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。 近日，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 会收到聂黎明先生的书面辞职报告。聂黎明先生因工作调动原因辞去公司董事 长、董事、董事会下设战略与可持续发展委员会主席职务，辞职后不再担任公 司任何职务，将在公司实际控制人招商局集团有限公司任职。 根据《公司法》及《公司章程》的有关规定，聂黎明先生的辞职不会导致 公司董事会成员低于法定最低人数，不会对公司董事会运作和公司正常经营产 生影响，其辞职报告自送达董事会之日起生效。截至本公告披露日，聂黎明先 生未持有公司股份。 聂黎明先生在任职公司董事长期间，恪尽职守、勤勉尽责，积极推动公司 战略实施、稳健经营，提升规范治理水平，为促进公司可持续高质量发展发挥 了重要作用。公司及董事会对聂黎明先生任职期间辛勤的努力和做出的贡献表 示衷心感谢。 证券代码：001914 证券简称：招商积余 公告编号：2024-22 招商局积余产业运营服务股份有限公司 关于董事长辞职及选举新任董事长的公告 招商局积余产业运营服务股份有限公司 董 事 会 二○二四年五月七日 1 附：吕 ...

证券代码：001914 证券简称：招商积余 公告编号：2024-21 招商局积余产业运营服务股份有限公司 第十届董事会第十九次会议决议（通讯表决）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 董 事 会 二、董事会审议情况 会议审议通过了《关于选举公司第十届董事会董事长的议案》（10 票同意、 0 票反对、0 票弃权）。 公司董事会近日收到聂黎明先生的辞职报告。聂黎明先生因工作调动原因辞 去公司董事长、董事、董事会下设战略与可持续发展委员会主席职务，辞职后不 再担任公司任何职务，将在公司实际控制人招商局集团有限公司任职。根据工作 需要，董事会选举吕斌先生为公司第十届董事会董事长（简历详见附件），任期 为自当选之日起至第十届董事会届满。 本事项具体情况详见公司同日刊登在巨潮资讯网和《中国证券报》《证券时 报》《上海证券报》《证券日报》上的《关于董事长辞职及选举新任董事长的公 告》（公告编号：2024-22）。 三、备查文件 经与会董事签字并加盖董事会印章的董事会决议。 特此公告 招商局积余产业运营服 ...

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Insights - The company is expected to achieve stable growth in its property management business, with a focus on non-residential advantages and active market expansion. The company has successfully secured major projects, enhancing its competitive position [5][12]. - The company aims to reduce interest-bearing liabilities, which is anticipated to boost profit expectations. The cash dividend ratio is projected to remain no less than 25% from 2024 to 2026, with potential for further increases in dividends due to stable cash inflows [5][12]. - The company forecasts net profits attributable to the parent company of 870 million, 1.01 billion, and 1.17 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth of 18.5%, 15.8%, and 15.5% [5][12]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 3.72 billion yuan, a year-on-year increase of 12.7%, and a net profit attributable to the parent company of 190 million yuan, up 3.3% [6][26]. - The company managed 2,155 projects with a total managed area of 374 million square meters, contributing to revenue growth [26]. Market Position and Strategy - The company continues to strengthen its non-residential business, which accounted for 61.9% of its managed scale by the end of 2023. It has successfully bid for several large projects in various sectors, including finance and transportation [12][26]. - The company is actively expanding its service offerings, including value-added services and asset management, which are expected to enhance profitability [27]. Future Outlook - The company is projected to maintain a stable growth trajectory, with expectations of further reductions in interest-bearing liabilities leading to decreased financial expenses. This is likely to support ongoing profit growth [26][27].

[Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 13,024 15,627 18,752 21,940 25,231 增长率 yoy% 23% 20% 20% 17% 15% 净利润（百万元） 594 736 897 1,084 1,259 增长率 yoy% 16% 24% 22% 21% 16% 每股收益（元） 0.56 0.69 0.85 1.02 1.19 每股现金流量 0.94 1.71 1.28 0.97 1.34 净资产收益率 6% 7% 8% 9% 10% P/E 19.3 15.6 12.8 10.6 9.1 P/B 1.3 1.2 1.1 1.0 0.9 备注：股价以 4 月 29 日收盘价为准。 招商积余（001914.SZ）/房地 产行业 证券研究报告/公司点评 2024 年 4 月 30 日 [Table_Industry] 市场价格：10.79 元 分析师：由子沛 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 执业证书编号：S07405201100 ...

请务必阅读正文最后的中国银河证券股份有限公司免责声明。 3 评级标准 [Table_ReportType] 公司点评/房地产 分析师承诺及简介 [Table_AuthorsRxplain] 本人承诺以勤勉的执业态度，独立、客观地出具本报告，本报告清晰准确地反映本人的研究观点。本人薪酬的任何部分过去不 曾与、现在不与、未来也将不会与本报告的具体推荐或观点直接或间接相关。 [Table_ReportType] 公司点评/房地产 附录： （一）公司财务预测表 [Table_Header] 公司点评●房地产服务 2024 年 04 月 26 日 胡孝宇，房地产行业分析师，3 年房地产研究经验，美国东北大学硕士，同济大学金融学学士，曾就职于天风证券，2023 年 7 月加入中国银河证券研究院。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------|---------|-------------|----------|----- ...

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 业绩平稳增长，规模持续扩张 事项： | --- | --- | |------------------------|--------------------------------| | 行业 | 房地产 | | 公司网址 | www.cmpo1914.com | | 大股东 / 持股 | 招商局蛇口工业区控股股份有限公 | | | 司 /47.45% | | 实际控制人 | 国务院国有资产监督管理委员会 | | 总股本 ( 百万股 ) | 1,060 | | 流通 A 股 ( 百万股 ) | 1,060 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 107 | | 流通 A 股市值 ( 亿元 ) | 107 | | 每股净资产 ( 元 ) | 9.38 | | 资产负债率 (%) | 44.0 | | 行情走势图 | | 相关研究报告 证券分析师 公司公布2024年一季报，一季度实现营业收入37.2亿元，同比增长12.7%，归 母净利润1.9亿元，同比增长3.3%。 收入利润平稳增长，管理费用率小幅改善：202 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥3,724,772,428.89, representing a 12.67% increase compared to ¥3,305,810,768.00 in the same period last year[3] - Net profit attributable to shareholders was ¥190,689,154.89, up 3.34% from ¥184,527,761.81 year-on-year[3] - The basic earnings per share for Q1 2024 was ¥0.1798, a 3.33% increase from ¥0.1740 in the same period last year[3] - The company reported a total profit of ¥255,783,225.94, compared to ¥243,188,561.52 in the previous year, marking an increase of 5.2%[59] - The company achieved a total comprehensive income of ¥200,423,350.13, compared to ¥191,979,446.82 in the previous year, indicating a growth of 4.7%[62] Cash Flow and Assets - The net cash flow from operating activities was -¥1,185,663,086.16, a decrease of 28.32% compared to -¥924,002,999.20 in the previous year[3] - The total cash outflow from investing activities was 5,997,213.57, down from 8,391,577.64 in the previous period, resulting in a net cash flow from investing activities of -5,851,976.88, compared to -8,348,813.46 previously[64] - The cash inflow from financing activities totaled 701,133,700.00, a decrease from 850,000,000.00 in the prior period, leading to a net cash flow from financing activities of -911,503,154.10, compared to 276,246,045.65 previously[64] - The net increase in cash and cash equivalents was -2,102,985,865.37, compared to -656,287,983.58 in the previous period, reflecting a significant cash outflow[64] - The ending balance of cash and cash equivalents was 2,220,936,307.95, down from 2,485,216,105.43 in the previous period[64] - The company's total assets decreased by 2.89% to ¥18,067,150,238.66 from ¥18,604,057,638.04 at the end of the previous year[3] Research and Development - The company's R&D expenses increased by 164.34% to ¥2,591.32 million from ¥980.29 million year-on-year, reflecting a focus on digital innovation[6] - Research and development expenses increased significantly to ¥25,913,174.79 from ¥9,802,931.25, representing a rise of 164.5%[59] Customer Engagement and Sales - The total number of members grew by 32.27% year-on-year, indicating strong customer engagement[13] - In Q1 2024, the concentrated commercial sales increased by 27.6% year-on-year, with same-store sales up 7.2%[13] - The platform's value-added services saw a 41% year-on-year increase in sales from new service categories[12] Strategic Initiatives - The company has strategically abandoned some low-margin businesses to enhance profitability[12] - The company is focusing on expanding its "Yicai" brand in the office service sector[12] - The company has signed a strategic cooperation agreement with Youbao to enhance resource management in public areas[12] - The company has established a joint venture for smart city services in collaboration with local public utility companies, indicating a strategic move towards market expansion[31] - The company has implemented a digital management system in key areas such as Shenzhen and Beijing, enhancing project management efficiency[30] Debt and Liabilities - Long-term borrowings increased by 190.12% to ¥98,958.25 million from ¥34,110.00 million, indicating a strategic shift in debt structure[6] - The total liabilities decreased to approximately 7.96 billion yuan from 8.69 billion yuan, reflecting improved financial stability[38] Project Management - The company managed 70 commercial projects with a total management area of 3.97 million square meters, including 58 entrusted projects[13] - As of March 31, 2024, the company managed 2,155 projects with a total management area of 374 million square meters, achieving a new annual contract amount of 791 million yuan in property management for Q1 2024[31] - The rental business of held properties maintained a stable operation with an overall rental rate of 95% as of March 31, 2024[33] Awards and Recognition - The company received several awards, including Huawei's "Business Assurance Award" and "Operational Improvement Award" in Q1 2024[52]

证券代码：001914 证券简称：招商积余 公告编号：2024-19 招商局积余产业运营服务股份有限公司 关于参加招商局集团有限公司 上市公司集体业绩说明会的公告 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。 重要内容提示： 投 资 者 可 于 2024 年 4 月 23 日 （ 星 期 二 ） 17:30 前 通 过 公 司 邮 箱 cmpoir@cmhk.com进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 1 会议召开时间：2024年4月24日（星期三）14:30-17:00 会议召开地点：深圳证券交易所上市大厅 网址直播地址： （1）"互动易"平台"云访谈"栏目（https://irm.cninfo.com.cn/） （2）全景路演（https://rs.p5w.net/html/141739.shtml） 会议召开方式：现场交流、视频直播、网络文字互动 2、会议召开地点：深圳证券交易所上市大厅 3、网址直播地址： （1）"互动易"平台"云访谈"栏目（https://irm.cninfo.com.cn/） （2）全景路演（https://r ...

%% %% 公司研究丨点评报告丨招商积余（001914.SZ） [Table_Title] 主业稳健增长，降负债将进一步提振盈利 ——招商积余 2023 年报点评 分析师及联系人 SAC：S0490520040001 SAC：S0490520070001 SAC：S0490517110001 请阅读最后评级说明和重要声明 [Table_Title 主业稳健增长，降负债将进一步提振盈利 2] ——招商积余 2023 年报点评 1、公司物管利润率修复进度不及预期； 事件评论 丨证券研究报告丨 | --- | --- | |------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 积极市拓主业稳健增长，有息负债下降将进一步提振盈利。尽管去年毛利率行业性承压，但公 | | [Table_Author] 刘义 袁佳楠 赵智勇 SFC：BRP550 招商积余（001914.SZ） cjzq ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [12][8]. Core Insights - The company achieved a revenue of 15.63 billion yuan in 2023, representing a year-on-year growth of 19.99%. The net profit reached 736 million yuan, up 23.96% year-on-year [3][2]. - The property management segment generated 14.76 billion yuan in revenue, growing 18.03% year-on-year, driven by the expansion of existing projects and the addition of new ones [3]. - The company signed new contracts worth 4.04 billion yuan in 2023, with third-party project contracts accounting for 3.54 billion yuan, reflecting a year-on-year increase of 27.44% [4]. - The company has demonstrated strong market expansion capabilities, maintaining a high growth rate in its core property management business despite industry challenges [5]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 18.75 billion yuan in 2024, 21.94 billion yuan in 2025, and 25.23 billion yuan in 2026, with growth rates of 20%, 17%, and 15% respectively [2]. - **Net Profit Forecast**: Expected net profits are 897 million yuan in 2024, 1.08 billion yuan in 2025, and 1.26 billion yuan in 2026, with growth rates of 22%, 21%, and 16% respectively [2]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 0.85 yuan in 2024, 1.02 yuan in 2025, and 1.19 yuan in 2026 [2]. - **Valuation Ratios**: The Price-to-Earnings (P/E) ratio is projected to decrease from 15.4 in 2024 to 9.0 in 2026, indicating improving valuation attractiveness [2]. Business Development Highlights - The company has actively innovated in its platform value-added services, achieving sales of over 560 million yuan from procurement services and expanding its service offerings [5]. - The company has maintained strong collaboration with major clients, securing significant projects and expanding its operational scale [4]. - The asset management business has shown a robust recovery, with a revenue increase of 50.13% year-on-year, primarily due to a low base effect from the previous year [3].