Investment Rating - The report maintains a "Buy" rating for the company with a target price yet to be specified [5]. Core Insights - The company is expected to achieve over 10 billion in revenue for 2024, with a CAGR of 56% from 2022 to 2024. The adjusted profit for 2024 is projected to be 4.5 billion, reflecting a CAGR of 66% during the same period [1]. - The company has a robust IP matrix with 70 existing IPs, including popular franchises like My Little Pony and Ultraman, and has a distribution network of 217 dealers across the country [1]. - Future strategies focus on product expansion, IP diversification, enhanced production capabilities, multi-channel networks, and international expansion [1]. - The launch of the BFC creative competition has significantly increased user engagement, with submissions growing from 300 to over 30,000 pieces, indicating a thriving co-creation ecosystem [5][9]. Summary by Sections Company Overview - The company operates in the non-essential consumer goods sector, specifically in household appliances and toys [5]. - Current stock price is 122.6 HKD, with a total market capitalization of approximately 30.56 billion HKD [5]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 3.8 billion RMB, 5.3 billion RMB, and 7 billion RMB respectively, with net profits of 960 million RMB, 1.48 billion RMB, and 2.08 billion RMB [10]. Market Position - The upcoming IPO of a related entity is expected to enrich the collectible toy IP market and accelerate sector effects, potentially boosting valuations and profit expectations for industry leaders [2].
布鲁可（00325）：卡游交表催化IP潮玩板块，布鲁可BFC体系升级