SBGCL(SH:600827) INDUSTRIAL SECURITIES·2024-12-23 06:32Investment Rating - The report gives an "Accumulate" rating for the company [15]. Core Insights - The report emphasizes the booming "goods" economy, driven by the rise of the Z generation and the increasing popularity of IP-derived products, with the market expected to reach 1,689 billion yuan in 2024, growing by 40.63% from 2023 [13][54]. - The company is transforming its traditional retail model by focusing on the "commercial + X" integration strategy, particularly through the establishment of the "百联 ZX 创趣场," which targets the younger consumer demographic and aims to create a vibrant cultural community [15][45]. Summary by Sections 1. Goods Economy Market Boom - The report highlights the rapid expansion of the goods economy, with the number of related enterprises increasing by 14% year-on-year, totaling over 64,000 existing companies [66]. - The Z generation's consumer behavior is driving the growth of the goods economy, with the market expected to exceed 8,000 billion yuan by 2029 [13][54]. 2. Focus on Dimension Culture - 百联 ZX 创趣场 is positioned as the first commercial entity in China focusing on dimension culture, featuring a high percentage of first stores and a wide range of IPs [48][81]. - The venue has hosted over 700 events in 18 months, significantly enhancing customer engagement and sales [76]. 3. Financial Forecast - The company’s projected earnings per share (EPS) for 2024-2026 are 0.95 yuan, 0.27 yuan, and 0.32 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12.8, 45.8, and 38.0 [15][11]. - The report anticipates a sales revenue of approximately 5 billion yuan for the first half of 2024, following a successful transformation of the 百联 ZX 创趣场 [4][15].