澳博控股：24年第三季度转亏为盈

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 3.27 [2][3]. Core Insights - The company has transitioned from a loss to profit in Q3 2024, with a significant recovery in gaming revenue, achieving a 74.9% increase in gross gaming revenue compared to the previous quarter, and a 12.5% increase compared to the same period in 2019 [2][3]. - Non-gaming revenue also showed a positive trend, with a 10.4% increase to HKD 1.2 billion, contributing to the overall recovery of the company [2][3]. - The report highlights the performance of key properties, with "New Lisboa" and other self-operated venues showing a recovery to 69.4% and 84.8% of their 2019 levels, respectively [2][3]. Financial Summary - The company reported a net income of HKD 282.3 million for 2024, a significant turnaround from a loss of HKD 2,009.8 million in 2023 [5]. - EBITDA is projected to grow by 32.4% to HKD 3,826.2 million in 2024, with further growth expected in subsequent years [5]. - The company's total revenue is forecasted to reach HKD 28,633.7 million in 2024, reflecting a growth rate of 32.4% compared to 2023 [5]. Market Position - The company has improved its market share, with a reported increase of 40.8% in overall market share in Q3 2024 [2][3]. - The report indicates that the company is well-positioned to benefit from the ongoing recovery in the Macau gaming market, supported by strategic initiatives to enhance customer engagement and expand service offerings [2][3].