Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported significant revenue growth of 155.6% year-on-year, achieving total revenue of 2.241 billion yuan in 2024. Adjusted net profit reached 585 million yuan, a remarkable increase of 702.1% [1]. - The gross margin improved to 52.60%, up by 5.28 percentage points from the previous year, while the adjusted net profit margin increased by 17.8 percentage points to 26.1% [1]. - The company has expanded its IP matrix, with revenue from building block toys declining significantly, while character-based toys saw a revenue increase of 186.2% [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.241 billion yuan, with a year-on-year growth of 155.6%. The adjusted net profit was 585 million yuan, marking a 702.1% increase [1][6]. - The gross margin for 2024 was reported at 52.60%, an increase from 47.33% in 2023, while the adjusted net profit margin reached 26.1% [1][8]. Product and Market Development - The character-based toys segment generated 2.201 billion yuan in revenue, accounting for 98.2% of total revenue, with a gross margin of 52.9% [2]. - The company has developed a diverse product portfolio with 682 SKUs, including two proprietary IPs and around 50 licensed IPs, enhancing its market presence [2]. Channel and Geographic Expansion - The company reported a 171.09% increase in offline sales, totaling 2.085 billion yuan, while online sales grew by 46.52% to 156 million yuan [3]. - The company has established subsidiaries in the UK, Indonesia, Malaysia, and Singapore, with overseas revenue reaching 64 million yuan, a growth of 518.2% [3].

Investment Rating - The report gives a "Buy" rating for the company with a target price of HKD 136.71 per share based on a 35x PE for 2025 [3] Core Views - The company is positioned as a leading player in the domestic character building block toy market, leveraging the popularity of its products, particularly the Ultraman series, leading to explosive revenue growth in 2023 and 2024 [1][10] - The company has a strong competitive advantage through differentiated product offerings, effective content marketing strategies, and a robust supply chain [2][43] - The growth strategy focuses on expanding its IP matrix and penetrating lower-tier markets, with significant revenue contributions from key IPs [2][62] Summary by Sections Investment Logic - The company has transitioned to focus on character building blocks, achieving revenues of HKD 8.77 billion and HKD 22.4 billion for 2023 and 2024, respectively, representing year-on-year growth of 169% and 156% [1][10] - The gross margin is expected to improve to 52.6% in 2024, with a net profit of HKD 5.85 billion, reflecting a net profit margin of 26.1% [1][13] Competitive Advantages - The company offers high cost-performance products with a complete pricing range from HKD 9.9 to HKD 399, excelling particularly in the sub-HKD 50 segment [2][48] - The product development cycle is rapid, with 30-90 new SKUs launched quarterly, catering to various age groups [2][46] Growth Potential - The company has a diverse IP matrix, with the top four IPs contributing over 90% of revenue in 2024, including Ultraman, Transformers, and self-owned IPs [2][24] - The company has expanded its distribution network to approximately 150,000 offline points, focusing on lower-tier markets [2][65] Financial Forecasts - The adjusted net profit is projected to grow to HKD 9.08 billion, HKD 12.69 billion, and HKD 16.67 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 55%, 40%, and 31% [3][6] - The company’s P/E ratio is expected to decrease from 29.83 in 2023 to 16.25 in 2025, indicating a favorable valuation trend [6][3]

盈利预测、估值和评级 坚持"全人群+全价位+全球化"战略，看好积木人龙头成长性。预 计 25-27 年公司经调整净利润 9.08/12.69/16.67 亿元、同比 +55%/+40%/+31%，给予 25 年 35 倍 PE，目标价 136.71 港元/股， 首次覆盖给予"买入"评级。 风险提示 IP 授权续签/多 IP 拓展不及预期，行业竞争加剧，多品类拓展不 及预期；IP 热度下降。 投资逻辑 公司：依托积木人品类红利崛起，本土角色类拼搭玩具龙头。2022 年转型专注做人形积木，随奥特曼积木人热度持续提升，23 年来 收入爆发式增长， 23/24 年 收 入 8.77/22.4 亿 元 、 同 比 +169%/+156%。规模效应显现毛利率优化，内容营销策略致销售费 用率下降明显，24 年毛利率/销售费用率分别为 52.6%/12.6%，经 调净利润 5.85 亿元、经调净利率 26.1%。据沙利文，以 23 年 GMV 计算，布鲁可在中国角色类拼搭玩具市占率为 30.3%、位列第一。 公司 25 年 1 月 10 日上市，募集资金净额 17.9 亿港元，用于丰富 IP 矩阵、建造工厂、增强产品设计及开 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue growth of over 156% in 2024, reaching 2.24 billion RMB, primarily driven by the sales of building block toys [6] - The gross profit increased by 184% to 1.18 billion RMB, with the gross margin improving from 47.3% to 52.6% due to the growth in building block toy sales and economies of scale [6] - The company is focusing on expanding its overseas market and developing new IPs, with overseas revenue increasing by over 5 times [6] - The report highlights a balanced IP structure with significant growth in various IPs, reducing reliance on a single IP [6] - The adjusted net profit for 2025-2026 has been revised upwards to 10.8 billion RMB and 16.5 billion RMB, respectively, with a projected net profit of 20.9 billion RMB in 2027 [6] Financial Summary - Total revenue for 2023 was 876.69 million RMB, with projections of 2,240.93 million RMB for 2024, 3,922.35 million RMB for 2025, 5,732.48 million RMB for 2026, and 7,022.76 million RMB for 2027 [1][7] - The company reported a net loss of 401.05 million RMB in 2024, but the Non-GAAP net profit is expected to reach 584.59 million RMB in the same year [1][7] - The earnings per share (EPS) is projected to improve from -1.61 RMB in 2024 to 8.12 RMB in 2027 [1][7] - The price-to-earnings (P/E) ratio is expected to decrease from -64.91 in 2024 to 12.86 in 2027 [1][7]

证券研究报告·海外公司点评·家庭电器及用品(HS) 布鲁可（00325.HK） 2024 年报点评：收入超翻倍增长，新 IP 及 出海战略值得期待 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 876.69 | 2,240.93 | 3,922.35 | 5,732.48 | 7,022.76 | | 同比(%) | 169.27 | 155.61 | 75.03 | 46.15 | 22.51 | | 归母净利润（百万元） | (206.10) | (401.05) | 1,014.92 | 1,581.69 | 2,023.86 | | 同比(%) | 50.92 | (94.59) | 353.07 | 55.84 | 27.96 | | Non-GAAP 净利润 | 72.88 | 584.59 | 1,083.40 | 1,650.07 | 2,092.25 | | 同比(%) | - | 702.1 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Insights - The company's profitability has significantly improved, with adjusted net profit increasing by 702.1% year-on-year [4] - The company reported a revenue of 2.24 billion RMB for 2024, representing a year-on-year growth of 155.6% [3][4] - The company is expanding its product offerings across all age groups and is focusing on penetrating lower-tier markets [5] - The company has established a strong presence in overseas markets, with overseas sales revenue growing by 518.1% [7] Financial Performance - In 2024, the company's gross margin was 52.6%, an increase of 5.3 percentage points year-on-year [4] - The adjusted net profit margin reached 26.1%, up by 17.8 percentage points year-on-year [4] - The company expects revenues of 3.89 billion RMB in 2025, with a projected adjusted net profit of 972 million RMB [9] Product and Market Strategy - The company has launched 682 SKUs covering various age groups, with a focus on popular IPs such as Ultraman and Transformers [5] - The revenue from building block toys decreased by 62.9% year-on-year, indicating a shift in consumer preference towards role-playing toys [5] - The company has introduced a 9.9 RMB Transformers SKU to expand its price range and target lower-tier markets [5] Sales Channels - Online sales accounted for 6.95% of total revenue, while offline sales made up 93.04%, showing a strong reliance on traditional retail channels [6][7] - The company has seen a significant increase in revenue from distribution sales, which reached 20.63 billion RMB, up by 181.5% year-on-year [7] Future Projections - The company is projected to achieve a revenue of 5.17 billion RMB by 2026, with an adjusted net profit of 1.29 billion RMB [9][10] - The expected return on equity (ROE) is forecasted to be 101% in 2025, indicating strong profitability potential [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][18] Core Views - The company is expected to experience rapid revenue growth in 2024, with a projected revenue of 2.24 billion HKD, representing a year-on-year increase of 155.6%. The adjusted net profit is forecasted to be 585 million HKD, reflecting a significant increase of 702.1% year-on-year [7] - The company is capitalizing on the high demand in the trendy toy industry, leveraging a diverse product portfolio and an expanding IP matrix to strengthen its market position and increase market share [7][8] - The company is expected to continue its high growth trajectory in revenue and profit due to the expansion of its domestic offline channels and overseas business [7] Revenue Breakdown - In 2024, the company's revenue from character building toys is projected to be 2.20 billion HKD, a growth of 186.2%. Revenue from building blocks is expected to be 40 million HKD, a decline of 62.9% [8] - The revenue from key IPs in 2024 includes 1.10 billion HKD from Ultraman, 450 million HKD from Transformers, 310 million HKD from Heroes Infinite, and 170 million HKD from Kamen Rider, with Ultraman's revenue share decreasing to 48.9% [8] - The company's offline sales revenue is expected to reach 2.08 billion HKD, a growth of 171.1%, while overseas revenue is projected to be 60 million HKD, a significant increase of 518.2% [8] Profitability - The company's gross margin for 2024 is projected to be 52.6%, an increase of 5.3 percentage points, driven by the rapid growth in sales of character building toys [9] - The company's expense ratios for sales, management, R&D, and finance are expected to be 12.6%, 20.8%, 8.6%, and 7.6% respectively, with management expenses increasing significantly due to stock incentive costs [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company is experiencing rapid revenue growth, with a projected revenue of 2.24 billion HKD for 2024, representing a year-on-year increase of 155.6%. The adjusted profit is expected to be 585 million HKD, showing a significant increase of 702.1% year-on-year [6] - The company is diversifying its product offerings and IP matrix, reducing reliance on core IPs while expanding its market share through effective channel strategies [7][6] - The company is expected to continue its high growth trajectory in revenue and profit due to its expansion in domestic offline channels and overseas markets [6] Revenue Breakdown - In 2024, the company's revenue from character building toys reached 2.20 billion HKD, a growth of 186.2%, while revenue from building blocks decreased by 62.9% [7] - The revenue from the company's key IPs in 2024 includes 1.10 billion HKD from Ultraman, 450 million HKD from Transformers, 310 million HKD from Heroes Infinite, and 170 million HKD from Kamen Rider, with Ultraman's revenue share decreasing to 48.9% [7] - The company's offline sales revenue was 2.08 billion HKD, up 171.1%, with overseas revenue reaching 60 million HKD, a significant increase of 518.2% [7] Profitability - The company's gross margin for 2024 is 52.6%, an increase of 5.3 percentage points, driven by the rapid growth in character building toy sales [8] - The company's expense ratios for sales, management, R&D, and financial expenses were 12.6%, 20.8%, 8.6%, and 7.6% respectively, with management expenses increasing significantly due to stock incentive costs [8] Financial Summary and Valuation Metrics - The projected financial metrics for the company from 2023 to 2027 include: - Revenue: 877 million HKD (2023), 2.24 billion HKD (2024), 3.98 billion HKD (2025), 5.64 billion HKD (2026), 7.15 billion HKD (2027) - Net Profit: -206 million HKD (2023), -401 million HKD (2024), 1.03 billion HKD (2025), 1.52 billion HKD (2026), 1.99 billion HKD (2027) - EPS: -0.8 HKD (2023), -1.6 HKD (2024), 4.1 HKD (2025), 6.1 HKD (2026), 8.0 HKD (2027) [10]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Bloks Group Limited 布魯可集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：0325） 截 至2024年12月31日止年度的年度業績公告 布魯可集團有限公司董事會欣然宣佈本公司及其附屬公司截至2024年12月31 日 止 年 度 的 綜 合 年 度 業 績，連 同 截 至2023年12月31日 止 年 度 的 比 較 數 字。以 下 年度業績乃按照《國 際 財 務 報 告 準 則》編 製，並 已 由 審 計 委 員 會 審 閱。 | 財務摘要 | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

[Table_ReportType] 公司点评报告 [Table_StockAndRank] 布鲁可(0325.HK) 证券研究报告 公司研究 | | | 上次评级 买入 [Table_A 姜文镪 uthor新消费] 行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com [Table_Title] 布鲁可：被低估的品牌力 2025 YYYY 年年MM3 月月14DD 日日 [Table_S 事件：我们预计 ummary] 2 月出货延续景气，渠道库存健康。 深度思考：1）布鲁可的品牌价值某种程度上是被低估的，货架占领力可侧 面印证；2）产品力本身优势显著，除涂色、质感、拼搭手感外，我们可以 观察到产品的一些小巧思（果酱、香蕉、肩甲等细节），拼搭作为一种沉浸 式体验，产品 know-how 本身就是一种壁垒；3）布鲁可有在用心运营粉丝， BFC 创作赛、每月玩家生日抽奖等私域活动持续沉淀粉丝；根据国家统计 局，2023 年我国 5-14 岁儿童数量约 1.8 亿人（其中预估男童约 9800 万人）， 公司 24 年出货粗略估计在 1 亿件左右，考虑端 ...