Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a target price range of HKD 163.40 to HKD 171.91 per share [5][3]. Core Viewpoints - The company is positioned as a leading player in the building block character toy sector, benefiting from the rapid growth of the industry and its own proactive IP matrix development, brand promotion, and channel expansion [3][2]. - The company achieved a GMV of 8.77 billion in 2023, with a year-on-year revenue growth of 169%, primarily driven by the successful launch of a series of building block character toys and the expansion of its sales network [15][17]. - The company has established a strong IP matrix with approximately 50 globally recognized IPs, including Ultraman and Transformers, which significantly contribute to its revenue [12][2]. Summary by Sections Company Overview - Founded in 2014, the company specializes in the research, production, and sales of building block character toys, achieving the highest market share in China's building block character toy industry in 2023 [12][2]. - The company has developed a multi-dimensional IP matrix, with Ultraman accounting for 48.9% of its revenue in 2024 [12][2]. Industry Overview - The Chinese building block character toy market reached a GMV of 5.8 billion in 2023, with a compound annual growth rate (CAGR) of 49.6% from 2019 to 2023, and is projected to reach 32.5 billion by 2028 [2][45]. - The overseas market for building block character toys is also expanding, with a GMV of 22.1 billion in 2023, expected to grow at a CAGR of 24.9% to 67.1 billion by 2028 [2][45]. Financial Forecast and Metrics - The company is projected to achieve revenues of 22.41 billion in 2024, a year-on-year increase of 155.61%, with a net profit of 1.03 billion expected by 2025 [4][3]. - The overall gross margin is expected to reach 52.6% in 2024, reflecting improvements in production efficiency and scale effects [33][4]. Growth Potential - The company is well-positioned to capitalize on the industry's rapid growth, supported by its strong IP matrix and effective supply chain management, which allows for quick product launches and competitive pricing [2][69]. - The increasing consumer demand for emotional and experiential purchases, particularly among younger demographics, presents significant growth opportunities for the company [50][53].
布鲁可（00325）：搭角色类玩具龙头背后之壁垒，长期IP矩阵建设之底气