招商积余：业绩稳增，费用改善，回购彰显信心

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [5][8]. Core Insights - The company has shown steady growth in its performance, with a 12% year-on-year increase in revenue for Q1-Q3 2024, reaching 12.16 billion yuan, and a 4.2% increase in net profit, totaling 620 million yuan [5][9]. - The company has demonstrated continuous improvement in its expense ratios, with a total expense ratio of 3.5%, down 1.0 percentage points year-on-year, reflecting ongoing cost management efforts [5]. - A recent stock buyback announcement reflects the company's confidence in its future growth and long-term value [5][8]. Financial Performance Summary - As of Q3 2024, the company managed a total area of 4.01 million square meters, marking a 20% year-on-year increase, with new annual contract signings of 2.91 billion yuan, up 4.3% year-on-year [6]. - The company's commercial management area reached 402,000 square meters, with a 17.3% increase in commercial operation revenue for H1 2024, totaling 70 million yuan [7]. - The projected earnings per share for 2024-2026 are adjusted to 0.76, 0.85, and 0.95 yuan respectively, reflecting a slight downward revision due to increased industry competition [8][9]. Revenue and Profit Forecast - The total revenue forecast for 2024 is 17.215 billion yuan, with a year-on-year growth rate of 10.2%, and net profit is expected to reach 810 million yuan, reflecting a 10.1% increase [9][10]. - The company’s gross margin is projected to stabilize around 11.4% for 2024, with a gradual improvement expected in subsequent years [9]. Market Position and Strategy - The company is strategically focused on property management and asset management, leveraging its strong resource base and market expansion capabilities to maintain leadership in the property management sector [8]. - Continuous optimization of organizational structure and cost reduction measures are anticipated to enhance profitability and support high-quality growth [8].