Investment Rating - The report suggests a positive outlook for the company, indicating a strong growth potential driven by its product mix and market strategies [1][3][6] Core Insights - The company achieved a revenue of RMB 2.241 billion, a year-on-year increase of 155.6%, and an adjusted annual profit of RMB 585 million, reflecting a significant year-on-year increase of 702.1% [1] - The sales revenue from building block toys decreased by 62.9%, indicating a strategic shift towards building character toys, which generated sales of RMB 2.201 billion [1][3] - The company has invested RMB 192 million in R&D, accounting for 8.6% of total revenue, highlighting its commitment to product innovation [1] - The gross profit margin improved to 52.6%, showcasing enhanced supply chain efficiency and product structure optimization [3] Summary by Sections Revenue Growth - The revenue growth is primarily attributed to product mix optimization and channel penetration strategies, effectively reaching consumers across various demographics and price ranges [3][4] - The company plans to introduce 800-1000 new SKUs and over 300 new products in 2025, further enhancing its product offerings [4] Market Expansion - The company is expanding its IP matrix, currently holding nearly 50 licensed IPs and planning to add over 25 more, including popular franchises like Star Wars and Pokémon [4][5] - Domestic market penetration is supported by over 450 distributors, while international expansion is achieved through brand partnerships and localization strategies, with overseas sales revenue increasing by 518.2% [1][4] Future Growth Drivers - The company is focusing on developing female-oriented products to address specific market needs, including ease of assembly and aesthetic appeal [5] - Forecasts indicate net profits of RMB 941 million, RMB 1.381 billion, and RMB 1.991 billion for 2025-2027, with corresponding P/E ratios of 30x, 20x, and 14x, reflecting strong market confidence in sustained profitability [6]
布鲁可（00325）：盈利能力有明显优化，多IP矩阵推动生态成长