Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company, Blok, has established itself as a leader in the building block toy market, focusing on high-quality and reasonably priced products, and is experiencing rapid growth [1]. - The building block toy market is projected to grow at a CAGR of 15.0% from 2023 to 2028, significantly outpacing non-building block toys, with Blok holding a 30.3% market share in China [1][2]. Summary by Sections Company Overview - Founded in December 2014, Blok initially focused on large particle building toys before shifting to building block toys due to market limitations [11]. - The company has a stable shareholding structure, with the largest shareholder holding 50.9% [16]. Market Growth - The global toy market is expected to grow from 631.2 billion RMB in 2019 to 993.7 billion RMB by 2028, with the building block segment growing rapidly [39][40]. - The building block toy market reached 176.5 billion RMB in 2023, with a projected CAGR of 15.0% from 2023 to 2028 [47]. Competitive Advantage - Blok's competitive edge lies in its ability to offer low-priced, high-quality products with rapid iteration, similar to the successful strategies of other companies in the market [3]. - The company has a rich IP resource, including licenses for popular franchises, which enhances its product offerings and market appeal [3][4]. Financial Projections - Revenue is expected to grow significantly, with forecasts of 4.1 billion RMB in 2025, 5.5 billion RMB in 2026, and 7.4 billion RMB in 2027, reflecting growth rates of 83.5%, 34.7%, and 34.4% respectively [5]. - The net profit is projected to turn positive by 2027, with estimates of 2.1 billion RMB [5]. Investment Recommendation - The report suggests that Blok is in a rapid growth phase with strong channel expansion potential, particularly in school-side stores, and anticipates continued growth driven by expanding female customer segments and overseas market performance [4].
布鲁可（00325）：首次覆盖报告：渠道视角看布鲁可：抢占校边店的第二个货架