We present a model for a super-Eddington accretion disc around a magnetized neutron star taking into account advection of heat and the mass loss by the wind. The model is semi-analytical and predicts radial profiles of all basic physical characteristics of the accretion disc. The magnetospheric radius is found as an eigenvalue of the problem. When the inner disc is in radiation-pressuredominated regime but does not reach its local Eddington limit, advection is mild, and the radius of the magnetosphere depends weakly on the accretion rate. Once approaching the local Eddington limit, the disc becomes advection-dominated, and the scaling for the magnetospheric radius with the mass accretion rate is similar to the classical Alfvén relation. Allowing for the mass loss in a wind leads to an increase of the magnetospheric radius. Our model may be applied to a large variety of magnetized neutron stars accreting close to or above their Eddington limits: ultra-luminous X-ray pulsars, Be/X-ray binaries in outbursts, and other systems. In the context of our model we discuss the observational properties of NGC 5907 X-1, the brightest ultra-luminous pulsar known so far, and NGC 300 ULX-1 which is apparently a Be/X-ray binary experiencing a very bright super-Eddington outburst.