研报掘金|华泰证券:美高梅中国次季业绩跑赢同业 上调目标价至19.3港元

格隆汇
Aug 05, 2025

华泰证券发表研究报告指,美高梅中国次季业绩跑赢同业,博彩毛收入按年增长12%至12.6亿美元,恢复至2019年同期的154%,对比行业平均复苏水平为83%。经调整EBITDA利润率为29%,较去年同期及上季的30.7%及29.6%有所下滑,反映市场竞争加剧下市场推广开支增加,获客成本上升所致。展望未来,该行预期受惠于珠澳一签多行、香港跨境支付通等政策,以及全运会及格兰披治大赛等盛事,澳门博彩业的复苏有望延续,看好濠赌股下半年上行趋势受惠于政策利好、财富效应和非博彩协同。该行重申对美高梅中国的“买入”评级,目标价由18港元上调至19.3港元。

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