According to the research report of BOC International, due to the brand support of greentown ser (02869.HK) for third-party expansion and cooperation with local state-owned enterprises, the company's revenue in the first half of the year will increase by more than 10%, and the gross profit will improve due to higher efficiency and simplified product lines. The core operating profit in the first half of the year increased by 15%, but the accounts receivable impairment is expected to be higher than that in the first half of last year, so the net profit growth in the first half of the year is expected to be less than 15%.

The bank pointed out that considering the challenging economic environment, it is expected that its operating cash expenditure in the first half of the year will be higher than that in the first half of last year, but the operating cash flow will turn positive in the second half of this year due to seasonal factors. The bank is bullish on greentown ser's strong third-party expansion capability and continuously improving efficiency, and maintains a "buy" rating, with the target price lowered from 3.99 yuan to 3.92 yuan. (vc/cy)

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