绿城服务：Solid 1H24 against industry headwinds

27 Aug 2024 CMB International Global Markets | Equity Research | Company Update Greentown Service (2869 HK) Solid 1H24 against industry headwinds Greentown Service's revenue/core operating profit went up 11/26% YoY in 1H24, in-line with/beating market expectations buoyed by a stable parent company, robust third-party expansion, and a diversified VAS business. Core OPM expanded 1.2ppt YoY to 9.8%, resulting from a +0.6ppt GP margin hike and a 0.6ppt decrease in SG&A ratio attributable to efficient cost contr ...