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].

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Insights - 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 of 840 million yuan, up 14.2% year-on-year, slightly exceeding market expectations [6][7] - The company's gross margin improved to 12.0%, an increase of 0.4 percentage points, attributed to ongoing cost reduction and efficiency enhancement measures [6][7] - The company plans to distribute a cash dividend of 0.24 yuan per share, totaling 254 million yuan, which accounts for 31.4% of the net profit attributable to shareholders [6][7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 15.63 billion yuan - 2024: 17.17 billion yuan - 2025E: 18.91 billion yuan - 2026E: 20.87 billion yuan - 2027E: 23.36 billion yuan - Net profit forecasts are: - 2023: 736 million yuan - 2024: 840 million yuan - 2025E: 970 million yuan - 2026E: 1.09 billion yuan - 2027E: 1.22 billion yuan - The company’s return on equity (ROE) is projected to improve from 7.5% in 2023 to 9.3% by 2027 [6][7][8] Operational Highlights - The company managed a total area of 365 million square meters by the end of 2024, a year-on-year increase of 6% [6] - Property management revenue reached 16.49 billion yuan, with a gross margin of 10.7%, reflecting a 1.9 percentage point increase [6] - The company’s commercial management area was 3.93 million square meters, with stable commercial operations [6] Investment Analysis - The company is focused on cost reduction and efficiency, leading to strong performance, and is expected to continue leading the property management industry [6][7] - The profit margin is anticipated to gradually recover, supporting high-quality growth in both scale and efficiency [6][7]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [1][8]. Core Insights - 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 of 840 million yuan, which is a 14.2% increase year-on-year. A cash dividend of 2.40 yuan per 10 shares is proposed [3][7]. - The report highlights improvements in gross margin and cost efficiency, with a gross margin of 12% in 2024, up 0.4 percentage points from the previous year. The management expense ratio decreased by 0.4 percentage points to 3.5% [7][8]. - The company has a strong presence in property management, managing 2,296 projects across 162 cities, with a total managed area of 365 million square meters [7][8]. Financial Summary - **Revenue and Profit Forecasts**: - 2024 Revenue: 17.17 billion yuan, 2025E: 18.46 billion yuan, 2026E: 19.81 billion yuan, 2027E: 21.15 billion yuan [6][9]. - 2024 Net Profit: 840 million yuan, 2025E: 914 million yuan, 2026E: 992 million yuan, 2027E: 1.068 billion yuan [6][9]. - **Profitability Ratios**: - Gross Margin: 12% in 2024, expected to remain stable at 12% in 2025 and 2026, with a slight increase to 12.1% in 2027 [10]. - Net Margin: 4.9% in 2024, projected to reach 5.0% in subsequent years [10]. - **Earnings Per Share (EPS)**: - EPS for 2024 is projected at 0.79 yuan, increasing to 0.86 yuan in 2025, 0.94 yuan in 2026, and 1.01 yuan in 2027 [10][11]. Market Position and Strategy - The company is positioned as a leading state-owned enterprise in property management, benefiting from strong resource endowments and market expansion advantages. It is expected to continue to thrive amid industry restructuring [8][9]. - The report notes a slight adjustment in EPS forecasts due to better-than-expected gross margin improvements, indicating a positive outlook for the company's financial performance [8].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 14.96 RMB [7][8]. Core Insights - The company reported a revenue of 17.17 billion RMB for 2024, a year-on-year increase of 10%, and a net profit attributable to shareholders of 840 million RMB, up 14% year-on-year, slightly exceeding expectations due to better-than-expected gross margin improvements in basic property management [1][2]. - The company demonstrated strong performance in profitability, market expansion, and cash flow, while gradually improving its dividend payout ratio [1][4]. - The property management sector faced intense competition, but the company achieved a 4% year-on-year increase in new third-party contracts, totaling 3.69 billion RMB, with residential contracts growing by 46% [3]. Summary by Sections Financial Performance - The company's basic property management revenue grew by 11% year-on-year, with a gross margin increase of 1.9 percentage points to 10.7% [2]. - The operating cash flow net amount reached 1.84 billion RMB, with a coverage ratio of cash flow to net profit at 218% [4]. - The company adjusted its earnings per share (EPS) forecasts for 2025 and 2026 to 0.88 RMB and 0.98 RMB, respectively, reflecting a 4% and 3% increase [5]. Market Expansion - The company has been actively expanding its market presence, particularly in residential property management, while maintaining its strength in non-residential sectors [3]. - The new contracts from related real estate companies decreased by 33% year-on-year, indicating challenges in the market [3]. Dividend Policy - The dividend payout ratio increased by 5 percentage points to 30%, marking three consecutive years of improvement [4]. - The company aims to close the gap with other leading property management firms in terms of dividend distribution [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company has demonstrated strong performance with a focus on cost reduction and efficiency enhancement, leading to impressive financial results [5][6] - The company reported a revenue of 17.17 billion yuan for 2024, a year-on-year increase of 9.9%, and a net profit of 840 million yuan, up 14.2% year-on-year, slightly exceeding market expectations [5][6] - The company is expected to continue leading the property management industry due to its strong resource endowment and market expansion capabilities [5] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 15.627 billion yuan - 2024: 17.172 billion yuan - 2025E: 18.908 billion yuan - 2026E: 20.865 billion yuan - 2027E: 23.359 billion yuan - Year-on-year growth rates for total revenue are projected at 20.0% for 2023, 9.9% for 2024, and gradually increasing to 12.0% by 2027 [5][6] - The net profit forecast is as follows: - 2023: 736 million yuan - 2024: 840 million yuan - 2025E: 970 million yuan - 2026E: 1.086 billion yuan - 2027E: 1.219 billion yuan - The company’s gross margin is expected to improve slightly, reaching 12.3% by 2027 [5][6]

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]