招商积余（001914）：营收利润双位数增长，市场拓展持续发力

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a revenue of 13.942 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 14.65%, while the net profit attributable to shareholders was 686 million yuan, up 10.71% year-on-year [3][4] - The growth in net profit was slightly lower than revenue growth due to a decrease in investment income and the absence of previous year's asset sales that generated gains [4] - The gross profit margin improved by 0.24 percentage points to 11.55% compared to the same period last year [4] Revenue and Profit Growth - The company reported a revenue of 13.942 billion yuan for the first three quarters of 2025, with a year-on-year increase of 14.65% [4] - The net profit attributable to shareholders reached 686 million yuan, reflecting a year-on-year growth of 10.71% [4] - The decline in investment income was noted, with net investment income of 6.1456 million yuan, down 50.57% from the previous year [4] Property Management and Market Expansion - As of September 2025, the company managed 2,410 property projects, a year-on-year increase of 7.02%, with a management area of 367 million square meters, down 8.48% [5] - The new annual contract amount for property management business was 3.023 billion yuan, up 3.92% year-on-year, with market-oriented projects accounting for 91.99% [5] - The company is focusing on diversifying its business and expanding into residential sectors, with a 38% year-on-year increase in new contracts for market-oriented residential projects [5] Asset Management Performance - The company managed 72 commercial projects as of September 2025, with a management area of 3.97 million square meters, a slight decrease of 1.27% [6] - The overall occupancy rate of the properties held by the company was stable at 94%, remaining largely unchanged year-on-year [6] - The company aims to enhance operational service quality and improve tenant structure to support steady business growth [6] Investment Recommendations - The company benefits from its backing by the China Merchants Group, with a growing property management business and diversified operations [7] - Projected net profits for 2025, 2026, and 2027 are estimated at 938 million yuan, 1.037 billion yuan, and 1.121 billion yuan, respectively, with corresponding PE ratios of 12.88X, 11.65X, and 10.77X [7]