全渠道业绩提升，加速数字化转型升级

Investment Rating - The report maintains a "Buy" rating for Tianhong Co., Ltd. (002419) [6] Core Insights - The company reported a revenue of 12.086 billion yuan for 2023, a slight decrease of 0.32% year-on-year, while the net profit attributable to shareholders reached 227 million yuan, a significant increase of 88.75% compared to the previous year [6][7] - The company is focusing on enhancing its multi-format integration and digital transformation, with a notable increase in digital membership and online sales [6] - The gross profit margin improved to 38.26% in 2023, up by 1.46 percentage points year-on-year, indicating effective cost management strategies [6] Financial Summary - Total revenue for 2023 was 12.086 billion yuan, with a projected increase to 12.671 billion yuan in 2024, reflecting a growth rate of 4.8% [7] - The net profit attributable to shareholders is expected to grow from 227 million yuan in 2023 to 258 million yuan in 2024, representing a year-on-year increase of 13.6% [7] - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares, totaling 187 million yuan, which is a 220% increase from the previous year [6]