智通财经APP获悉，花旗发布研报称，维持对美高梅中国(02282)"买入"评级及目标价18.25港元不变。 美高梅中国于2025年第四季度再次实现季度EBITDA创新高，达27.53亿元。公司以全年EBITDA超过 100亿元、市场份额逾16%的纪录完结2025财年。更令人鼓舞的是，其EBITDA利润率由2024年第四季度 的26.8%改善至2025年第四季度的28.6%，反映营运成本控制良好。展望农历新年，管理层表示未见节 前淡季迹象，预订趋势乐观，美高梅中国的高端酒店产品预订等候名单已相当长。预期由2025年7月至 2026年中陆续开业的新套房等项目等，将至少助公司稳守市场份额。 ...

Core Viewpoint - Citigroup maintains a "Buy" rating and target price of HKD 18.25 for MGM China (02282), highlighting strong financial performance and optimistic outlook for the company [1] Financial Performance - MGM China achieved a record quarterly EBITDA of HKD 2.753 billion in Q4 2025, contributing to an annual EBITDA exceeding HKD 10 billion [1] - The company's market share surpassed 16% by the end of the 2025 fiscal year [1] - EBITDA margin improved from 26.8% in Q4 2024 to 28.6% in Q4 2025, indicating effective cost control [1] Market Outlook - Management reports no signs of a pre-holiday slowdown ahead of the Lunar New Year, with optimistic booking trends [1] - There is a long waiting list for bookings in MGM China's high-end hotel products [1] - Upcoming new suite projects expected to open between July 2025 and mid-2026 are anticipated to help maintain market share [1]