新品加速上新，IP 平台强化，出海加速开启 ——布鲁可点评报告 投资要点 ❑ 近日，布鲁可召开 2025 全球合作伙伴大会 首次提出"产品生态"概念：将其比喻成一棵大树，以创新研发为根系，丰富多元 IP 及产品矩阵威数值，全球用户和 BFC 为树叶，宣布从单一产品竞争转向系统生态 竞争。 经典产品升级： 布鲁可针对 Hero5、Hero8、Hero10、Champion、Legend、Fantastic 6 大经典系列已商品化的 IP 产品进行素体升级、新增角色及场景玩法，保持经典系列 活力。例如，圣斗士群星版第 2 弹优化人物比例，英雄无限 AMV 系列新增赤兔马坐 骑，增强收藏与互动性。 全新 IP 亮相：首次透露三大全新系列，涵盖哈利波特、初音未来、名侦探柯南等 IP，主打"萌动""奇幻""联盟"等主题，旨在触达儿童、女性等更广泛消费群体。此 外，布鲁可宣布与王者荣耀、侏罗纪世界、飞天小女警等 7 大 IP 达成全新合作，进 一步丰富全球化 IP 矩阵。 全球化加速落地：2024 年布鲁可通过全平台品牌内容连接 2400 多万用户，合作全球 达人覆盖粉丝 3.34 亿，内容传播量突破 13 亿次。 ❑ ...

布鲁可（00325.HK） 高增长势能延续，期待新 IP 及海外市场拓展表现 消费品/商业 2024 年公司实现收入 22.4 亿/+155.6%，经调整净利润 5.8 亿/+702.1%，经调 整净利率为 26.1%/+17.8pct。24H2 公司实现收入 12.0 亿/+110.8%，经调整净 利润 2.9 亿/+248.2%，经调整净利率为 24.5%/+9.7pct。公司为国内拼搭角色 类玩具龙头，市占及知名度明显领先其他国内玩家。当前公司在热门 IP 资源储 备+强商业化能力持续推新+渠道扩张+出海驱动下发展势能强，预计公司收入高 增速持续。维持"强烈推荐"评级。 ❑ 风险提示：IP 授权不稳定、市场竞争加剧、渠道拓展及产品上新不及预期等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入(百万元) | 877 | 2241 | 3984 | 6074 | 7475 | | 同比增长 | 169% | 156% | 78% | 52% | 23% | ...

支付计划等一次性支出的影响，整体净利率达到了 26.1%。 布鲁可公司的核心驱动因素有哪些？ 布鲁可公司的核心驱动因素主要包括 IP 产品的快速放量和渠道规模的快速扩张。 授权类 IP 如奥特曼和变形金刚的同比增速分别达到 97%和 263%，自由 IP 也实 现了 100%以上的高增长。在国内市场，经销渠道表现靓丽，实现高增长趋势； 海外市场收入为 0.6 亿元，同比增长 518%。 展望未来，布鲁可公司有哪些发展战略？ 谷子热潮正当时，再看布鲁可、万代逐鹿之路 20250328 摘要 Q&A 布鲁可公司在 2024 财年的业绩表现如何？ 布鲁可公司在 2024 财年的业绩表现非常亮眼。整体收入同比增长 156%，经调 整后的净利率达到了 26.1%，同比提升了 18 个百分点。其核心业务平台角色类 积木的收入实现了 22 亿元，同比增长 186%，占总收入的 98%。销量方面，平台 角色类积木达到了 1.3 亿件，同比增长 269%。毛利率提升了 5.3 个百分点至 53%。销售和研发费用率分别下降了 9 个点和 2 个点。如果剔除上市开支及股份 • 布鲁可公司实现营收 22 亿元，同比增长 186%，平 ...

上 市 公 司 轻工制造 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 03 月 26 日 | | --- | --- | | 收盘价（港币） | 123.00 | | 恒生中国企业指数 | 8654.26 | | 52 周最高/最低（港币） | 130.80/73.50 | | H 股市值（亿港币） | 306.58 | | 流通 H 股（百万股） | 249.25 | | 汇率（人民币/港币） | 1.0836 | 一年内股价与基准指数对比走势： -8% 12% 32% 52% 01/10 01/17 01/24 01/31 02/07 02/14 02/21 02/28 03/07 03/14 03/21 HSCEI 布鲁可 资料来源：Bloomberg 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 黄莎 A0230522010002 huangsha@swsresear ...

即时点评 盈利能力有明显优化，多 IP 矩阵推动生态成长 布鲁可（325.HK） 2025-03-27 星期四 事件： 布鲁可近日发布 2024 年度业绩，该集团取得收入人民币 22.41 亿元， 同比增加 155.6%；经调整年度利润 5.85 亿元，同比增加 702.1%；母 公司拥有人应占亏损 4.01 亿元，同比增加 94.59%。其中拼搭角色类玩 具的销售收入增长到 22.01 亿元，这一增长得益于成功的 IP 组合及销 售网络扩展。与此同时，积木玩具的销售收入则下降 62.9%，反映出 公司逐渐将重心转向拼搭角色类玩具。2024 年公司研发支出为 1.92 亿 元，占总收入的 8.6%，显示出公司对产品创新和市场需求的重视。公 司目前销售渠道包括线下经销和线上电商平台。线下销售额达到 20.85 亿元，占总收入的 92.1%。此外公司还在国际市场上拓展业务，海外 销售收入同比增长 518.2%。整体来看，公司的产品组合和市场策略在 报告期内表现出强劲的增长潜力。 点评观点： 相关报告 布鲁可的营收增长主要受益于产品组合优化及渠道下沉策略。公司通 过"三全战略"（全价位、全人群、全球化）覆盖全年龄段 ...

布鲁可近日发布 2024 年度业绩，该集团取得收入人民币 22.41 亿元， 同比增加 155.6%；经调整年度利润 5.85 亿元，同比增加 702.1%；母 公司拥有人应占亏损 4.01 亿元，同比增加 94.59%。其中拼搭角色类玩 具的销售收入增长到 22.01 亿元，这一增长得益于成功的 IP 组合及销 售网络扩展。与此同时，积木玩具的销售收入则下降 62.9%，反映出 公司逐渐将重心转向拼搭角色类玩具。2024 年公司研发支出为 1.92 亿 元，占总收入的 8.6%，显示出公司对产品创新和市场需求的重视。公 司目前销售渠道包括线下经销和线上电商平台。线下销售额达到 20.85 亿元，占总收入的 92.1%。此外公司还在国际市场上拓展业务，海外 销售收入同比增长 518.2%。整体来看，公司的产品组合和市场策略在 报告期内表现出强劲的增长潜力。 点评观点： 即时点评 盈利能力有明显优化，多 IP 矩阵推动生态成长 布鲁可（325.HK） 2025-03-27 星期四 事件： 相关报告 布鲁可的营收增长主要受益于产品组合优化及渠道下沉策略。公司通 过"三全战略"（全价位、全人群、全球化）覆盖全年龄段 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][9]. Core Insights - The company reported significant revenue growth and improved profitability in 2024, with total revenue reaching 2.241 billion yuan, a year-on-year increase of 155.6%. The adjusted net profit was 585 million yuan, up 702.1% year-on-year, despite a net loss of 401 million yuan [2][4]. - The gross margin for 2024 was 52.6%, an increase of 5.28 percentage points from the previous year, while the adjusted net profit margin improved by 17.8 percentage points to 26.1% [2][4]. - The company has expanded its IP matrix and product offerings, achieving a revenue of 2.201 billion yuan from building block toys, a growth of 186.2% year-on-year, and a gross margin increase to 52.9% [2][3]. Revenue and Profitability - The company achieved a total revenue of 2.241 billion yuan in 2024, with a year-on-year growth rate of 155.6% [6][8]. - The adjusted net profit for 2024 was 585 million yuan, reflecting a substantial increase of 702.1% compared to the previous year [2][4]. - The gross profit margin improved to 52.6%, up from 47.33% in 2023, indicating enhanced profitability [8]. Product and Market Expansion - The company has broadened its IP matrix, now holding two self-developed IPs and approximately 50 licensed IPs, resulting in a diverse product range of 682 SKUs [2][3]. - The introduction of a new product at a price point of 9.9 yuan is expected to enhance market penetration in lower-tier markets [2]. - The building block toy segment saw a revenue decline to 39 million yuan, a drop of 62.9% year-on-year [2]. Channel and Geographic Development - The company reported offline sales revenue of 2.085 billion yuan, a year-on-year increase of 171.09%, while online sales reached 156 million yuan, growing by 46.52% [3]. - The company has established subsidiaries in the UK, Indonesia, Malaysia, and Singapore, with overseas revenue reaching 64 million yuan, a remarkable growth of 518.2% [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported significant revenue growth and improved profitability in 2024, with total revenue reaching 2.241 billion, a year-on-year increase of 155.6%. Adjusted net profit was 585 million, up 702.1% [2][4]. - The gross margin for 2024 was 52.6%, an increase of 5.28 percentage points from the previous year, while the adjusted net profit margin improved by 17.8 percentage points to 26.1% [2][4]. - The company has expanded its IP matrix and product offerings, with revenue from building block toys declining significantly by 62.9% to 39 million [2][3]. Revenue and Profitability - The company achieved a total revenue of 2.241 billion in 2024, with a year-on-year growth rate of 155.6% [6][8]. - The adjusted net profit for 2024 was 585 million, reflecting a substantial increase of 702.1% compared to the previous year [2][4]. - The gross profit margin improved to 52.6%, while the adjusted net profit margin reached 26.1% [2][4]. Product and Market Expansion - The revenue from character building toys was 2.201 billion, representing a growth of 186.2% and accounting for 98.2% of total revenue [2][3]. - The company has developed a diverse product portfolio with 682 SKUs, including two self-developed IPs and around 50 licensed IPs [2][3]. - The introduction of a new product at a price point of 9.9 yuan is expected to enhance market penetration in lower-tier markets [2][3]. Channel and Geographic Development - Offline sales generated 2.085 billion in revenue, a year-on-year increase of 171.09%, while online sales reached 156 million, up 46.52% [3]. - The company has established subsidiaries in the UK, Indonesia, Malaysia, and Singapore, with overseas revenue growing by 518.2% to 64 million [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported significant revenue growth of 155.6% year-on-year, achieving total revenue of 2.241 billion yuan in 2024. Adjusted net profit reached 585 million yuan, a remarkable increase of 702.1% [1]. - The gross margin improved to 52.60%, up by 5.28 percentage points from the previous year, while the adjusted net profit margin increased by 17.8 percentage points to 26.1% [1]. - The company has expanded its IP matrix, with revenue from building block toys declining significantly, while character-based toys saw a revenue increase of 186.2% [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.241 billion yuan, with a year-on-year growth of 155.6%. The adjusted net profit was 585 million yuan, marking a 702.1% increase [1][6]. - The gross margin for 2024 was reported at 52.60%, an increase from 47.33% in 2023, while the adjusted net profit margin reached 26.1% [1][8]. Product and Market Development - The character-based toys segment generated 2.201 billion yuan in revenue, accounting for 98.2% of total revenue, with a gross margin of 52.9% [2]. - The company has developed a diverse product portfolio with 682 SKUs, including two proprietary IPs and around 50 licensed IPs, enhancing its market presence [2]. Channel and Geographic Expansion - The company reported a 171.09% increase in offline sales, totaling 2.085 billion yuan, while online sales grew by 46.52% to 156 million yuan [3]. - The company has established subsidiaries in the UK, Indonesia, Malaysia, and Singapore, with overseas revenue reaching 64 million yuan, a growth of 518.2% [3].

投资逻辑 公司：依托积木人品类红利崛起，本土角色类拼搭玩具龙头。2022 年转型专注做人形积木，随奥特曼积木人热度持续提升，23 年来 收入爆发式增长， 23/24 年 收 入 8.77/22.4 亿 元 、 同 比 +169%/+156%。规模效应显现毛利率优化，内容营销策略致销售费 用率下降明显，24 年毛利率/销售费用率分别为 52.6%/12.6%，经 调净利润 5.85 亿元、经调净利率 26.1%。据沙利文，以 23 年 GMV 计算，布鲁可在中国角色类拼搭玩具市占率为 30.3%、位列第一。 公司 25 年 1 月 10 日上市，募集资金净额 17.9 亿港元，用于丰富 IP 矩阵、建造工厂、增强产品设计及开发能力等。 竞争优势：差异化定位，出色的产品开发与运营。公司产品正版授 权，卡位低尺寸、低价位积木人赛道，盲盒占比高、可玩性强、IP 神韵还原度高、拼搭体验感好，主打高性价比，叠加广泛的终端网 点覆盖，快速起量。1）高性价比：定价区间布局完整（9.9-399 元）， 50 元以下价格带产品优势显著；2）中国玩具强供应链赋能，SKU 丰富且持续优化迭代，上新频率快（每季度推出 30-90 款 ...