金吾财讯 | 中信建投发研报指，金沙中国(01928)2024年净收益总额70.80亿美元，同比+8.4%。归母净利润10.45亿美元，同比+51.0%。经调整EBITDA为23.29亿美元，同比+4.7%。24Q4受翻新高峰期影响，但影响高峰期已逐步度过，24Q4经调整EBITDA率基本稳健。近期公司预计通过稳健培育获得市占率提升，预计在物业建设且接待能力逐步释放、体验升级的情况下，客流集聚效应更明显，市占率和整体经营表现有望持续提升。该行预计2025~2026年实现归母净利润13.67亿美元、15.55亿美元，当前股价对应PE分别为14X、12X，对应EV/EBITDA分别为7.8X、6.9X，维持“增持”评级。
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