Investment Rating - The investment rating for the company is "Outperform the Market" [6][3][18] Core Views - The company achieved a revenue of 17.17 billion yuan in 2024, representing a year-on-year growth of 9.9%, and a net profit attributable to the parent company of 840 million yuan, which is a 14.2% increase year-on-year [1][8] - The overall gross margin increased by 0.4 percentage points to 12.0% in 2024, with the property management segment's gross margin also rising by 0.4 percentage points to 10.5% [1][8] - The company has shown significant improvement in cost reduction and efficiency, leveraging the resources of its parent company and strong external expansion capabilities, which is expected to lead to stable and continuous growth in performance [3][13] Summary by Sections Financial Performance - In 2024, the property management business generated revenue of 16.49 billion yuan, up 11.7% year-on-year, while the asset management business saw a revenue decline of 4.0% to 670 million yuan [1][8] - The revenue composition of the property management business includes basic property management at 13.40 billion yuan (up 10.6%), platform value-added services at 540 million yuan (down 8.2%), and professional value-added services at 2.55 billion yuan (up 23.8%) [1][8] Operational Metrics - The company signed new annual contracts worth 4.03 billion yuan in 2024, with third-party projects accounting for 3.69 billion yuan and parent company projects for 340 million yuan [2][12] - As of the end of 2024, the company managed 2,296 projects across 162 cities, covering a management area of 365 million square meters [2][12] - The commercial projects under management saw a 30% increase in sales year-on-year, with foot traffic up 34% and same-store sales up 6% [2][12] Earnings Forecast - The earnings forecast for 2025 and 2026 has been slightly adjusted, with expected revenues of 19.0 billion yuan and 20.8 billion yuan, and net profits of 920 million yuan and 1.02 billion yuan respectively [3][4][13] - The expected earnings per share (EPS) for 2025 and 2026 are projected to be 0.87 yuan and 0.96 yuan, with corresponding price-to-earnings (PE) ratios of 14.0 and 12.7 [3][4][13]

2025 年 3 月 18 日 公司研究 物管毛利率显著提升，专业增值表现亮眼 ——招商积余（001914.SZ）2024 年度业绩点评 要点 事件：公司 2024 年度营收同比增长 10%，扣非归母净利润同比增长 21%。 招商积余发布 2024 年年报，公司实现营业收入 171.7 亿元，同比增长 9.9%； 实现归母净利润 8.4 亿元，同比增长 14.2%，扣非归母净利润 8.0 亿元，同比增 长 21.1%。 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a revenue growth of 10% year-on-year for 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 outstanding performance in 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 for the year [3]. - The company reported a robust cash flow from operating activities of 1.84 billion yuan, with a year-end bank deposit of 4.61 billion yuan and an increased dividend payout ratio of 29.3% [3]. Summary by Sections Revenue and Profitability - The company reported total revenue of 17.17 billion yuan for 2024, a 9.9% increase from the previous year, and a net profit of 840 million yuan, reflecting a 14.2% increase [1][4]. - The gross margin for the property management business improved, with non-residential property management gross margin at 10.6%, up 1.5 percentage points, and residential property management gross margin at 10.9%, up 3.0 percentage points [2]. Market Expansion - As of the end of 2024, the company managed a total area of 365 million square meters across 2,296 projects in 162 cities [3]. - The company signed new property management contracts worth 4.03 billion yuan, with third-party projects contributing 3.69 billion yuan, a 4.4% increase year-on-year [3]. Value-Added Services - Revenue from professional value-added services reached 2.55 billion yuan, a 23.8% increase, with notable growth in real estate brokerage, smart energy, and renovation services [3]. - The company’s core client renewal rate stood at 96%, indicating strong client retention [3]. Financial Forecast and Valuation - The forecast for net profit for 2025-2027 has been adjusted to 966 million yuan, 1.1 billion yuan, and 1.22 billion yuan respectively, with corresponding EPS estimates of 0.91, 1.04, and 1.15 yuan [4]. - The company is considered a rare leading player in the property management sector in A-shares, with an attractive valuation [4].

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 招商积余（001914）公司年报点评 2025 年 03 月 18 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 17日收盘价（元）] 11.92 | | --- | | 52 周股价波动（元） 8.16-13.59 | | 总股本/流通 A 股（百万股） 1060/1060 | | 总市值/流通市值（百万元） 12639/12639 | | 相关研究 | | [Table_ReportInfo] 《收入利润稳定增长，规模拓展井然有序》 | | 2024.11.13 | | 《经营业绩平稳发展，压降负债费用下行》 | | 2024.09.03 | | 《收入利润稳健增长，业务条线有序发展》 | | 2024.05.09 | | 市场表现 | [Table_Summary] 投资要点： [Table_QuoteInfo] -22.48% -11.48% -0.48% 10.52% 21.52% 32.52% 2024/3 2024/6 2024/9 2024/1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 17.17 billion yuan in 2024, representing a year-on-year growth of 9.9%, and a net profit attributable to shareholders of 840.5 million yuan, which is a 14.2% increase year-on-year [8] - The property management business saw revenue and gross margin improvements, with property management revenue reaching 16.49 billion yuan, up 11.7% year-on-year, while the asset management business revenue decreased by 4.0% to 670 million yuan [8] - The company continues to deepen its focus on non-residential sectors, with non-residential revenue accounting for 58.6% of the property management business [8] Summary by Sections Financial Performance - The company forecasts total revenue for 2025 to be 18.82 billion yuan, with a net profit of 939.13 million yuan, and an EPS of 0.89 yuan [1][9] - The gross margin for the property management business improved to 10.5%, with a comprehensive gross margin of 11.9%, an increase of 0.4 percentage points year-on-year [8] Business Development - As of the end of 2024, the company managed 2,296 projects, an increase of 195 projects year-on-year, with a managed area of 365 million square meters, up 5.8% [8] - The company signed new annual contracts worth 4.03 billion yuan, with a core client renewal rate of 96% [8] Asset Management - The company managed 70 commercial projects, with a total leasable area of 469,000 square meters and an overall occupancy rate of 95% [8] - The sales revenue of managed commercial projects increased by 30% year-on-year, with foot traffic up by 34% [8] Profitability Forecast - The company expects net profits to be 1.04 billion yuan in 2026 and 1.14 billion yuan in 2027, with corresponding EPS of 0.98 yuan and 1.08 yuan respectively [1][9]

2024 年报点评：利润率现金流双改善，业务 提质增效稳健发展 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15627 | 17172 | 18821 | 20534 | 22361 | | 同比（%） | 19.99 | 9.89 | 9.60 | 9.10 | 8.90 | | 归母净利润（百万元） | 735.73 | 840.50 | 939.13 | 1,039.26 | 1,143.76 | | 同比（%） | 23.96 | 14.24 | 11.73 | 10.66 | 10.05 | | EPS-最新摊薄（元/股） | 0.69 | 0.79 | 0.89 | 0.98 | 1.08 | | P/E（现价&最新摊薄） | 15.62 | 13.68 | 12.24 | 11.06 | 10.05 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved double growth in revenue and profit, with new expansion scale remaining stable while improving quality. The forecast for net profit for 2025-2027 is adjusted to 919 million, 1.081 billion, and 1.222 billion yuan respectively, with corresponding EPS of 0.87, 1.02, and 1.15 yuan. The current stock price corresponds to PE ratios of 13.8, 11.7, and 10.3 times for the respective years. The trend of profit recovery is evident due to business structure adjustments and cost reduction measures, indicating potential for continued performance release in the future [5][6][9]. Financial Performance - In 2024, the company achieved revenue of 17.172 billion yuan, a year-on-year increase of 9.89%, with property management business revenue accounting for 96% and growing by 11.72%. The net profit attributable to the parent company was 840 million yuan, up 14.24% year-on-year, and the net cash flow from operating activities was 1.836 billion yuan, an increase of 1.10% [6][9]. - The gross margin and net margin were 11.96% and 5.06%, respectively, reflecting increases of 0.4 percentage points and 0.34 percentage points year-on-year. Profit growth was driven by improved gross margins in core businesses and a reduction in expense ratios [6][9]. Business Segments - **Core Property Management**: Revenue reached 13.401 billion yuan, up 10.63% year-on-year, with a gross margin increase of 1.9 percentage points to 10.67%. The managed area reached 365 million square meters, a year-on-year increase of 5.8%, with a core customer renewal rate of 96% [7]. - **Platform Value-Added Services**: Revenue was 536 million yuan, down 8.22% year-on-year, with a gross margin increase of 2.0 percentage points to 10.51%. The transaction volume on the platform exceeded 1.1 billion yuan, with a penetration rate of over 30% for home services in Guangzhou [7]. - **Professional Value-Added Services**: Revenue was 2.551 billion yuan, up 23.77% year-on-year, but the gross margin decreased by 8.6 percentage points to 9.23% [7]. Financial Summary and Projections - The company forecasts revenue growth of 11.8% in 2025, followed by 9.6% in 2026 and 9.0% in 2027. The net profit growth rates are projected at 9.3%, 17.6%, and 13.1% for the respective years [9][11]. - Key financial ratios include a gross margin of 12.0% in 2025, a net margin of 4.8%, and a return on equity (ROE) of 8.3% [9][11]. Market Position - The company is positioned to benefit from ongoing structural adjustments and cost efficiency measures, which are expected to enhance profitability and market competitiveness in the property management sector [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.56 yuan for the next six months [5][12]. Core Insights - The company achieved a revenue of 17.172 billion yuan in 2024, representing a year-on-year growth of 9.9%. The net profit attributable to shareholders reached 840 million yuan, up 14.2% year-on-year. The growth rate of net profit outpaced revenue growth due to improved profitability and effective cost control [1][3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 17.172 billion yuan, a 9.9% increase from the previous year. The net profit attributable to shareholders was 840 million yuan, reflecting a 14.2% growth. The net profit growth rate exceeded revenue growth primarily due to enhanced profitability, with a gross margin of 12.0%, up 0.4 percentage points year-on-year, and a decrease in expense ratio to 4.3%, down 0.5 percentage points [1][3][4]. Business Operations - The company managed 2,296 projects with a total managed area of 365 million square meters by the end of 2024, an increase of 20 million square meters from the previous year. The new contract amount signed during the year was 4.03 billion yuan, with significant contributions from non-residential sectors such as government public construction, parks, healthcare, transportation, and high-end manufacturing [1][4][19]. Service Segments - The basic property management segment generated a revenue of 13.4 billion yuan, up 10.6% year-on-year. The non-residential segment achieved a revenue of 9.67 billion yuan, growing 11.0%, while the residential segment reported a revenue of 3.73 billion yuan, a 9.7% increase. The company also saw strong growth in value-added services, with total revenue from these services reaching 3.09 billion yuan, a 16.7% increase [4][11]. Future Projections - The company forecasts earnings per share (EPS) of 0.91, 1.03, and 1.16 yuan for 2025, 2026, and 2027 respectively. The report suggests a price-to-earnings (P/E) ratio of 16 times for 2025, leading to an adjusted target price of 14.56 yuan [12][13].

招商积余（001914.SZ） 收入利润保持双增，新拓规模稳中提质 2025 年 03 月 17 日 投资评级：买入（维持） | 日期 | 2025/3/17 | | --- | --- | | 当前股价(元) | 11.92 | | 一年最高最低(元) | 13.59/8.16 | | 总市值(亿元) | 126.39 | | 流通市值(亿元) | 126.39 | | 总股本(亿股) | 10.60 | | 流通股本(亿股) | 10.60 | | 近 3 个月换手率(%) | 39.22 | 公 司 信 息 更 新 报 告 股价走势图 房地产/房地产服务 招商积余发布 2024 年年报，公司全年营收利润双增长，新拓规模基本持平。受 房地产销售下行、物管行业新拓竞争加剧影响，我们下调 2025-2026 年并新增 2027 年盈利预测，预计 2025-2027 年归母净利润分别为 9.19、10.81、12.22 亿元 （2025-2026 年原值为 9.20、10.83 亿元），EPS 分别为 0.87、1.02、1.15 元，当 前股价对应 PE 为 13.8、11.7、10.3 倍，伴随业务结构调整 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has achieved double growth in revenue and profit, with new expansion scale remaining stable while improving quality. The forecast for net profit for 2025-2027 has been adjusted to 919 million, 1.081 billion, and 1.222 billion yuan respectively, with corresponding EPS of 0.87, 1.02, and 1.15 yuan. The current stock price corresponds to a PE ratio of 13.8, 11.7, and 10.3 times for the respective years. The profitability is expected to recover due to business structure adjustments and cost reduction measures, indicating a positive outlook for future performance [5][6][9]. Financial Performance - In 2024, the company achieved revenue of 17.172 billion yuan, a year-on-year increase of 9.89%, with property management revenue accounting for 96% and growing by 11.72%. The net profit attributable to the parent company was 840 million yuan, up 14.24% year-on-year, and the net profit after deducting non-recurring gains and losses increased by 21.12%. The operating cash flow was 1.836 billion yuan, a 1.10% increase year-on-year. The gross margin and net margin were 11.96% and 5.06%, respectively, reflecting increases of 0.4 percentage points and 0.34 percentage points year-on-year [6][9]. Business Segments - **Basic Property Management**: Revenue reached 13.401 billion yuan, up 10.63% year-on-year, with a gross margin increase of 1.9 percentage points to 10.67%. The managed area reached 365 million square meters, a 5.8% increase year-on-year, with a core customer renewal rate of 96%. New contracts signed amounted to 4.029 billion yuan, remaining stable year-on-year, with third-party new contracts accounting for 92% and market-oriented residential contracts increasing by 47% [7]. - **Platform Value-Added Services**: Revenue was 536 million yuan, down 8.22% year-on-year, with a gross margin increase of 2.0 percentage points to 10.51%. The transaction volume on the platform exceeded 1.1 billion yuan, with a penetration rate of over 30% for home services in Guangzhou [7]. - **Professional Value-Added Services**: Revenue reached 2.551 billion yuan, a year-on-year increase of 23.77%, but the gross margin decreased by 8.6 percentage points to 9.23% [7]. Asset Management - The asset management revenue for 2024 was 670 million yuan, down 4.03% year-on-year, with a gross margin decrease of 2.7 percentage points to 48.1%. The company managed 70 commercial projects with a managed area of 3.93 million square meters, achieving a 30% year-on-year increase in sales and a 34% increase in foot traffic [8].