股票研究 /[Table_Date] 2025.11.03 2025-11-03 营收利润双位数增长 招商积余(001914) ——招商积余 2025 年 3 季报点评 [Table_Industry] 房地产/金融 本报告导读： 营业收入与净利润实现双位数增长，三季度毛利率企稳；新签物管年度合同 30.2 亿 元，其中 92%为市场化拓展项目。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 15,627 | 17,172 | 19,335 | 21,778 | 24,173 | | (+/-)% | 20.0% | 9.9% | 12.6% | 12.6% | 11.0% | | 净利润(归母) | 736 | 840 | 941 | 1,089 | 1,207 | | (+/-)% | 24.0% | 14.2% | 12.0% | 15.6% | 10.9% | | 每股净收益(元) | 0.69 | 0 ...

Core Viewpoint - The company demonstrates steady revenue growth and operational efficiency, with a significant increase in professional value-added services offsetting short-term declines in platform value-added services [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved total operating revenue of 9.11 billion, a year-on-year increase of 16.17%, with property management revenue at 8.80 billion, up 16.8%, and asset management revenue at 310 million, up 5.9% [2]. - The net profit attributable to shareholders reached 470 million, reflecting an 8.9% year-on-year growth [2]. - The basic property management gross margin slightly improved by 0.61 percentage points, maintaining an advantage in the third-party non-residential sector [2]. Group 2: Contract and Revenue Breakdown - The company signed new annual contracts worth 1.76 billion in the first half of 2025, with third-party projects accounting for 90%, contributing 580 million from million-level projects [2]. - As of June 2025, non-residential basic property management revenue was 4.92 billion (up 6.1%), while residential basic property management revenue was 1.93 billion (up 12.2%), with both gross margins slightly increasing [2]. Group 3: Value-Added Services - The company focuses on high-stickiness and high-margin sectors such as home services, space resources, and real estate brokerage, with home services optimizing product categories and covering over 50 core cities [3]. - In the first half of 2025, platform value-added services and professional value-added services generated 230 million and 1.72 billion, respectively, with the former decreasing by 11.3% and the latter increasing by 86.8% [3]. Group 4: Asset Management - The company is advancing a differentiated asset appreciation strategy with its subsidiary managing 72 projects (including preparations) and a managed area of 3.97 million square meters, with a rental rate of 93% across various property types [3].