[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 2024 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 经营规模稳步提升，现金水平持续改善 公司公告 2023 年年报：经营规模稳步提升，现金融资持续改善。2023 年， 公司实现营业收入 156.27 亿元，同比增长 20%。从分板块来看，物业管理 业务实现营业收入 147.58 亿元，同比增长 18.03%，主要系原有物业管理项 目增长和新拓展物业管理项目增加；资产管理业务实现营业收入 6.98 亿元， 同比增长 50.13%，主要系 2022 年同期公司按国家政策减免房租而 2023 年 无此事项，以及在管商业运营项目规模扩大带来收入增长；其他业务实现营 业收入 1.70 亿元，同比增长 209.77%。公司实现归母净利润 7.36 亿元，同 比增长 23.96%。公司经董事会审议通过的利润分配预案为，向全体股东每 10 股派发现金红利 1.70 元（含税），不送红股，不以公积金转增股本。公 司年内股息支付率为 24.5%，按照 3 月 15 日收盘价 ...

证券研究报告·公司点评报告·房地产服务 招商积余（001914） | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|----------------------|--------|-------|--------|--------|--------|----------| | | | 买入（维持） | | | | | | | | | | 盈利预测与估值 | 2022A | | 2023A | 2024E | 2025E | 2026E | | | | 营业总收入（百万元） | 13,024 | | 15,627 | 18,258 | 20,902 | 23,835 | | | | | 22.97% | | 19.99% | 16.84% | 14.48% | 14.03% | | | | 归母净利润（百万元） | 593.51 | | 735.73 | 866.04 | 994.20 | 1,140.11 | | | | | 15.72% | | 23.96% | 17.71% | 14.80% | 14.68% ...

Investment Rating - The report maintains a "Recommend" rating for the company, indicating expected performance above the market by 10% to 20% over the next six months [7][15]. Core Views - The company reported a steady growth in revenue and profit, with a total revenue of 15.63 billion yuan in 2023, representing a year-on-year increase of 20%, and a net profit of 736 million yuan, up 24% year-on-year [9][15]. - The property management segment generated 14.76 billion yuan in revenue, an 18% increase, while the asset management segment saw a significant growth of 50.1%, reaching 700 million yuan [9][10]. - The company has expanded its managed projects to 2,101, covering 156 cities, with a total managed area of 34.5 million square meters, of which 65.4% is third-party management [10][11]. Financial Summary - The company’s total assets reached 18.6 billion yuan in 2023, with a debt-to-asset ratio of 46.7% [19]. - The projected earnings per share (EPS) for 2024 and 2025 are 0.82 yuan and 1.02 yuan, respectively, with a new forecast for 2026 at 1.18 yuan [15][19]. - The company’s price-to-earnings (P/E) ratios are projected to be 13.6, 10.9, and 9.4 for the years 2024, 2025, and 2026, respectively [15][19].

公司研究 事件：公司 2023 年度营收同比增长 20%，归母净利润同比增长 24%。 2024 年 3 月 16 日 ——招商积余（001914.SZ）2023 年度业绩点评 招商积余发布 2023 年年报，实现营业收入 156.3 亿元，同比增长 20.0%，归母 净利润 7.36 亿元，同比增长 24.0%；扣非归母净利润 6.60 亿元，同比增长 32.1%。 1) 物管业务稳健增长，资管业务复苏，业绩基本符合预期。2023 年公司物管、 资管板块分别实现收入 148 亿元、7 亿元，同比增长 18%、50%。物管板块中， 非住宅物管/住宅物管/平台增值/专业增值分别实现收入 87.1/34.0/5.8/20.6 亿 元，同比增速为 26.2%/7.8%/1.4%/10.2%，非住宅业态保持较快扩张速度，是 公司经营业绩稳健增长的保障；由于 2023 年公司不再对租户实行租金减免，以 及商业运营项目规模扩大，公司资管业务较 2022 年度有明显复苏。整体来看， 公司 2023 年度业绩基本符合我们预期（我们预测归母净利润为 7.7 亿元）。 3）物管毛利率有待企稳，轻资产化助力整体运营效率提升。202 ...

Financial Performance - The total sales from key clients amounted to ¥1,295,260,224.98, representing 8.29% of the annual total sales[1] - The net cash flow from operating activities was ¥181,642,000, while the net profit for the year was ¥73,865,000, resulting in a difference of ¥107,777,000[6] - The company reported a total revenue of 1.5 billion RMB for the fiscal year, representing a year-over-year growth of 12%[53] - The company reported a revenue of CNY 15.63 billion in 2023, representing a year-over-year increase of 19.99% from CNY 13.02 billion in 2022[134] - Net profit attributable to shareholders was CNY 735.73 million, up 23.96% from CNY 593.51 million in the previous year[134] - The total assets at the end of 2023 were CNY 18.60 billion, a 4.43% increase from CNY 17.81 billion at the end of 2022[134] - The property management business generated CNY 14.76 billion in revenue, an 18.03% increase year-over-year[148] - The asset management business achieved revenue of CNY 698 million, showing a growth of 2% compared to the previous year[148] - The company’s property management business generated CNY 14.76 billion in revenue, an 18.03% increase year-over-year[148] - The company’s acquisitions during the reporting period generated a combined revenue of 14.24 billion CNY, with new project contracts totaling 1.93 billion CNY[172] Research and Development - R&D expenses increased by 104.93% to ¥98,899,850.18, driven by enhanced digital R&D investments[4] - The number of R&D personnel increased by 66.67% to 310, with the proportion of R&D staff rising from 0.38% to 0.72%[4] - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing operational efficiency[53] - The company filed for 3 new invention patents and 46 software copyrights during the year, demonstrating its focus on innovation and technology[177] Strategic Focus and Market Expansion - The company is focusing on digital transformation projects to enhance operational efficiency and market expansion[4] - The company plans to deepen digital applications and accelerate the integration of business and technology, aiming for improved digital management across various operational aspects[27] - Market expansion plans include entering two new regions, projected to increase market share by 15%[53] - The company is actively exploring "property + elderly care" value-added services, integrating online marketing with offline community services[89] - The company aims to become a leading property asset management operator in China, focusing on a "lightweight, scalable, technological, and market-oriented" development strategy[83] Governance and Management - The company has established an independent financial department with a separate accounting system and management policies, ensuring no shareholder interference in financial decisions[30] - The company maintains complete independence from its controlling shareholders in business, personnel, assets, and financial matters[42] - The company has a fully independent business system capable of making its own management decisions and bearing risks[42] - The current chairman, Nie Liming, has extensive experience in real estate management and has held various senior positions within the group[49] - The current general manager, Chen Haizhao, has a strong background in logistics and has held multiple leadership roles in the company[49] Risk Management and Compliance - The company is aware of the risks associated with increased industry competition and the potential for sunk costs in failed innovation projects[17] - The company is enhancing its risk management framework to better navigate market challenges and regulatory requirements[67] - The company has not faced any penalties from securities regulatory agencies in the past three years[63] Customer Engagement and Service Quality - The company is focusing on enhancing customer service experience by providing a one-stop service model combining property services and community life services[21] - The company has received recognition as a leading enterprise in property service satisfaction in 2023, reflecting its commitment to service quality[176] - The company launched 7 new service categories in home services, significantly enhancing its service quality and customer experience[173] Financial Strategy - The company has no securities investments during the reporting period, indicating a conservative financial strategy[23] - The company aims to optimize its debt structure and manage funding risks effectively, with sufficient credit reserves for future financing needs[184] - The average financing cost for bank loans ranges from 2.98% to 3.60%, with a total financing balance of 198.85 billion yuan[94] Shareholder Engagement - The participation rate of investors in the first extraordinary general meeting of 2023 was 69.98%[35] - The participation rate of investors in the annual general meeting of 2022 was 67.61%[35] - The participation rate of investors in the second extraordinary general meeting of 2023 was 65.65%[35] Awards and Recognition - The company has been recognized as one of the top three property management companies in China, receiving over 30 awards in various categories[91] - The company ranked 4th in the "2023 China Property Service Power Top 100 Enterprises" list, establishing a benchmark for service capability in the property management industry[195]

招商积余官方微信 目 录 招商局积余产业运营服务股份有限公司 | 董事长致辞 | 03 | | --- | --- | | 关于我们 | 05 | | 可持续发展管理 | 13 | | 责任专题 | 17 | | 党建引领聚合力 | 17 | | 踔厉奋发促发展 | | | 数字赋能 | 19 | | 以"小场景"构筑"大幸福" | | 地址：深圳市南山区蛇口太子湾邮轮大道招商积余大厦 15A-17 层 | 品质服务 | 23 | | --- | --- | | 营造美好生活 | | | 提升服务品质 | 25 | | 保障客户安全 | 33 | | 维护客户权益 | 34 | 环境友好 守护美好生态 | 应对气候变化 | 39 | | --- | --- | | 完善环境管理 | 39 | | 践行绿色运营 | 40 | | 弘扬绿色理念 | 46 | 网址：www.cmpo1914.com 以人为本 逐梦美好未来 47 49 52 保障员工权益 赋能员工成长 | 悉心关怀员工 | 57 | | --- | --- | | 携手共赢 | 59 | | 共创美好家园 | | | 打造责任供应链 | | --- ...

证券代码：001914 证券简称：招商积余 公告编号：2024-15 招商局积余产业运营服务股份有限公司 关于为下属企业提供担保额度的公告 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"或"招商积余"）本 次为下属企业招商局物业管理有限公司（以下简称"招商物业"）、中航物业管理有 限公司（以下简称"中航物业"）、深圳招商到家汇科技有限公司（以下简称"深圳 到家汇"）、招商到家汇科技（福建）有限公司（以下简称"福建到家汇"）分别提 供担保，合计担保额度不超过人民币 182,000 万元，占公司最近一期经审计的归属于 上市公司股东净资产的比例为 18.64%；本次担保对象招商物业、中航物业、深圳到家 汇、福建到家汇的资产负债率均超过 70%，敬请投资者注意投资风险。 一、担保事项概述 （一）基本情况 根据整体融资安排，公司拟为下属企业招商物业、中航物业、深圳到家汇、 福建到家汇申请银行授信提供连带责任担保，合计新增担保额度不超过人民币 182,000 万元。具体情况如下： 单位：万元 | 担保方 | 被 ...

招商局积余产业运营服务股份有限公司 财务报表及审计报告 2023 年 12 月 31 日止年度 招商局积余产业运营服务股份有限公司 Deloitte. 审计报告 德师报(审)字(24)第 P01507 号 (第1页,共4页) 招商局积余产业运营服务股份有限公司全体股东: 一、审计意见 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"招商积余")财务报表, 包括 2023 年 12 月 31 目的合并及母公司资产负债表,2023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注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了招 商积余 2023年 12月 31 日的合并及母公司财务状况以及 2023 年度的合并及母公司经营成果和 合并及母公司现金流量。 财务报表及审计报告 2023 年 12 月 31 日止年度 | 内容 | 页码 | | --- | --- | | 审计报告 | 1 - 4 | | 合并资产负债表 | 5 - 6 | | 母公司资产负债表 | 7 - 8 | | 合并利润表 | 9 - 10 | | 母公司 ...

德勤华永会计师事务所（特殊普通合伙）（以下简称"德勤事务所"）的前 身是 1993 年 2 月成立的沪江德勤会计师事务所有限公司，于 2002 年更名为德勤 华永会计师事务所有限公司，于 2012 年 9 月经财政部等部门批准转制成为特殊 普通合伙企业。德勤事务所注册地址为上海市黄浦区延安东路 222 号 30 楼。 董事会审核委员会对会计师事务所 2023 年度履职情况评估 及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》和《公司章程》等规定 和要求，董事会审核委员会本着勤勉尽责的原则，恪尽职守，认真履职。现将董 事会审核委员会对会计师事务所 2023 年度履职评估及履行监督职责的情况报告 如下： 一、2023 年年审会计师事务所基本情况 招商局积余产业运营服务股份有限公司 （一）会计师事务所基本情况 德勤事务所具有财政部批准的会计师事务所执业证书，并经财政部、中国证 监会批准，获准从事 H 股企业审计业务。德勤事务所已根据财政部和中国证 ...

招商局积余产业运营服务股份有限公司 2023 年度独立董事述职报告（陈英革） 本人作为招商局积余产业运营服务股份有限公司（以下简称"公司"）的独 立董事，严格按照《公司法》《上市公司独立董事管理办法》《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》等法律法规以及《公司 章程》《独立董事工作制度》等相关规定，忠实勤勉、恪尽职守，独立自主决策， 切实维护公司及全体股东尤其是中小股东的合法权益。现将 2023 年度履职情况 报告如下： 一、独立董事的基本情况 本人陈英革，中国国籍，1968 年 7 月出生，法学硕士，执业律师。现任公司 独立董事，深圳国际仲裁院仲裁员，广东法制盛邦（深圳）律师事务所合伙人、 专职律师，深圳市振业（集团）股份有限公司独立董事。曾任珠海市广利实业有 限公司法务部主管，深圳市天极光电实业股份有限公司投资管理部主管、副经理， 金地（集团）股份有限公司董事会发展委员会主管、法务组负责人，广东融关律 师事务所专职律师。 本人具备独立董事任职资格，未在公司担任除独立董事以外的任何职务，也 未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系 或其他可能妨 ...