3] Future Outlook - The company is expected to maintain steady growth in its core property management business, supported by parent company backing and ongoing market expansion [3] - Future net profits are projected to be 810 million yuan in 2024, 900 million yuan in 2025, and 1 billion yuan in 2026, with corresponding valuations of 10.8X, 9.7X, and 8.8X [3]

证券研究报告 | 2024年09月02日 招商积余（001914.SZ） 优于大市 归母净利增长 3.8%，各项业务发展稳定 归母净利润增长 3.8%。2024 上半年公司实现营业收入 78.4 亿元，同比增长 12.3%；实现归母净利润 4.4 亿元，同比增长 3.8%。分板块看，由于市场新 拓物业管理项目、母公司交付项目增加以及原有物业管理项目延伸业务增 长，公司物业管理业务实现收入 75.4 亿元，同比增长 12.7%；由于在管商业 运营项目增加，资产管理业务实现收入 2.9 亿元，同比增长 2.6%。2024 上 半年公司整体毛利率下降 0.7pct 至 12.6%，其中物业管理业务毛利率下降 0.7pct 至 10.9%。 市拓放缓，持续深耕非住业务。上半年公司市场拓展较前期有所放缓，新签 年度合同额达 18.9 亿元。其中第三方项目新签年度合同额为 17.4 亿元，千 万级项目贡献新签年度合同额占比超 50%。截至 2024 上半年末，公司在管项 目 2209 个，管理面积达 3.85 亿平方米，其中来自第三方项目的管理面积为 2.57 亿平方米，占比 67%。公司深耕非住宅业态，上半年第三方项目 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company achieved a revenue of 7.839 billion yuan in the first half of 2024, representing a year-on-year growth of 12.34%, while the net profit attributable to shareholders was 435 million yuan, up 3.79% year-on-year [1]. - The growth in revenue is attributed to the expansion of property management projects and an increase in delivery projects from the parent company [1]. - The company is focusing on non-residential sectors, with property management revenue reaching 7.535 billion yuan, a year-on-year increase of 12.68% [1]. - The average property management price for non-residential sectors was 3.06 yuan per square meter per month, higher than the residential sector's average of 2.16 yuan per square meter per month [1]. Summary by Sections Revenue and Profit Growth - In H1 2024, the company reported a revenue of 7.839 billion yuan, a 12.34% increase year-on-year, and a net profit of 435 million yuan, a 3.79% increase year-on-year [1]. - The gross profit margin slightly decreased to 12.57%, down 0.73 percentage points from the previous year [1]. - Tax and additional charges increased by 41.32% compared to the same period last year [1]. Focus on Non-Residential Sectors - The company achieved property management revenue of 7.535 billion yuan in H1 2024, with basic property management revenue of 6.356 billion yuan, up 15.86% year-on-year [1]. - The total managed area reached 385 million square meters, with a growth of 2.94% from Q1 2024 [1]. - Non-residential property management revenue accounted for 72.90% of basic property management revenue [1]. Value-Added Services and Asset Management - The company generated 256 million yuan from platform value-added services, a year-on-year increase of 3.96% [2]. - Asset management business revenue was 289 million yuan, up 2.61% year-on-year [2]. - The commercial operation business achieved revenue of 70.41 million yuan, a 17.34% increase year-on-year [2].

证券代码：001914 证券简称：招商积余 公告编号：2024-44 招商局积余产业运营服务股份有限公司 关于会计政策变更的公告 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。 特别提示： 招商局积余产业运营服务股份有限公司（以下简称"公司"）根据中华人 民共和国财政部（以下简称"财政部"）发布的《关于印发<企业会计准则解释 第 17 号>的通知》（财会〔2023〕21 号，以下简称"《准则解释第 17 号》"） 相关规定变更会计政策。本次会计政策变更无需提交公司董事会和股东大会审 议，不会对公司当期的财务状况、经营成果和现金流量产生重大影响。 一、会计政策变更情况概述 （一）变更原因 2023 年 10 月 25 日，财政部发布了《准则解释第 17 号》，对"关于流动负 债与非流动负债的划分"、"关于供应商融资安排的披露"、"关于售后租回交 易的会计处理"的内容进行进一步规范及明确。《准则解释第 17 号》自 2024 年 1 月 1 日起施行。 本次会计政策变更后，公司将按照《准则解释第 17 号》的相关规定执行。 除上述政策变更外，其他未变更部分仍按照财政部 ...