Core Insights - The article discusses the growth and strategic positioning of the company "Blokus," which is leveraging the legacy of LEGO to establish a strong market presence through innovative product offerings and IP collaborations [1][2]. Group 1: Market Positioning and Strategy - Blokus has successfully utilized the Ultraman IP to elevate its business, achieving a revenue of 1.096 billion yuan from Ultraman products in 2024, alongside 454 million yuan from Transformers [1]. - The company has signed contracts with 50 IPs, aiming to cover mainstream global IPs, and has developed a product portfolio of 682 SKUs, targeting various age groups [1]. - The "good but not expensive" product strategy differentiates Blokus in the market, focusing on a "three-full strategy" (full demographics, full price range, globalization) [1]. Group 2: Product Development and Sales Performance - Blokus's sales of role-playing toys are projected to increase from 36.5 million units in 2023 to 135 million units in 2024, with a strong pipeline of new products expected post-2026 [2]. - The company launched the second batch of the Noah Ultraman building blocks, selling 40,000 units at a price of 169 yuan, indicating strong demand for new products [2]. - In 2025, Blokus plans to introduce 800 new SKUs, focusing on role-playing toys and expanding its offerings for female consumers, which is expected to drive continued growth [2]. Group 3: Financial Projections - Revenue forecasts for Blokus are 3.96 billion yuan in 2025, 5.59 billion yuan in 2026, and 7.28 billion yuan in 2027, with net profits of 1.101 billion yuan, 1.508 billion yuan, and 2.041 billion yuan respectively [2]. - The earnings per share (EPS) are projected to be 4.42 yuan, 6.05 yuan, and 8.19 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 28.34, 20.69, and 15.28 [2]. - The global and Chinese role-playing toy market is expected to reach 540.7 billion yuan and 91.1 billion yuan by 2028, indicating significant growth potential for Blokus as a leading player in the building block sector [2].
布鲁可(0325.HK)：以IP为支点撬动拼搭角色潮玩市场关注女性用户群体拓展