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].

报告原因：有业绩公布需要点评 买入（维持） 上 市 公 司 房地产 2025 年 03 月 17 日 招商积余 (001914) ——降本增效、效益导向，业绩表现靓眼 陈鹏 (8621)23297818× chenpeng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点： | 市场数据： | 2025 年 03 月 14 日 | | --- | --- | | 收盘价（元） | 10.84 | | 一年内最高/最低（元） | 13.59/8.16 | | 市净率 | 1.1 | | 息率（分红/股价） | 1.57 | | 流通 A 股市值（百万元） | 11,494 | | 上证指数/深证成指 | 3,419.56/10,978.30 | | 注："息率"以最近一年已公布分红计算 | | 财务数据及盈利预测 | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 9.83 | | 资产负债率% | 44.56 | | 总股本/流通 A 股（百万） | 1,060/1,060 | | 流通 B 股/H 股（百万） ...

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, ...

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。 ...

Financial Performance - The company's operating revenue for 2024 reached ¥17,172,299,022.77, representing a 9.89% increase compared to ¥15,626,679,038.60 in 2023[6]. - Net profit attributable to shareholders for 2024 was ¥840,498,776.86, a 14.24% increase from ¥735,729,811.25 in 2023[6]. - The net profit after deducting non-recurring gains and losses was ¥798,836,393.11, up 21.12% from ¥659,540,078.25 in 2023[6]. - The net cash flow from operating activities for 2024 was ¥1,836,403,235.25, a slight increase of 1.10% from ¥1,816,416,285.48 in 2023[6]. - Basic earnings per share for 2024 were ¥0.7927, reflecting a 14.24% increase from ¥0.6939 in 2023[6]. - Total assets at the end of 2024 amounted to ¥19,066,728,233.48, a 2.49% increase from ¥18,604,057,638.04 at the end of 2023[6]. - Net assets attributable to shareholders increased by 6.76% to ¥10,418,968,857.12 at the end of 2024, compared to ¥9,759,358,937.12 at the end of 2023[6]. - The company reported a quarterly revenue of ¥5,012,222,552.42 in Q4 2024, contributing to a total annual revenue growth[6]. - The company achieved a new annual contract value of 3.693 billion yuan for third-party contracts in 2024, with innovative market expansion strategies contributing 560 million yuan to this total[48]. - The company reported a total revenue of 1.2 billion CNY for 2023, representing a year-on-year increase of 15%[171]. Dividend Distribution - The company plans to distribute a cash dividend of 2.40 RMB per 10 shares to all shareholders, based on a total share capital of 1,059,350,260 shares as of March 13, 2025[5]. - The cash dividend distribution plan was approved at the shareholders' meeting held on June 25, 2024[179]. - The company’s total distributable profit at the end of 2024 was RMB 3,271,399,733.38[183]. Business Strategy and Market Position - The company focuses on property management and asset management as its core business areas, following a strategic shift from diversified operations to a concentration on real estate development[21]. - The company aims to become a leading property asset management operator in China, following the acquisition of 100% equity in China Merchants Property Management[21]. - The company is actively pursuing market expansion strategies, including the development of new service offerings and technology enhancements in property management[16]. - The company has established a systematic mechanism for cost reduction and efficiency improvement to enhance resource allocation effectiveness[124]. - The company plans to enhance its operational capabilities by focusing on three core areas: improving profitability, optimizing business structure, and implementing precise cost control measures[124]. - The company aims to build a diversified community service ecosystem to increase non-core property service revenue[124]. - The company anticipates that the demand for community care services will grow due to an aging population, expanding the boundaries of property value-added services[123]. Risk Management - The company has identified potential risks in its future development plans and has outlined corresponding mitigation measures in its management discussion[4]. - The company emphasizes the importance of risk awareness among investors regarding its future plans and forecasts[4]. - The company faces risks including increased market uncertainty, intensified industry competition, and challenges in innovating new business models[120]. - The property management industry is transitioning from growth to a competitive environment, with a slowdown in industry growth and heightened competition[122]. Operational Efficiency and Digital Transformation - The company is focusing on digital transformation and has completed the establishment of a financial data exchange center to improve financial management and operational efficiency[102]. - The company aims to enhance operational efficiency through the implementation of a multi-tenant platform, which has already integrated three business systems and 15 business segments[101]. - The company has completed digital transformation across 10 major business scenarios, enhancing operational management through data integration[82]. - The company is committed to digital transformation to enhance operational efficiency and create a smart property ecosystem[124]. Corporate Governance and Management Changes - The company has experienced changes in its board of directors and senior management during the reporting period, as detailed in the report[142]. - 聂黎明 resigned as Chairman of the Board on April 30, 2024, due to work relocation[143]. - Lu Bin was elected as the new Chairman of the Board on May 6, 2024[143]. - The company plans to enhance its operational efficiency through strategic management adjustments and leadership changes[148]. - The company is focusing on expanding its market presence and improving governance through the appointment of experienced board members[149]. Environmental and Social Responsibility - The company actively promotes low-carbon transformation and sustainable development, aligning with the "dual carbon" strategic goals[197]. - The company has implemented energy management platforms for real-time monitoring and analysis, contributing to reduced energy consumption and carbon emissions[198]. - The company has established a comprehensive environmental governance system, ensuring compliance with national environmental laws and regulations[197]. - The company has launched the "Green Rattan Action" brand campaign to raise environmental awareness and promote low-carbon living among the public[199]. Employee Development and Human Resources - The total number of employees at the end of the reporting period was 41,531, with 38,782 in production roles[176]. - The company implemented a training program aimed at developing over 800 young leaders and key backup talents in 2024[177]. - The company has established a multi-level salary system to attract and retain core talent, focusing on performance and value creation[176]. - The company has no retired employees requiring pension expenses, indicating a focus on a younger workforce[176]. Internal Control and Compliance - The company reported no significant internal control deficiencies in financial reporting as of December 31, 2024[188]. - The company maintains effective internal controls in all significant aspects according to the internal control evaluation report[188]. - The company has not reported any significant deficiencies in the management control of subsidiaries during the reporting period[189]. - The board's decisions have been made with a focus on protecting the legal rights of the company and all shareholders[168].

人民财讯3月16日电，招商积余3月16日晚间发布2024年年报，营业收入171.7亿元， 同比增9.89%；净 利润8.41亿元，同比增14.24%；基本每股收益0.7927元，拟向全体股东每10股派发现金红利2.40元（含 税）。 ...

内部控制审计报告 毕马威华振审字第 2501087 号 关于招商局积余产业运营服务股份有限公司 内部控制审计报告 2024 年 12 月 31 日 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告（续） 招商局积余产业运营服务股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，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"贵公司"）2024 年 12 月 31 日 的财务报告内部控制的有效性。 一、 企业对内部控制的责任 ...

关于招商局积余产业运营服务股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项说明 2024 年 12 月 31 日 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 我们接受委托，按照中国注册会计师审计准则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"）2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司资 产负债表，2024 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 ...