金吾财讯 | 中信证券表示，澳门博彩为消费板块内重要的“顺周期+高端消费”品种，6月以来行业表现持续超市场预期。需求端：二季度黄金价格、股市表现及虚拟货币市场的提振带动内地高端消费意愿回暖，供给端：丰富的演艺活动（二季度张学友、权志龙、黎明等歌星演唱会）及新物业翻新（银河嘉佩乐、金沙伦敦人、美高梅Alpha Villa等）吸引核心博彩客群，边柱玩法或带动赢率上行。该机构认为当前澳门博彩行业周期拐点明确，预测2025年下半年行业GGR将实现12-14%增长，带动全年GGR将实现8-10%增长。当前行业整体EV/EBITDA估值已修复至接近10x，仍低于历史平均（2016-2019年澳门行业平均EV/EBITDA约为12x）近一个标准差，该机构看好博彩板块在行业持续高景气、头部运营商派息率提升的背景下迎来价值重估。
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