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]
布鲁可：本土积木人龙头，多IP矩阵+下沉市场拓展驱动未来增长-20250326