招商积余：费用优化显著，外拓彰显功力

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [8]. Core Insights - The company has shown significant cost optimization and effective external expansion, achieving a revenue of 12.16 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 12.01% [1]. - The net profit attributable to the parent company for the same period reached 6.20 billion yuan, with a year-on-year increase of 4.19% [1]. - The company has successfully increased its managed area to 4.01 million square meters, a 20.42% increase compared to the previous year [1]. Financial Performance Summary - Revenue Forecast: The company's revenue is projected to grow from 15.63 billion yuan in 2023 to 22.95 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 12% [1][5]. - Net Profit Forecast: The net profit is expected to rise from 736 million yuan in 2023 to 1,027 million yuan in 2026, reflecting a steady growth trajectory [1][5]. - Earnings Per Share (EPS): EPS is forecasted to increase from 0.69 yuan in 2023 to 0.97 yuan in 2026 [1][6]. - Profitability Ratios: The return on equity (ROE) is projected to improve from 7% in 2023 to 9% in 2026, indicating enhanced profitability [1][5]. Operational Efficiency - The company has improved its cost control measures, resulting in a decrease in sales expense ratio to 0.46% and management expense ratio to 2.83% in the first three quarters of 2024 [1]. - The gross margin has slightly declined to 11.31% due to external market pressures, but overall cost management has led to improved operational efficiency [1]. Market Position and Strategy - The company has successfully expanded into previously less-explored sectors, achieving rapid growth despite a contracting market environment [1]. - The asset management business continues to expand, with a significant increase in the number of managed projects, reflecting the company's strategic focus on diversifying its revenue streams [1].