证券研究报告 新濠国际发展 (200 HK) 澳门总 GGR 恢复超行业，市场份额和 EM 增长 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 09 日│中国香港 | 博彩 | 新濠国际子公司新濠博亚（MLCO US）于 5/8 盘前发布 25Q1 财报，收盘 股价涨约 4%，主要系：1）澳门博彩收入恢复超行业；2）据 Q1 电话会， 澳门业务 25Q1 份额为 15.7%，高于 24Q4 的 14.7%；3）24Q4 新濠影汇 翻新完成及降本增效见效，EBITDA Margin（EM）环比上升。25Q1 新濠博 亚总 GGR 12.99 亿美元（澳门业务总 GGR 11.31 亿美元，恢复至 19Q1 的 80%，超行业的 76%）。母公司新濠国际于 4/25 公告拟通过向现有股东按 二供一供股，筹集最多 7.8 亿港元，而新濠博亚表示年初至今已回购 1.65 亿美元 ADS。截至 25 年 3/31，新濠博亚可用流动性（包括现金和未动用的 循环信贷额度）为 32.7 亿美元，总债务 71.6 亿美元，Debt/Asset 为 ...

Core Viewpoint - CICC maintains its adjusted EBITDA forecast for Wynn Macau (01128) for 2025 and 2026, with the current stock price corresponding to 8.0 times the 2025 EV/EBITDA. The firm maintains an outperform rating and a target price of HKD 6.90, implying a 26% upside from the current stock price [1]. Group 1: Financial Performance - Wynn Macau reported Q1 2025 results with net revenue of USD 866 million, a year-on-year decline of 13% and a quarter-on-quarter decline of 7%, recovering to 69% of Q1 2019 levels [2]. - Adjusted property EBITDA for Q1 2025 was USD 252 million, down 26% year-on-year and 14% quarter-on-quarter, recovering to 65% of Q1 2019 levels, and falling short of Bloomberg's consensus estimate of USD 274 million [2]. Group 2: Management Insights - Management indicated that tariff policies may impact and delay capital expenditure plans for U.S. operations, but expect no effect on capital and operational expenditures in Macau [3]. - In April 2025, the mid-market betting volume remained stable compared to the same period in 2024, with direct VIP turnover showing year-on-year growth [3]. - The management emphasized that high-end mid-market business is the core development area for the Macau gaming industry, despite a highly competitive marketing rebate environment [3]. - The Wynn Palace's culinary landmark "Fleur" officially opened in May 2025, and the average fixed operating cost for Q1 2025 was USD 2.64 million, expected to maintain this level throughout the year [3]. - During the May Day Golden Week in 2025, mid-market betting volume increased compared to the same period in 2024, with hotel occupancy reaching 100% [3].

智通财经APP获悉，央行组合拳发力叠加中美经贸高层将会谈，港股今日集体高开，恒指曾突破两万三 关口，但随即上行乏力，三大指数涨幅逐步收窄，国指及恒科指数午后则相继转跌。截止收盘，恒生指 数涨0.13%或29.17点，报22691.88点，全日成交额2400.5亿港元；恒生国企指数跌0.23%，报8242.25 点；恒生科技指数跌0.75%，报5200.04点。 国元国际近日指出，考虑到二季度开始为应对关税影响国内方面的政策预期或将抬高，年内我们继续看 好本次港股的结构性行情：如果后续刺激措施的出台带来国内需求面的显著回升，或者AI板块持续带 来相关板块的业绩提升，相信港股的长期行情可以期待。 蓝筹股表现 领展房产基金(00823)领涨蓝筹。截至收盘，涨6.68%，报39.95港元，成交额15.39亿港元，贡献恒指 10.74点。领展近日宣布，任命Steven Bass为其私募业务LREP日本区投资主管，以推动在日本的业务拓 展。据悉，领展于2月成立私募基金管理平台，标志其在"领展3.0"战略下多元化收入来源与扩大资产管 理业务。 其他蓝筹股方面，中升控股(00881)涨4.8%，报12.22港元，贡献恒指0. ...

出行链五一情况汇总&海外季报亮点 20250505 摘要 根据现有数据，2025 年五一假期前三天，全社会跨区域人员流动实现了稳定 增长，增长率约为 5%。假期首日的增长率达到了 8%。在交通方式方面，铁路 和民航的日均客流量同比增长分别为 11.5%和 11.2%，相比春节期间铁路和 民航的同比增长率 6.1%和 7.4%，五一期间跨省人员流动数量显著增加了 54%至 5 个百分点。这表明今年五一出行热度较高，尽管最终数据尚未公布， 但从交通数据来看，出行人数仍然强劲。 2025 年五一假期的天气状况对旅游业有什么影响？ 2025 年五一假期全国天气呈现前期寒冷后期回暖的趋势。假期前几天整体天 气较好，但 4 号和 5 号部分地区出现南方强降雨、北方大风沙尘等极端天气， 这可能影响回程航班。去年（2024 年）五一假期整体天气较好，仅长白山有 • 澳门博彩业收入同比增长，酒店入住率高，短途家庭游、亲子游等产品受 欢迎，维持对澳门博彩板块推荐，看好金沙中国和银河娱乐，预计全年总 毛收入将同比增长 3%。 • Booking 一季度财报显示全球旅游需求稳定，订单量和 EBITDA 增长，公 司扩大全年指引范围， ...

Core Viewpoint - 澳博控股 reported a net profit of 31 million HKD in Q1 2025, marking a turnaround from a loss of 74 million HKD in Q1 2024 [1] Financial Performance - The company's gaming revenue increased to 6.949 billion HKD in Q1 2025, compared to 6.464 billion HKD in Q1 2024 [1] - The profit attributable to the owners of the company for Q1 2025 was 31 million HKD, a significant improvement from the loss of 74 million HKD in the same quarter of the previous year [1]