美高梅中国：大众博彩发力，业绩符合预期

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - The company's overall performance in Q3 2024 met expectations, with strong growth in mass gaming and non-gaming segments, despite a slowdown in VIP segment recovery [5]. - Projected revenues for 2024, 2025, and 2026 are estimated at HKD 304.4 billion, HKD 323.1 billion, and HKD 339.7 billion, representing year-on-year growth of 23.3%, 6.1%, and 5.1% respectively [5]. - The company is expected to maintain a high dividend payout, with a projected dividend yield of 5.8% for 2024 based on a 50% payout ratio [5]. Financial Performance Summary - Revenue: - 2023A: HKD 246.8 billion - 2024E: HKD 304.4 billion (YoY growth: 23.3%) - 2025E: HKD 323.1 billion (YoY growth: 6.1%) - 2026E: HKD 339.7 billion (YoY growth: 5.1%) [4][5] - EBITDA: - 2023A: HKD 72.4 billion - 2024E: HKD 84.3 billion (YoY growth: 16.6%) - 2025E: HKD 87.2 billion (YoY growth: 3.4%) - 2026E: HKD 90.7 billion (YoY growth: 4.0%) [4][5] - Net Profit: - 2023A: HKD 26.4 billion - 2024E: HKD 41.9 billion (YoY growth: 58.6%) - 2025E: HKD 47.8 billion (YoY growth: 14.2%) - 2026E: HKD 54.1 billion (YoY growth: 13.2%) [4][5] - Key Ratios: - EBITDA Margin: - 2023A: 29.3% - 2024E: 27.7% - 2025E: 27.0% - 2026E: 26.7% [4][5] - Net Profit Margin: - 2023A: 10.7% - 2024E: 13.7% - 2025E: 14.8% - 2026E: 15.9% [4][5] Market Data - Closing Price (as of November 15, 2024): HKD 9.47 - Total Shares Outstanding: 3.801 billion - Total Market Capitalization: HKD 360 billion - Total Assets: HKD 300.35 billion - Total Liabilities: HKD 30.51 billion [2][4].