招商积余（001914）：业绩稳增，质效并进

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].