SBGCL(SH:600827) Guoxin Securities·2025-01-24 05:00Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.425 to 1.710 billion, representing a year-on-year growth of 257.04% to 328.45% for 2024. However, the non-recurring net profit is projected to decline by 56.19% to 34.54% [3][4] - The growth in net profit is primarily driven by the issuance of the Huazhong Bailian Consumption REIT, which has generated investment income. The company successfully issued REITs based on the Shanghai Youyi City shopping center, enhancing its ability to create a complete cycle of investment, financing, construction, management, and exit for its own properties [5][8] - Despite the overall pressure on offline consumption, the company is adjusting its business operations and focusing on trends such as two-dimensional cultural shopping malls and outlets, which are expected to drive performance improvements as related projects are implemented [3][5] Summary by Sections Financial Forecasts - The company is expected to achieve a net profit of 1.568 billion in 2024, with a year-on-year increase of 292.7%, while the non-recurring net profit is anticipated to be 106 million, reflecting a decrease of 45.36% [4][5] - The projected net profits for 2025 and 2026 are 755 million and 892 million, respectively, with corresponding price-to-earnings ratios of 24x and 20x [3][8] Business Strategy - The company aims to leverage its geographical and property advantages to adapt to current consumer trends, focusing on new business formats that align with market demands [3][5] - The company plans to continue utilizing asset securitization to unlock property value and enhance operational potential, with the possibility of issuing public REITs in the future [3][8]