证券代码：002419 证券简称：天虹股份 公告编号：2024-014 天虹数科商业股份有限公司 2023 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 3.召开方式：本次股东大会采取现场表决与网络投票相结合的方式。 4.股权登记日：2024 年 3 月 29 日。 5.会议召集人：天虹数科商业股份有限公司（以下简称"公司"）第六届董 事会。 特别提示： 1.本次股东大会没有出现否决议案的情形。 2.本次股东大会没有涉及变更前次股东大会的决议。 一、会议召开和出席情况 （一）会议召开情况 1.召开时间：2024 年 4 月 8 日（星期一）下午 14:30。 网络投票日期、时间：2024 年 4 月 8 日。其中，通过深圳证券交易所交易 系统进行网络投票的具体时间为：2024 年 4 月 8 日 9:15-9:25，9:30－11:30 和 13:00－15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2024 年 4 月 8 日 9:15－15:00。 2.现场会议召开地点：深圳市南山区中心路（深圳湾段）3019 号天虹大 ...

北京市中伦（深圳）律师事务所 关于天虹数科商业股份有限公司 2023 年度股东大会的 法律意见书 二〇二四年四月 北京市中伦（深圳）律师事务所 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会的文件， 同时听取了公司就有关事实的陈述和说明，列席了本次股东大会。公司承诺其所 - 1 - 关于天虹数科商业股份有限公司 2023 年度股东大会的 法律意见书 致：天虹数科商业股份有限公司 北京市中伦（深圳）律师事务所（下称"本所"）接受天虹数科商业股份有 限公司(下称"公司"/"天虹股份")的委托，指派律师对公司 2023 年度股东大 会（下称"本次股东大会"）的合法性进行见证并出具法律意见书。 本所及本所律师依据《中华人民共和国证券法》、《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书 出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和 诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、 准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或 者重大遗漏，并承担相应法律责任。 本法律意见书根据《中华人 ...

[Table_InvestInfo] 投资评级 优于大市 维持 [Table_QuoteInfo] -28.39% -20.39% -12.39% -4.39% 3.61% 2023/4 2023/7 2023/10 2024/1 天虹股份 海通综指 天虹股份发布 2023 年报。全年实现收入 121 亿元，同比下降 0.32%；归母净 利润 2.27 亿元，同比增长 88.75%；扣非归母净利润 1.28 亿元，同比增长 168.02%。摊薄 EPS 为 0.19 元；加权平均净资产收益率 5.51%，经营性现金 流净额 27.46 亿元，同比增长 14.25%。分红预案：拟每 10 股派 1.6 元（含税）。 简评及投资建议。 （B）分地区，华东区增速亮眼。2023 年，华南区收入 77 亿元同比下降 1.14%， 占比 63.8%，华中区收入 25 亿元同比增长 0.5%，占比 20.9%；东南区收入 6 亿元同比增长 2.6%，占比 5%；华东区收入 6.3 亿元同比增长 19.24%，占比 5.2%；北京收入 2.2 亿元同比增长 9.64%，占比 1.8%。此外，成都收入 3856 万元同比下降 ...

证券代码：002419 证券简称：天虹股份 公告编号：2024-013 天虹数科商业股份有限公司 关于举行 2023 年度网上业绩说明会并征集相关问题的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 出席本次说明会的人员有：董事长肖章林先生、董事总经理黄国军先生、独 立董事傅曦林先生以及副总经理、总会计师、董事会秘书陈卓先生。 为充分尊重投资者、提升交流的针对性，现就本次业绩说明会提前向投资者 公开征集问题，广泛听取投资者的意见和建议。投资者可于2024年3月28日（星期 四）15:00前将关注问题以电子邮件形式发送至公司邮箱（ir@rainbowcn.com）， 公司将在本次业绩说明会上对投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与！ 特此公告。 天虹数科商业股份有限公司董事会 二○二四年三月二十五日 1 天虹数科商业股份有限公司(以下简称"公司"）已于2024年3月15日在巨潮资 讯网（http://www.cninfo.com.cn）披露了《公司2023年度报告》。为便于广大投 资者进一步了解公司情况，公司定于2024年4月1日（星期一） ...

商贸零售 上 市 公 司 证 券 研 究 报 告 2024 年 03 月 18 日 天虹股份 (002419) ——全渠道业绩提升，加速数字化转型升级 | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 03 月 15 日 | | 收盘价（元） | 4.95 | | 一年内最高 / 最低（元） | 6.74/4.05 | | 市净率 | 1.4 | | 息率（分红/ 股价） | 5785 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 3054.64/9612.75 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |----------------------------------|-------------------------------| | | | | 基础数据 : | 2023 年 12 月 31 日 | | | 3.6 | | 每股净资产（元） 资产负债率 % | 85.20 | | ...

股 票 研 究 公 司 更 新 报 告 请务必阅读正文之后的免责条款部分 [Table_Page] 天虹股份(002419) [Table_OtherInfo] [Table_Industry] 模型更新时间：2024.03.18 股票研究 可选消费品 批零贸易业 [Table_Stock] 天虹股份(002419) [Table_Target] 评级： 增持 上次评级： 增持 目标价格： 6.93 上次预测： 7.28 当前价格： 4.95 [Table_PicTrend] 绝对价格回报（%） 3m -22% -18% -13% -9% -5% 0% 4% 8% -10% 3% 17% 30% 44% 57% -28% -18% -8% 2% 12% 23% 2023-03 2023-08 2024-01 股票绝对涨幅和相对涨幅 天虹股份价格涨幅 天虹股份相对指数涨幅 -1% 0% 1% 2% 4% 5% 22A 23A 24E 25E 26E 利润率趋势 收入增长率(%) EBIT/销售收入(%) 0% 1% 2% 4% 5% 6% 22A 23A 24E 25E 26E 回报率趋势 净资产收益率(%) ...

公司研究丨点评报告丨天虹股份（002419.SZ） 分析师及联系人 李锦 罗祎 陈佳 [Table_Title2] 业态优化调整，经营利润转正公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 事件评论 购百业态客流恢复向好，营收稳健增长，超市同店仍处调整阶段；公司优化成本费用结 构，经营性利润转正，同时闭店带来较多处置收益。全年公司实现销售额 365 亿元，同 比增长 9%，实现营收 120.9 亿元，同比下降 0.32%。自营门店分业态，购物中心、百货、 超市分别实现营收 20.3、22.6、76.2 亿元，分别同比增长 17.5%、2.8%、同比下滑 4.0%。 同店维度，购物中心、百货同店营收分别同比增长 14.3%、5.25%，超市同店营收同比下 滑 4.0%，主要受去年高基数以及年内变革调整等影响。开关店维度，全年百货、超市门 店净关店 3 家、3 家，购物中心净增 1 家门店。毛利端，全年毛利率为 38.26%，同比提 升 1.45pct，其中零售主业毛利率同比提升 1.95pct，主因公司持续优化成本费用结构并 推进减亏扭亏专项工作，而 ...

Investment Rating - The report assigns a "Buy" rating for Tianhong Co., Ltd. (002419.SZ) based on its performance and future prospects [3]. Core Views - The company plans to issue a public REITs project using its subsidiary's shopping center as the underlying asset, which will help optimize its capital structure and maintain control over the project [2]. - For the fiscal year 2023, the company achieved a revenue of 120.86 billion yuan, a slight decrease of 0.32% year-on-year, while the net profit attributable to shareholders was 2.27 billion yuan, reflecting a significant increase of 88.75% [3]. - The company intends to distribute a cash dividend of 1.6 yuan per 10 shares, which accounts for 82.5% of the net profit for 2023 [3]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are estimated at 12.6 billion, 12.8 billion, and 13.2 billion yuan, representing growth rates of 4%, 2%, and 2% respectively [2]. - The net profit attributable to shareholders is forecasted to be 250 million, 270 million, and 300 million yuan for the same period, with growth rates of 10%, 9%, and 9% respectively [2]. - The earnings per share (EPS) are expected to be 0.22, 0.24, and 0.26 yuan, with corresponding price-to-earnings (PE) ratios of 23, 21, and 19 times based on the closing price on March 15 [2]. Operational Performance - The company reported a significant increase in net profit in 2023, with a notable recovery in Q4, where the net profit was 204 million yuan, despite a year-on-year decline of 62.7% [3]. - The company has been upgrading its stores to improve operational efficiency, with a total of 41 shopping centers and 59 department stores operating across seven provinces by the end of 2023 [3]. - The comparable store sales for department stores increased by 5.25%, while the overall sales for shopping centers grew by 14.29% year-on-year [3].

Financial Performance - The company's operating revenue for 2023 was CNY 12,086,467,638.90, a decrease of 0.32% compared to 2022[18]. - Net profit attributable to shareholders increased by 88.75% to CNY 226,677,586.81 in 2023[18]. - The net profit after deducting non-recurring gains and losses was CNY 128,189,387.88, a significant turnaround from a loss of CNY 188,464,712.70 in 2022, representing a 168.02% increase[18]. - The net cash flow from operating activities rose by 14.25% to CNY 2,746,436,020.34[18]. - Basic earnings per share increased by 88.80% to CNY 0.1939[18]. - Total assets at the end of 2023 were CNY 28,497,099,631.74, a decrease of 6.39% from the previous year[18]. - Net assets attributable to shareholders increased by 4.10% to CNY 4,208,470,205.40[18]. - The company reported a weighted average return on equity of 5.51%, an increase of 2.54 percentage points from the previous year[18]. - The adjusted EBITDA decreased by 14.44% year-on-year, amounting to 875 million yuan, reflecting the impact of new leasing standards on financial performance[47]. Operational Changes - The company closed long-term loss-making stores, which contributed approximately CNY 100 million to the net profit for the period[18]. - The company closed three large stores and three independent supermarkets to optimize its cost structure and improve operational efficiency[44]. - The company opened 3 new shopping centers and closed 6 during the reporting period, resulting in a total of 216 stores across 34 cities, with a total area exceeding 4.57 million square meters[51][52]. - The company has signed 9 new projects with a total area of approximately 486,100 square meters, including 7 shopping centers and 2 independent supermarkets[57]. Digital Transformation - The company has transformed into a digital commerce enterprise, focusing on digital retail and digital industry businesses[28]. - The digital retail business integrates online and offline services, utilizing the Tianhong APP platform to connect public and private traffic[29]. - The company aims to enhance its core competitiveness through digitalization, product quality, service innovation, and customer experience[31]. - The company is actively developing intelligent customer asset management systems and flexible employment platforms to support digital transformation in the retail ecosystem[30]. - Online sales and digital service revenue reached a GMV of 5.44 billion yuan, with the app platform enhancing user experience and introducing new sections to meet diverse customer needs[38]. Market Performance - The retail industry saw a 7.2% year-on-year increase in total retail sales of consumer goods, with final consumption expenditure contributing 82.5% to economic growth[27]. - The company ranked 13th in the "2022 China Chain Top 100" list, improving by 2 positions from the previous year[27]. - The company achieved a sales revenue of 36.5 billion yuan, representing a year-on-year growth of 9%, while operating income was 12.086 billion yuan, a slight decline of 0.32%[36]. - The company launched the "517 Foodie Festival," resulting in an 18% year-on-year increase in total sales during the event, with online dining revenue soaring by 737%[37]. Customer Engagement - The total number of digital members exceeded 47 million, with member sales growing by 10% year-on-year and active members increasing by 8.2%[41]. - The average monthly sales per square meter for comparable stores in shopping centers reached 1,096 yuan, reflecting an 18.18% year-on-year increase[65]. Financial Management - The company reported a total logistics expenditure of ¥159 million during the reporting period[69]. - The financial expenses decreased significantly by 47.86% to 132,585,642.31 CNY, primarily due to increased interest income from large deposits and reduced interest expenses on leased properties[83]. - The company has implemented a rigorous internal audit process to ensure compliance and operational integrity[160]. - The company has no major internal control deficiencies reported for the financial year, with zero significant deficiencies identified[174]. Governance and Compliance - The company has established a governance structure that includes a board of directors and several specialized committees, ensuring clear responsibilities and effective decision-making[119]. - The company emphasizes investor relations management, utilizing multiple communication channels to engage with investors effectively[127]. - The company has not faced any regulatory penalties or incidents of insider trading, reflecting strong compliance with legal requirements[126]. - The company’s governance practices align with the Corporate Law and Securities Law, ensuring compliance and accountability[156]. Sustainability Initiatives - The company's carbon emissions per unit area decreased from 252.3 kg CO2 equivalent/sqm in 2021 to 242.9 kg CO2 equivalent/sqm in 2023, representing a reduction of 4%[187]. - As of the end of 2023, 50 of the company's shopping malls have received green mall certification, including 17 national-level and 33 municipal-level certifications[187]. - The company completed 12 energy-saving and emission reduction projects in 2023, including multiple rooftop photovoltaic power generation projects[188]. - The company allocated 150 million yuan for rural assistance in 2023, benefiting 27 counties through consumption support[192]. Future Outlook - The company aims to enhance its digital retail business through a "dual-wheel drive" strategy focusing on industrial digitalization and digital industrialization[102]. - In 2024, the company plans to optimize organizational and human resource mechanisms while focusing on cost reduction and efficiency improvement[103]. - The company has set a revenue guidance of 1.5 billion RMB for the next fiscal year, indicating a growth target of 25%[141]. - The company plans to launch two new products in Q2 2024, expected to contribute an additional $30 million in revenue[198].

Investment Rating - The report maintains a "Buy" rating for the company [19][20]. Core Insights - In 2023, the company achieved operating revenue of 12.086 billion yuan, a year-on-year decrease of 0.32%, while the net profit attributable to the parent company was 227 million yuan, representing a year-on-year increase of 88.75% [1][16]. - The company has been actively adjusting its offline stores and rapidly developing its online business, with digital membership exceeding 47 million and online sales reaching a GMV of 5.44 billion yuan in 2023 [3][18]. - The company’s gross margin increased by 1.46 percentage points to 38.26% in 2023, with a notable improvement in the fourth quarter [2][17]. Summary by Sections Financial Performance - The company reported a net profit of 227 million yuan in 2023, with a comprehensive diluted EPS of 0.19 yuan, up 88.75% year-on-year [1][4]. - The operating revenue for Q4 2023 was 2.835 billion yuan, a decrease of 2.34% year-on-year, with a net profit of 2 million yuan [16]. Cost Management - The comprehensive gross margin for 2023 was 38.26%, up 1.46 percentage points from the previous year, while the expense ratio decreased by 0.74 percentage points to 37.04% [2][17]. Store and Online Business Development - The company added one shopping center and reduced three department stores and three supermarkets in 2023, with a total of 41 shopping centers, 59 department stores, and 116 supermarkets by year-end [3]. - The online business saw significant growth, with a GMV of 5.44 billion yuan and a 10% increase in member sales [3][18]. Future Earnings Forecast - The report maintains EPS forecasts of 0.21 yuan for 2024, 0.23 yuan for 2025, and introduces a new forecast of 0.25 yuan for 2026 [3].