SBGCL(600827) Xinda Securities·2025-04-22 08:23Investment Rating - The investment rating for 百联股份 (600827.SH) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and initiatives [1]. Core Insights - In 2024, 百联股份 achieved a revenue of 27.675 billion yuan, a decrease of 9.32% year-on-year, while the net profit attributable to shareholders was 1.567 billion yuan, an increase of 292.73% year-on-year, primarily due to investment income from the issuance of 华安百联消费 REIT [1][5]. - The company plans to distribute a cash dividend of 0.265 yuan per share, totaling 473 million yuan, with a dividend payout ratio of 30.16% [1]. Summary by Sections Retail Business Performance - 百联股份 is actively transforming and enhancing its department store and shopping center formats, focusing on youth-oriented and differentiated commercial spaces, such as 百联 TX 淮海 and 百联 ZX 创趣场 [2]. - In 2024, the department store segment generated revenue of 1.483 billion yuan, down 31.93%, with a gross margin of 31.42%, a decrease of 3 percentage points; the shopping center segment achieved revenue of 2.234 billion yuan, an increase of 17.60%, with a gross margin of 45.18%, down 8.62 percentage points [2]. Outlet Business Performance - The outlet segment is performing steadily, with a focus on integrating commerce and tourism. As of the end of 2024, the company operates 9 outlet stores across major cities [3]. - 青浦百联奥莱, 武汉百联奥莱, and 无锡百联奥莱 reported operating scales of 6.2 billion yuan, 3.6 billion yuan, and 2.1 billion yuan, respectively [3]. REITs and Financial Innovation - 百联股份 successfully issued the first public consumption REIT in Shanghai, 华安百联消费 REIT, which was listed on August 16, 2024, and distributed its first dividend in December 2024, with an annualized distribution rate of 5.66% [5].