招银证券9月10日发布公告。Binjiang Services reported solid 1H24 results with revenue/NP grew 39%/15% YoY. GP margin (GPM) narrowed 1.2ppts since furnishing services with lower margin accounted for higher proportion in revenue. Tax rate hiked 6ppts due to provision for withholding tax. We think the Company has balanced sources to support GFA growth which is healthier than peers amid the challenging environment. We maintain BUY with TP trimmed by 4% to HK$32.94, representing 15x 2024E P/E.