Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The report emphasizes the improvement in quality and efficiency, highlighting the company's commitment to shareholder returns and the potential for valuation premium as a leading player in the industry [2][6]. - The property management business is operating steadily with stable market expansion, and the company has seen a notable increase in gross profit margin and a decrease in expense ratios, enhancing profitability [2][6]. - The company has proactively increased its dividend payout ratio and engaged in share buybacks, which boosts market confidence and reflects its responsibilities as a central enterprise [2][6]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 17.17 billion yuan (up 9.9%) and a net profit attributable to shareholders of 840 million yuan (up 14.2%), with a non-recurring net profit of 800 million yuan (up 21.1%) [6]. - The gross profit margin improved by 0.4 percentage points to 12.0%, with the property management segment's margin increasing to 10.5% [10]. Market Expansion - As of the end of 2024, the company managed an area of 365 million square meters (up 5.8%), contributing to a year-on-year revenue increase of 11.72% in the property management segment [10]. - The company signed new annual contracts worth 4.03 billion yuan (down 0.4%), with third-party expansion contracts increasing by 4.4% [10]. Shareholder Returns - The company has reduced accounts receivable by 4.4% to 2.19 billion yuan and has prioritized shareholder returns with cash dividends of 254 million yuan, achieving a dividend payout ratio of 30.2% [10]. - The total dividend payout ratio, including buybacks, reached 31.4%, showcasing the company's commitment to its shareholders [10]. Future Outlook - The company expects steady growth in management scale and revenue driven by both internal and external expansion, with significant potential for further quality and efficiency improvements [10]. - Forecasted net profits for 2025, 2026, and 2027 are 940 million yuan, 1.05 billion yuan, and 1.17 billion yuan, respectively, with corresponding valuations of 13.3X, 12.0X, and 10.8X [10].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 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，年度新签约合同额维持较高水平。截至2024年末，公司总在管面积3.65亿平，在管项目 229 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【建筑建材】文旅或是人形机器人的最先落地场景——建筑建材行业跟踪报告 人形机器人 已从实验室走向初步商业化应用，正处于专用场景落地加速、通用场景探索突破的关键阶段。 一是公共服务领域，机器人已用于展览表演、迎宾接待、高危环境巡检等场景。 二是工业制造领域，异构 人形机器人在上海张江的训练场中，已能执行倒饮料、叠衣服等任务，未来可扩展至工业分拣、医疗辅助 等场景。 （何缅南/韦勇强） 2025-03-19 （孙伟风） 2025- 03-19 您可点击今日推送内容的第1条查看 【电子】半导体材料市场景气上行，各领域头部企业受益于国产化浪潮——半导体材料系列报告之三 半导体材料市场逐步回暖，行业维持景气上行。人工智能驱动需求推 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][6] Core Views - The company achieved a revenue of 17.172 billion yuan in 2024, representing a year-on-year growth of 9.89%, and a net profit attributable to shareholders of 840 million yuan, which is a 14.24% increase year-on-year [4][6] - The increase in net profit outpaced revenue growth due to improved gross margins and effective cost control [4][6] - The property management business showed steady growth, with a revenue of 13.401 billion yuan, up 10.63% year-on-year, and the company managed 2,296 properties across 162 cities [4][6] Financial Performance Summary - The company reported a basic earnings per share (EPS) of 0.79 yuan, with a cash dividend of 2.4 yuan per 10 shares [4][6] - The gross margin for 2024 was 11.96%, an increase of 0.40 percentage points from the previous year, primarily driven by a rise in the property management business's gross margin [4][6] - Operating cash flow reached 1.836 billion yuan, reflecting a year-on-year growth of 1.10% [4][6] Future Financial Projections - Projected revenues for 2025, 2026, and 2027 are 18.913 billion yuan, 20.403 billion yuan, and 21.755 billion yuan, respectively, with corresponding growth rates of 10.14%, 7.88%, and 6.62% [5][8] - The forecasted net profit for the same years is 937 million yuan, 1.044 billion yuan, and 1.133 billion yuan, with profit growth rates of 11.51%, 11.42%, and 8.51% [5][8] - The projected EPS for 2025, 2026, and 2027 is 0.88 yuan, 0.98 yuan, and 1.07 yuan, respectively [5][8]

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][3][8] - The overall gross margin increased by 0.4 percentage points to 12.0% in 2024, with the property management business gross margin also rising by 0.4 percentage points to 10.5% [1][8] - The company has shown significant cost reduction and efficiency improvement, 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] Financial Performance Summary - 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 company signed new annual contracts worth 4.03 billion yuan in 2024, with third-party projects accounting for 3.69 billion 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] Earnings Forecast and Financial Indicators - The company’s projected revenues for 2025 and 2026 are 19 billion yuan and 20.76 billion yuan, respectively, with net profits expected to be 919 million yuan and 1.016 billion yuan [4][15] - The earnings per share (EPS) for 2025 and 2026 are forecasted to be 0.87 yuan and 0.96 yuan, with corresponding price-to-earnings (PE) ratios of 14.0 and 12.7 [3][4] - The company’s return on equity (ROE) is projected to increase from 8.1% in 2024 to 8.9% by 2027 [4][15]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][18]. Core Views - The company achieved a revenue of 17.172 billion yuan in 2024, representing a year-on-year growth of 9.89%. The net profit attributable to the parent company was 840 million yuan, up 14.24% year-on-year, with basic earnings per share of 0.79 yuan, also reflecting a 14.24% increase [1][2]. Revenue and Profitability - The property management business generated revenue of 16.487 billion yuan, growing by 11.72% year-on-year. The basic property management revenue increased by 10.63%, while platform value-added services and professional value-added services saw changes of -8.22% and +23.77%, respectively [2]. - The gross profit margin for 2024 was 11.96%, an increase of 0.4 percentage points from 2023. The gross profit margins for basic property management, platform value-added, and professional services were 10.67%, 10.51%, and 9.23%, respectively [2]. Cost Management - The company improved its cost management, with sales, management, and financial expense ratios changing to 0.67%, 3.5%, and 0.17%, respectively. The financial expense ratio showed significant optimization due to improved capital turnover efficiency [2]. Dividend Policy - The company proposed a cash dividend of 2.4 yuan per 10 shares, raising the cash dividend payout ratio to 30.25% [2]. Project Expansion - As of 2024, the company managed 2,296 projects, an increase of 195 from the end of 2023, with a managed area of 365 million square meters, up 5.80% year-on-year. The new annual contract amount reached 4.029 billion yuan, remaining stable compared to 2023 [3][4]. Asset Management - The asset management business generated revenue of 670 million yuan, a decrease of 4.03% year-on-year. The commercial operation business managed 70 commercial projects, with a managed area of 3.93 million square meters, and saw a 30% increase in sales [4]. Financial Forecast - The company forecasts net profits attributable to the parent company of 922 million yuan, 1.078 billion yuan, and 1.188 billion yuan for 2025, 2026, and 2027, respectively [4][5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company achieved a revenue of 17.172 billion yuan in 2024, representing a year-on-year increase of 9.89%. The net profit attributable to shareholders was 840 million yuan, up 14.24% year-on-year, with basic earnings per share of 0.79 yuan, also up 14.24% [1][2]. Revenue and Profitability - The property management business generated revenue of 16.487 billion yuan, a year-on-year increase of 11.72%. The gross margin for the property management business improved to 11.96%, up 0.4 percentage points from 2023 [2][4]. - The company plans to distribute a cash dividend of 2.4 yuan per 10 shares, raising the cash dividend ratio to 30.25% [2]. Business Expansion and Contracts - As of 2024, the company managed 2,296 projects, an increase of 195 projects from the end of 2023, with a managed area of 365 million square meters, up 5.80% [3]. - The new annual contract amount reached 4.029 billion yuan, remaining stable compared to 2023, with significant contributions from third-party contracts and various new projects [3]. Financial Forecasts - The company forecasts net profits of 922 million yuan in 2025, 1.078 billion yuan in 2026, and 1.188 billion yuan in 2027, reflecting a positive growth trajectory [4][12]. - The projected revenue growth rates for the next few years are 10.05% in 2025, 11.80% in 2026, and 10.89% in 2027 [5][12]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 15.33 in 2024 to 10.84 in 2027, indicating potential value appreciation [5][12]. - The price-to-book (P/B) ratio is expected to decline from 1.24 in 2024 to 0.99 in 2027, suggesting an attractive valuation [5][12]. Market Position - The company benefits from its affiliation with the China Merchants Group, which provides a strong support network for project delivery and business expansion [4]. - The company has shown resilience in performance, supported by improved profitability in its core property management segment [4].

Core Viewpoint - The annual report of China Merchants Jin Yu (招商积余) for 2024 shows a dual increase in revenue and profit, highlighting effective cost reduction and efficiency improvement strategies amid digital transformation challenges [1][3]. Financial Performance - In 2024, the company achieved a revenue of 17.172 billion yuan, a year-on-year increase of 9.89% [1][3]. - The net profit attributable to shareholders reached 840 million yuan, reflecting a growth of 14.24% [1][3]. - The overall gross profit margin improved to 11.96%, up by 0.4 percentage points from the previous year [1]. - The basic earnings per share were 0.7927 yuan, also showing a 14.24% increase [1]. Cash Flow and Receivables Management - The net cash flow from operating activities was approximately 1.836 billion yuan, a 1.10% increase year-on-year [1]. - Accounts receivable decreased by 4.36% to about 2.193 billion yuan, indicating improved collection capabilities [1][5]. - Cash and cash equivalents at the end of 2024 amounted to approximately 4.572 billion yuan, up by 5.73% [1]. Business Segments - The core business segment, basic property management services, generated revenue of 13.401 billion yuan, a 10.63% increase, accounting for 78% of total revenue [3][4]. - The gross margin for basic property management services rose to 10.67%, an increase of 1.91 percentage points [3]. - The asset management segment faced challenges, with revenue declining by 4.03% to 670 million yuan and gross margin dropping from 50.74% to 48.06% [4]. Market Expansion and Contracts - The company signed new annual contracts worth 4.029 billion yuan, with third-party contracts contributing 3.693 billion yuan [6]. - Non-residential property management accounted for 72% of basic property management revenue, with a revenue increase of 9.56 million yuan [4][6]. - The company managed 2,296 projects across 162 cities, covering a total area of 365 million square meters by the end of 2024 [5]. Cost Reduction and Efficiency Improvement - The company reduced its workforce from 43,263 to 41,531 employees, a decrease of 1,732 [7]. - Management, research and development, and financial expenses saw significant reductions, saving approximately 570 million yuan in total [7]. - Research and development investment dropped to 78.15 million yuan, a decrease of 20.98%, constituting only 0.45% of revenue [7]. Digital Transformation and Leadership Changes - The new general manager, Chen Zhiheng, is expected to drive digital transformation initiatives, focusing on enhancing operational efficiency through technology [8][9]. - The company aims to leverage digital tools to optimize marketing and operational processes, aligning with its strategic direction of "full-scenario service + technological development" [9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company achieved a revenue of 17.172 billion yuan in 2024, representing a year-on-year increase of 9.89%. The net profit attributable to shareholders was 840 million yuan, up 14.24% year-on-year, with basic earnings per share of 0.79 yuan, also reflecting a 14.24% increase [1][2]. Revenue and Profitability - The property management business generated revenue of 16.487 billion yuan, growing by 11.72% year-on-year. The basic property management segment saw a revenue increase of 10.63%, while platform value-added services and professional value-added services experienced declines of 8.22% and growth of 23.77%, respectively [2]. - The gross profit margin for 2024 was 11.96%, an improvement of 0.4 percentage points from 2023. The gross profit margins for basic property management, platform value-added, and professional services were 10.67%, 10.51%, and 9.23%, respectively [2]. Cost Management - The company improved its cost management, with sales, management, and financial expense ratios changing to 0.67%, 3.5%, and 0.17%, respectively. The financial expense ratio showed significant optimization due to enhanced capital turnover efficiency [2]. Dividend Policy - The company proposed a cash dividend of 2.4 yuan per 10 shares, raising the cash dividend payout ratio to 30.25% [2]. Project Expansion - As of 2024, the company managed 2,296 projects, an increase of 195 from the end of 2023, covering an area of 365 million square meters, up 5.80% year-on-year. The new annual contract amount reached 4.029 billion yuan, remaining stable compared to 2023 [3][4]. Asset Management Performance - The asset management business generated revenue of 670 million yuan, a decrease of 4.03% year-on-year. The commercial operation business managed 70 projects with a management area of 3.93 million square meters, achieving a 30% increase in sales year-on-year [4]. Financial Forecast - The company forecasts net profits of 922 million yuan, 1.078 billion yuan, and 1.188 billion yuan for 2025, 2026, and 2027, respectively, indicating a positive growth trajectory [4].

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]