Haitong Securities: Initiates coverage on SBGCL with an "Outperform" rating, target price of 12.78-15.97 yuan

Haitong Securities research report points out that SBGCL, as a leading commercial entity in Shanghai, operates in multiple formats including department stores, shopping centers, outlet malls, supermarkets, and specialty stores, demonstrating significant brand and scale advantages. In recent years, the company has continuously promoted the upgrading and transformation of department stores and shopping centers, maintaining a national leading advantage in the outlet format, while the trendy culture and youth-oriented format SBGCL ZX has a first-mover advantage. Additionally, with the listing of public REITs projects, the company is expected to utilize the new funds to further activate its operational potential. It gives the company a 2025 price-to-sales ratio of 0.8-1 times, corresponding to a reasonable value range of 12.78-15.97 yuan, and initiates coverage with an "outperform the market" investment rating