MGM CHINA(02282) 兴证国际证券·2025-02-23 06:22Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Insights - The company's revenue for the full year 2024 reached HKD 31.39 billion, representing a year-on-year growth of 27.2%. Adjusted EBITDA was HKD 9.06 billion, up 25.2% year-on-year, with an EBITDA margin of 28.9%, a slight decrease of 0.5 percentage points compared to the previous year [4][5]. - The company is expected to maintain a market share of approximately 15%, with projected revenues of HKD 33.4 billion and HKD 35.08 billion for 2025 and 2026, respectively, reflecting growth rates of 6.4% and 5.0% [5][7]. - The report highlights a steady growth in Q4 2024, with revenues of HKD 7.92 billion, a 3.2% increase year-on-year, and adjusted EBITDA of HKD 2.13 billion, a decrease of 2.9% year-on-year [5][4]. Financial Performance Summary - Revenue: - 2023A: HKD 24.68 billion - 2024E: HKD 31.39 billion (27.2% YoY growth) - 2025E: HKD 33.4 billion (6.4% YoY growth) - 2026E: HKD 35.08 billion (5.0% YoY growth) [7] - Adjusted EBITDA: - 2023A: HKD 7.24 billion - 2024E: HKD 9.06 billion (25.2% YoY growth) - 2025E: HKD 9.61 billion (6.1% YoY growth) - 2026E: HKD 10.1 billion (5.0% YoY growth) [7] - Net Profit: - 2023A: HKD 2.64 billion - 2024E: HKD 4.5 billion (70.6% YoY growth) - 2025E: HKD 5.35 billion (18.9% YoY growth) - 2026E: HKD 6.1 billion (14.1% YoY growth) [7] - EBITDA Margin: - 2023A: 29.3% - 2024E: 28.9% - 2025E: 28.8% - 2026E: 28.8% [7] - Earnings Per Share (EPS): - 2023A: 69.4 HKD cents - 2024E: 118.5 HKD cents - 2025E: 140.8 HKD cents - 2026E: 160.6 HKD cents [7]