麦格理：下调濠赌股首季EBITDA预测料竞争持续拖累利润率

智通财经04-15

智通财经APP获悉，麦格理发布研报称，将澳门六大博企今年首季经调整EBITDA预测下调3.5%，以反映2月赢率较低及利润率压力，预期同比增幅为6%，意味着相对于博彩总收入(GGR)15%的同比增长，行业出现营运去杠杆化。该行预期今年市场份额竞争将持续，并拖累博企利润率。行业中，该行首选仍是银河娱乐(00027)，因其强劲的物业发展项目; 现予目标价55.4港元及跑赢大市评级。行业数据显示，截至4月...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2627295479?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-04-15 09:55","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2627295479","market":"us","top_or_hot":-1,"title":"麦格理：下调濠赌股首季EBITDA预测 料竞争持续拖累利润率","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，麦格理发布研报称，将澳门六大博企今年首季经调整EBITDA预测下调3.5%，以反映2月赢率较低及利润率压力，预期同比增幅为6%，意味着相对于博彩总收入(GGR)15%的同比增长，行业出现营运去杠杆化。该行预期今年市场份额竞争将持续，并拖累博企利润率。行业中，该行首选仍是银河娱乐(00027)，因其强劲的物业发展项目; 现予目标价55.4港元及跑赢大市评级。行业数据显示，截至4月...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1428627.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>麦格理：下调濠赌股首季EBITDA预测 料竞争持续拖累利润率</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n麦格理：下调濠赌股首季EBITDA预测 料竞争持续拖累利润率\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-15 09:55 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1428627.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，麦格理发布研报称，将澳门六大博企今年首季经调整EBITDA预测下调3.5%，以反映2月赢率较低及利润率压力，预期同比增幅为6%，意味着相对于博彩总收入(GGR)15%的同比增长，行业出现营运去杠杆化。该行预期今年市场份额竞争将持续，并拖累博企利润率。行业中，该行首选仍是银河娱乐(00027)，因其强劲的物业发展项目; 现予目标价55.4港元及跑赢大市评级。行业数据显示，截至4月...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1428627.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0737861699.HKD","symbol_name":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1428627.html","article_id":"2627295479","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2627295479","pubTimestamp":1776218137,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，麦格理发布研报称，将澳门六大博企今年首季经调整EBITDA预测下调3.5%，以反映2月赢率较低及利润率压力，预期同比增幅为6%，意味着相对于博彩总收入15%的同比增长，行业出现营运去杠杆化。该行预期今年市场份额竞争将持续，并拖累博企利润率。该行预期次季GGR增长将由首季的15%放缓至5.5%，因5月起出现高基数效应; 同时维持全年GGR预测为2,620亿元，意味同比料增6%。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU0173614495.USD":"富达中国焦点A","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0594300419.USD":"富达中国消费基金A","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","BK1521":"挪威政府全球养老基金持仓","HK0000288743.USD":"VALUE PARTNERS HIGH-DIVIDEND STOCKS \"A2\" (USDHDG) INC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","HK0000288784.HKD":"VALUE PARTNERS HIGH-DIVIDEND STOCKS \"A2\" (HKDHDG) INC","LU0702159699.USD":"FIDELITY ASIAN SMALLER COMPANIES \"A\" (USD) ACC","LU1166156734.SGD":"Fidelity Asian Smaller Companies A-ACC-SGD","00027":"银河娱乐","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0348784397.USD":"ALLIANZ ORIENTAL INCOME \"A\" (USD) ACC","BK1172":"赌场与赌博","BK1589":"北水核心资产","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0821914370.USD":"贝莱德亚洲成长领袖A2","GGR":"Gogoro","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","BK1610":"ETF&股票定投概念","BK4091":"摩托车制造商","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A"},"translate_title":"Macquarie: Lowering the first quarter EBITDA forecast of gambling stocks expects competition to continue to drag down profit margins","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00027":1,"GGR":1},"content_text":"智通财经APP获悉，麦格理发布研报称，将澳门六大博企今年首季经调整EBITDA预测下调3.5%，以反映2月赢率较低及利润率压力，预期同比增幅为6%，意味着相对于博彩总收入(GGR)15%的同比增长，行业出现营运去杠杆化。该行预期今年市场份额竞争将持续，并拖累博企利润率。行业中，该行首选仍是银河娱乐(00027)，因其强劲的物业发展项目; 现予目标价55.4港元及跑赢大市评级。行业数据显示，截至4月11日止一星期的日均GGR为6.63亿澳门元(下同)，同比升8%，但按周跌3%，主要因赢率较正常低。假设本月余下时间日均GGR为6.8亿至7.3亿元，4月GGR将达202亿至211亿元，同比增长7%至12%。该行预期次季GGR增长将由首季的15%放缓至5.5%，因5月起出现高基数效应; 同时维持全年GGR预测为2,620亿元，意味同比料增6%。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2627295479","isCrawlerRequest":true}

麦格理：下调濠赌股首季EBITDA预测 料竞争持续拖累利润率

精彩评论

麦格理：下调濠赌股首季EBITDA预测料竞争持续拖累利润率