Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown stable growth in revenue and profit, with a focus on cost reduction and efficiency improvement. For the first three quarters of 2024, the company achieved operating revenue of 12.16 billion yuan, a year-on-year increase of 12.01%, and a net profit attributable to the parent company of 620 million yuan, up 4.19% year-on-year [5][8] - The company is expanding its residential business and has signed new contracts worth 2.909 billion yuan in property management, reflecting a year-on-year growth of 3.94%. The residential sector saw a significant increase in new contracts, with a year-on-year growth of 79% [6] - The company is actively managing its assets and exploring innovative service models, which has led to an increase in service coverage and customer engagement [7] Financial Summary - For the first three quarters of 2024, the company reported total assets of 19.046 billion yuan and net assets of 10.207 billion yuan. The gross profit margin was 11.31%, down 1.35 percentage points from the same period in 2023 [5][9] - The company’s operating profit for the first three quarters of 2024 was 829.27 million yuan, a 2.50% increase year-on-year, while the total profit was 833.89 million yuan, up 2.13% year-on-year [8] - The company’s earnings per share (EPS) for 2024 is projected to be 0.85 yuan, with a reasonable valuation range of 12.71 to 14.41 yuan based on a P/E ratio of 15-17 times [6][11]

证券代码：001914 证券简称：招商积余 公告编号：2024-52 招商局积余产业运营服务股份有限公司 第十届董事会第二十七次会议决议公告 会议经审议做出了如下决议： （一）审议通过了《关于公司拟延期履行部分承诺事项的议案》（5 票同意、 0 票反对、0 票弃权）。 公司在 2019 年重大资产重组期间，于 2019 年 9 月 6 日出具《中航善达股份 有限公司关于房地产业务的声明》（以下简称"《声明》"），对存量房地产开 发项目的后续安排作出了相关承诺。鉴于《声明》中关于完成衡阳中航城市花园 项目开发或处置工作的承诺事项目前仍在积极履行中，无法在原履行期限届满前 完成，董事会同意公司将上述承诺事项的履行期限由 2024 年 12 月 5 日延长 3 年 至 2027 年 12 月 5 日，延期后的承诺为："在 2027 年 12 月 5 日之前完成衡阳中 航城市花园项目的开发或处置工作"。 本次延期履行承诺事项涉及关联事项，因此董事会在审议该议案时，关联董 事吕斌、刘晔、陈海照、陈智恒、赵方、赵肖回避了对议案的表决，由非关联董 事章松新、陈英革、许遵武、林洪、KAREN LAI（黎明儿）进行表决。本议案 ...

一、监事会会议召开情况 招商局积余产业运营服务股份有限公司（以下简称"公司"）监事会 2024 年 11 月 4 日以电子邮件等方式发出召开公司第十届监事会第十三次会议的通知。 会议于 2024 年 11 月 8 日以通讯表决方式召开，应出席会议监事 5 人，实际出席 会议监事 5 人，分别为黄健、唐坚、熊静、张益利、余铭锴。本次会议的召集、 召开符合《公司法》及《公司章程》的有关规定，表决形成的决议合法、有效。 二、监事会会议审议情况 会议审议通过了《关于公司拟延期履行部分承诺事项的议案》（5 票同意、 0 票反对、0 票弃权）。 公司在 2019 年重大资产重组期间，于 2019 年 9 月 6 日出具《中航善达股份 有限公司关于房地产业务的声明》（以下简称"《声明》"），对存量房地产开 发项目的后续安排作出了相关承诺。鉴于《声明》中关于完成衡阳中航城市花园 项目开发或处置工作的承诺事项目前仍在积极履行中，无法在原履行期限届满前 完成，监事会同意公司将上述承诺事项的履行期限由 2024 年 12 月 5 日延长 3 年 至 2027 年 12 月 5 日，延期后的承诺为："在 2027 年 12 月 5 ...

证券代码：001914 证券简称：招商积余 公告编号：2024-53 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 招商局积余产业运营服务股份有限公司（原名"中航善达股份有限公司"， 以下简称"公司"）在2019年重大资产重组期间，于2019年9月6日出具《中航善 达股份有限公司关于房地产业务的声明》（以下简称"《声明》"），对存量房 地产开发项目的后续安排作出了相关承诺。鉴于《声明》中关于完成衡阳中航城 市花园项目（以下简称"衡阳项目"）开发或处置工作的承诺事项目前仍在积极 履行中，预计无法在原履行期限届满前完成，根据中国证监会《上市公司监管指 引第4号——上市公司及其相关方承诺》（以下简称"《指引》"）等相关规定， 从保护公司和全体股东的利益出发，公司拟将上述承诺事项的履行期限由2024年 12月5日延长3年至2027年12月5日。现将相关事项公告如下： 一、原承诺背景及具体内容 2019年，公司以发行股份购买资产的方式购买招商局蛇口工业区控股股份 有限公司（以下简称"招商蛇口"）及其一致行动人持有的招商局物业管理有 限公司100%股权。该次重大资产重组交易 ...

证券代码：001914 证券简称：招商积余 公告编号：2024-54 招商局积余产业运营服务股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2024年第三次临时股东大会。 2、股东大会的召集人：本公司董事会。 3、会议召开的合法、合规性：2024年11月8日，公司第十届董事会第二十 七次会议审议通过了《关于召开2024年第三次临时股东大会的议案》。本次股 东大会会议召开符合有关法律、行政法规、部门规章、规范性文件和公司章程 的规定。 4、会议召开的日期、时间： （1）现场会议时间：2024年11月28日14:30； （2）网络投票时间：2024年11月28日。 其中，通过深圳证券交易所交易系统进行网络投票的时间为2024年11月28 日9:15-9:25，9:30-11:30和13:00-15:00；通过互联网投票系统投票的时间为2024 年11月28日9:15-15:00期间的任意时间。 5、会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方式 召开 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a revenue of 12.0% growth year-on-year, reaching 12.16 billion yuan, and a net profit attributable to shareholders of 6.2 billion yuan, reflecting a 4.2% increase [2]. - The company has demonstrated stable growth despite pressure on gross margins, with effective cost control contributing to overall performance [2][3]. - The company is actively repurchasing shares, which enhances investor returns and reflects confidence in its future prospects [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 12.16 billion yuan, a 12.0% increase year-on-year, and a net profit of 6.2 billion yuan, up 4.2% [2]. - The gross margin decreased by 1.4 percentage points to 11.3%, with the property management segment's gross margin declining by 0.7 percentage points to 10.9% [2]. - The company managed a total area of 401 million square meters, marking a 20.4% increase, which supported steady growth in property management revenue [2]. Market Expansion - The company has maintained stable growth in market expansion, with a new annual contract amount of 2.91 billion yuan, reflecting a 4.2% increase [3]. - The company is focusing on both residential and non-residential sectors, with the residential segment seeing a significant market expansion, with new contracts increasing by 79% year-on-year [3]. Asset Management - The asset management business has become a significant source of cash flow and profit, managing 71 commercial projects with a total area of 4.02 million square meters [3]. - The sales revenue of managed commercial projects increased by 26.7% year-on-year, indicating strong operational performance [3]. Share Repurchase - The company plans to repurchase shares at a price not exceeding 14.90 yuan per share, with a total repurchase amount between 78 million and 156 million yuan, which is expected to boost market confidence [4]. - The proactive share repurchase is seen as a demonstration of the company's commitment to enhancing shareholder value and reflects its strong market position [4]. Future Outlook - The company is expected to continue its stable growth trajectory, with projected net profits of 7.9 billion yuan, 8.8 billion yuan, and 9.7 billion yuan for 2024, 2025, and 2026 respectively [4]. - The company is anticipated to benefit from reduced financial costs due to decreasing interest-bearing liabilities, which will further enhance profitability [4].

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].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the market [3]. Core Insights - The company reported a revenue of 12.16 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 12.01%. The net profit attributable to shareholders was 620 million yuan, with a growth of 4.19% year-on-year [3]. - The revenue growth was driven by a stable performance in property management and a diversified business layout. The company signed new annual contracts worth 2.909 billion yuan in the third quarter, showing steady growth in market expansion [3]. - The asset management business demonstrated strong operational capabilities, with a management area of 4.02 million square meters and a rental rate of 95% as of the end of the third quarter [3]. - The company is actively expanding its value-added services, including home services and rental sales, which have significantly improved service coverage [3]. - The company plans to repurchase shares using its own or raised funds, reflecting confidence in its future development [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 12.16 billion yuan, a year-on-year increase of 12.01%, and a net profit of 620 million yuan, up 4.19% year-on-year [3]. - The gross profit margin for the first three quarters was 11.31%, a decrease of 1.35 percentage points compared to the same period last year [3]. - The company forecasts revenues of 17.68 billion yuan, 19.84 billion yuan, and 21.65 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 806.86 million yuan, 909.03 million yuan, and 970.49 million yuan [6][9]. - The earnings per share (EPS) are projected to be 0.76 yuan, 0.86 yuan, and 0.92 yuan for the years 2024, 2025, and 2026, respectively [6][9]. - The price-to-earnings (PE) ratio is expected to decrease from 16.66 in 2023 to 12.63 by 2026, indicating a potentially more attractive valuation over time [6][9].

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].

Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Insights - The company achieved steady growth in performance, with a revenue of 12.16 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12%. The net profit attributable to shareholders was 620 million yuan, up 4.2% year-on-year [2][3]. - The gross profit margin for the first three quarters was 11.3%, a decrease of 1.4 percentage points year-on-year. The management expense ratio improved to 2.8%, down 0.6 percentage points year-on-year [3]. - The company has expanded its property management projects to 2,252, with a managed area of 401 million square meters. The new annual contract amount for market-oriented residential projects increased by 79% year-on-year [3]. - The board approved a share buyback plan, intending to repurchase shares at a price not exceeding 14.9 yuan per share, with a total amount between 78 million yuan and 156 million yuan [3]. Financial Summary - For the fiscal years 2024 to 2026, the expected earnings per share (EPS) are projected to be 0.75 yuan, 0.81 yuan, and 0.89 yuan, respectively. The current stock price corresponds to price-to-earnings (P/E) ratios of 14.9x, 13.8x, and 12.7x for the respective years [4][5]. - The company’s revenue is forecasted to grow from 15.63 billion yuan in 2023 to 21.66 billion yuan in 2026, with year-on-year growth rates of 20% in 2023, 13% in 2024, and gradually declining thereafter [5][9]. - The net profit is expected to increase from 736 million yuan in 2023 to 938 million yuan in 2026, with a year-on-year growth rate of 24% in 2023 and 8.3% in 2024 [5][9]. - The company maintains a debt ratio of 45.6% and a return on equity (ROE) projected to rise from 7.5% in 2023 to 8.0% in 2026 [5][9].