[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 招商积余（001914）公司年报点评 2025 年 03 月 18 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 17日收盘价（元）] 11.92 | | --- | | 52 周股价波动（元） 8.16-13.59 | | 总股本/流通 A 股（百万股） 1060/1060 | | 总市值/流通市值（百万元） 12639/12639 | | 相关研究 | | [Table_ReportInfo] 《收入利润稳定增长，规模拓展井然有序》 | | 2024.11.13 | | 《经营业绩平稳发展，压降负债费用下行》 | | 2024.09.03 | | 《收入利润稳健增长，业务条线有序发展》 | | 2024.05.09 | | 市场表现 | [Table_Summary] 投资要点： [Table_QuoteInfo] -22.48% -11.48% -0.48% 10.52% 21.52% 32.52% 2024/3 2024/6 2024/9 2024/1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 17.17 billion yuan in 2024, representing a year-on-year growth of 9.9%, and a net profit attributable to shareholders of 840.5 million yuan, which is a 14.2% increase year-on-year [8] - The property management business saw revenue and gross margin improvements, with property management revenue reaching 16.49 billion yuan, up 11.7% year-on-year, while the asset management business revenue decreased by 4.0% to 670 million yuan [8] - The company continues to deepen its focus on non-residential sectors, with non-residential revenue accounting for 58.6% of the property management business [8] Summary by Sections Financial Performance - The company forecasts total revenue for 2025 to be 18.82 billion yuan, with a net profit of 939.13 million yuan, and an EPS of 0.89 yuan [1][9] - The gross margin for the property management business improved to 10.5%, with a comprehensive gross margin of 11.9%, an increase of 0.4 percentage points year-on-year [8] Business Development - As of the end of 2024, the company managed 2,296 projects, an increase of 195 projects year-on-year, with a managed area of 365 million square meters, up 5.8% [8] - The company signed new annual contracts worth 4.03 billion yuan, with a core client renewal rate of 96% [8] Asset Management - The company managed 70 commercial projects, with a total leasable area of 469,000 square meters and an overall occupancy rate of 95% [8] - The sales revenue of managed commercial projects increased by 30% year-on-year, with foot traffic up by 34% [8] Profitability Forecast - The company expects net profits to be 1.04 billion yuan in 2026 and 1.14 billion yuan in 2027, with corresponding EPS of 0.98 yuan and 1.08 yuan respectively [1][9]

2024 年报点评：利润率现金流双改善，业务 提质增效稳健发展 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15627 | 17172 | 18821 | 20534 | 22361 | | 同比（%） | 19.99 | 9.89 | 9.60 | 9.10 | 8.90 | | 归母净利润（百万元） | 735.73 | 840.50 | 939.13 | 1,039.26 | 1,143.76 | | 同比（%） | 23.96 | 14.24 | 11.73 | 10.66 | 10.05 | | EPS-最新摊薄（元/股） | 0.69 | 0.79 | 0.89 | 0.98 | 1.08 | | P/E（现价&最新摊薄） | 15.62 | 13.68 | 12.24 | 11.06 | 10.05 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved double growth in revenue and profit, with new expansion scale remaining stable while improving quality. The forecast for net profit for 2025-2027 is adjusted to 919 million, 1.081 billion, and 1.222 billion yuan respectively, with corresponding EPS of 0.87, 1.02, and 1.15 yuan. The current stock price corresponds to PE ratios of 13.8, 11.7, and 10.3 times for the respective years. The trend of profit recovery is evident due to business structure adjustments and cost reduction measures, indicating potential for continued performance release in the future [5][6][9]. Financial Performance - In 2024, the company achieved revenue of 17.172 billion yuan, a year-on-year increase of 9.89%, with property management business revenue accounting for 96% and growing by 11.72%. The net profit attributable to the parent company was 840 million yuan, up 14.24% year-on-year, and the net cash flow from operating activities was 1.836 billion yuan, an increase of 1.10% [6][9]. - The gross margin and net margin were 11.96% and 5.06%, respectively, reflecting increases of 0.4 percentage points and 0.34 percentage points year-on-year. Profit growth was driven by improved gross margins in core businesses and a reduction in expense ratios [6][9]. Business Segments - **Core Property Management**: Revenue reached 13.401 billion yuan, up 10.63% year-on-year, with a gross margin increase of 1.9 percentage points to 10.67%. The managed area reached 365 million square meters, a year-on-year increase of 5.8%, with a core customer renewal rate of 96% [7]. - **Platform Value-Added Services**: Revenue was 536 million yuan, down 8.22% year-on-year, with a gross margin increase of 2.0 percentage points to 10.51%. The transaction volume on the platform exceeded 1.1 billion yuan, with a penetration rate of over 30% for home services in Guangzhou [7]. - **Professional Value-Added Services**: Revenue was 2.551 billion yuan, up 23.77% year-on-year, but the gross margin decreased by 8.6 percentage points to 9.23% [7]. Financial Summary and Projections - The company forecasts revenue growth of 11.8% in 2025, followed by 9.6% in 2026 and 9.0% in 2027. The net profit growth rates are projected at 9.3%, 17.6%, and 13.1% for the respective years [9][11]. - Key financial ratios include a gross margin of 12.0% in 2025, a net margin of 4.8%, and a return on equity (ROE) of 8.3% [9][11]. Market Position - The company is positioned to benefit from ongoing structural adjustments and cost efficiency measures, which are expected to enhance profitability and market competitiveness in the property management sector [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.56 yuan for the next six months [5][12]. Core Insights - The company achieved a revenue of 17.172 billion yuan in 2024, representing a year-on-year growth of 9.9%. The net profit attributable to shareholders reached 840 million yuan, up 14.2% year-on-year. The growth rate of net profit outpaced revenue growth due to improved profitability and effective cost control [1][3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 17.172 billion yuan, a 9.9% increase from the previous year. The net profit attributable to shareholders was 840 million yuan, reflecting a 14.2% growth. The net profit growth rate exceeded revenue growth primarily due to enhanced profitability, with a gross margin of 12.0%, up 0.4 percentage points year-on-year, and a decrease in expense ratio to 4.3%, down 0.5 percentage points [1][3][4]. Business Operations - The company managed 2,296 projects with a total managed area of 365 million square meters by the end of 2024, an increase of 20 million square meters from the previous year. The new contract amount signed during the year was 4.03 billion yuan, with significant contributions from non-residential sectors such as government public construction, parks, healthcare, transportation, and high-end manufacturing [1][4][19]. Service Segments - The basic property management segment generated a revenue of 13.4 billion yuan, up 10.6% year-on-year. The non-residential segment achieved a revenue of 9.67 billion yuan, growing 11.0%, while the residential segment reported a revenue of 3.73 billion yuan, a 9.7% increase. The company also saw strong growth in value-added services, with total revenue from these services reaching 3.09 billion yuan, a 16.7% increase [4][11]. Future Projections - The company forecasts earnings per share (EPS) of 0.91, 1.03, and 1.16 yuan for 2025, 2026, and 2027 respectively. The report suggests a price-to-earnings (P/E) ratio of 16 times for 2025, leading to an adjusted target price of 14.56 yuan [12][13].

招商积余（001914.SZ） 收入利润保持双增，新拓规模稳中提质 2025 年 03 月 17 日 投资评级：买入（维持） | 日期 | 2025/3/17 | | --- | --- | | 当前股价(元) | 11.92 | | 一年最高最低(元) | 13.59/8.16 | | 总市值(亿元) | 126.39 | | 流通市值(亿元) | 126.39 | | 总股本(亿股) | 10.60 | | 流通股本(亿股) | 10.60 | | 近 3 个月换手率(%) | 39.22 | 公 司 信 息 更 新 报 告 股价走势图 房地产/房地产服务 招商积余发布 2024 年年报，公司全年营收利润双增长，新拓规模基本持平。受 房地产销售下行、物管行业新拓竞争加剧影响，我们下调 2025-2026 年并新增 2027 年盈利预测，预计 2025-2027 年归母净利润分别为 9.19、10.81、12.22 亿元 （2025-2026 年原值为 9.20、10.83 亿元），EPS 分别为 0.87、1.02、1.15 元，当 前股价对应 PE 为 13.8、11.7、10.3 倍，伴随业务结构调整 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has achieved double growth in revenue and profit, with new expansion scale remaining stable while improving quality. The forecast for net profit for 2025-2027 has been adjusted to 919 million, 1.081 billion, and 1.222 billion yuan respectively, with corresponding EPS of 0.87, 1.02, and 1.15 yuan. The current stock price corresponds to a PE ratio of 13.8, 11.7, and 10.3 times for the respective years. The profitability is expected to recover due to business structure adjustments and cost reduction measures, indicating a positive outlook for future performance [5][6][9]. Financial Performance - In 2024, the company achieved revenue of 17.172 billion yuan, a year-on-year increase of 9.89%, with property management revenue accounting for 96% and growing by 11.72%. The net profit attributable to the parent company was 840 million yuan, up 14.24% year-on-year, and the net profit after deducting non-recurring gains and losses increased by 21.12%. The operating cash flow was 1.836 billion yuan, a 1.10% increase year-on-year. The gross margin and net margin were 11.96% and 5.06%, respectively, reflecting increases of 0.4 percentage points and 0.34 percentage points year-on-year [6][9]. Business Segments - **Basic Property Management**: Revenue reached 13.401 billion yuan, up 10.63% year-on-year, with a gross margin increase of 1.9 percentage points to 10.67%. The managed area reached 365 million square meters, a 5.8% increase year-on-year, with a core customer renewal rate of 96%. New contracts signed amounted to 4.029 billion yuan, remaining stable year-on-year, with third-party new contracts accounting for 92% and market-oriented residential contracts increasing by 47% [7]. - **Platform Value-Added Services**: Revenue was 536 million yuan, down 8.22% year-on-year, with a gross margin increase of 2.0 percentage points to 10.51%. The transaction volume on the platform exceeded 1.1 billion yuan, with a penetration rate of over 30% for home services in Guangzhou [7]. - **Professional Value-Added Services**: Revenue reached 2.551 billion yuan, a year-on-year increase of 23.77%, but the gross margin decreased by 8.6 percentage points to 9.23% [7]. Asset Management - The asset management revenue for 2024 was 670 million yuan, down 4.03% year-on-year, with a gross margin decrease of 2.7 percentage points to 48.1%. The company managed 70 commercial projects with a managed area of 3.93 million square meters, achieving a 30% year-on-year increase in sales and a 34% increase in foot traffic [8].

Investment Rating - The report maintains a "Buy" rating for the company [2][6] 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, up 14.2% year-on-year, slightly exceeding market expectations [6][7] - The company's gross margin improved to 12.0%, an increase of 0.4 percentage points, attributed to ongoing cost reduction and efficiency enhancement measures [6][7] - The company plans to distribute a cash dividend of 0.24 yuan per share, totaling 254 million yuan, which accounts for 31.4% of the net profit attributable to shareholders [6][7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 15.63 billion yuan - 2024: 17.17 billion yuan - 2025E: 18.91 billion yuan - 2026E: 20.87 billion yuan - 2027E: 23.36 billion yuan - Net profit forecasts are: - 2023: 736 million yuan - 2024: 840 million yuan - 2025E: 970 million yuan - 2026E: 1.09 billion yuan - 2027E: 1.22 billion yuan - The company’s return on equity (ROE) is projected to improve from 7.5% in 2023 to 9.3% by 2027 [6][7][8] Operational Highlights - The company managed a total area of 365 million square meters by the end of 2024, a year-on-year increase of 6% [6] - Property management revenue reached 16.49 billion yuan, with a gross margin of 10.7%, reflecting a 1.9 percentage point increase [6] - The company’s commercial management area was 3.93 million square meters, with stable commercial operations [6] Investment Analysis - The company is focused on cost reduction and efficiency, leading to strong performance, and is expected to continue leading the property management industry [6][7] - The profit margin is anticipated to gradually recover, supporting high-quality growth in both scale and efficiency [6][7]

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].

证券研究报告 招商积余 (001914 CH) 盈利能力、市拓、现金流均有亮点， 分红补短板 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 17 日│中国内地 | 物业管理 | 公司 3 月 16 日发布年报，24 年实现营收 171.7 亿元，同比+10%；归母净利 润 8.4 亿元，同比+14%，略高于我们预期（+9%），主要因为基础物管毛利 率改善幅度超我们预期。公司逆势交出一份高质量的年报答卷，在盈利能力、 市拓、现金流等方面具备亮点，同时派息率逐步补上短板。维持"买入"评级。 提质增效和负债压降置换推动盈利能力提升，未来或仍有改善空间 24 年公司物管/资管板块营收同比+12%/-4%。其中基础物管营收同比 +11%，保持平稳增长态势。公司毛利率同比+0.4pct 至 12.0%，主要由于 基础物管毛利率同比+1.9pct 至 10.7%，其中住宅/非住宅分别同比 +3.0/1.5pct 至 10.9%/10.6%，期间费用率同比-0.7pct 至 4.8%，提质增效 和负债压降置换取得亮眼成果。综合考虑公司市拓表现和盈 ...