Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Viewpoints - The company is a leading player in the domestic building block toy market, with over 90% of its revenue coming from building block character products. It has established a comprehensive product matrix covering all age groups, leveraging a rich IP matrix centered around Ultraman. The company achieved rapid revenue growth, with operating income reaching 1.046 billion yuan in H1 2024, a year-on-year increase of 237.6%, and an adjusted net profit of 292 million yuan, with a profit margin of 27.9% [6][26]. - The company is expected to maintain high-speed growth due to the expansion of its IP matrix, continuous product coverage across all age groups, and accelerated channel expansion. Forecasted net profits for 2024-2026 are 186 million, 836 million, and 1.18 billion yuan, respectively, with corresponding EPS of 0.7, 3.4, and 4.7 yuan, leading to PE ratios of 145.1, 32.3, and 22.8 times [6][9]. Company Overview - The company, originally founded as Grape Technology in 2014, has rapidly grown to become the leading character building block toy enterprise in China and the third globally. It has developed a robust IP matrix through over 500 patents and partnerships with around 50 well-known IPs, focusing on providing high-quality and affordable building block toys [14][15]. - The ownership structure is stable, with the founder holding a significant share of 48.7%, which helps bind the interests of core employees through an equity incentive plan [18]. Financial Summary and Valuation Indicators - The company has shown significant revenue growth, with operating income increasing from 326 million yuan in 2022 to 2.119 billion yuan in 2024E, reflecting a year-on-year growth of 141.7%. The adjusted net profit is expected to turn positive in 2024, reaching 186 million yuan, with a projected net profit margin of 8.8% [9][26]. - The gross profit margin has improved from 37.9% in 2022 to an estimated 53.3% in 2024E, driven by economies of scale [9][29]. Industry Overview - The global toy market is projected to grow from 773.1 billion yuan in 2023 to 993.7 billion yuan by 2028, with a CAGR of 5.1%. The character building block toy market is rapidly expanding, with the Chinese market expected to grow significantly due to the increasing popularity of IP-derived products [33][36]. - The character building block toy market in China has seen a substantial increase, with a market size growing from 1.2 billion yuan in 2019 to 5.8 billion yuan in 2023, and is expected to reach 32.5 billion yuan by 2028, reflecting a CAGR of 41.3% [53][41].

Investment Rating - The report maintains a positive investment outlook for Bandai Namco, with an upward revision of the annual guidance indicating strong growth potential [5][6]. Core Insights - Bandai Namco's revenue for FY25 is projected to reach 1.23 trillion JPY, a 17% year-on-year increase, with operating profit expected to be 180 billion JPY, reflecting a 99% increase [5][6]. - The company's IP-driven strategy is highlighted as a key growth driver, with significant contributions from major franchises such as Gundam, Dragon Ball, and One Piece [6][21]. Summary by Sections Financial Performance - For FY25, Bandai Namco's revenue is expected to be 1.23 trillion JPY, up from a previous estimate of 1.15 trillion JPY, with operating profit revised to 180 billion JPY from 160 billion JPY [5]. - In FY24, the company achieved a revenue of 955.7 billion JPY, a 24% increase year-on-year, and an operating profit of 179.2 billion JPY, a 129% increase [5][17]. Business Segments - Bandai Namco operates four main business segments: Digital Business, Toys and Hobby, IP Production, and Amusement Business, with the Toys and Hobby segment contributing the largest share of revenue at 5.1 billion JPY [10][17]. - The Toys and Hobby segment is expected to generate 590 billion JPY in FY25, representing a 16% increase [21]. IP Strategy - The report emphasizes the importance of the IP axis strategy, which aims to maximize the value of IP through various channels and enhance global reach [31][41]. - Major IPs such as Gundam, Dragon Ball, and One Piece have shown strong revenue growth, with One Piece achieving a CAGR of over 40% in the last three years [6][21]. Market Dynamics - The report notes that Japan remains the primary market for Bandai Namco, accounting for 72% of FY24 revenue, while international markets are increasingly contributing to growth [17][41]. - The company aims to increase its overseas revenue contribution to 35% in the medium term and 50% in the long term, indicating a strategic focus on international expansion [41].

2025 年 02 月 20 日 公司深度研究 买入/首次 布鲁可(00325) 目标价: 昨收盘:81.00 布鲁可：强大 IP 矩阵支撑业务迅速扩张，产品性价比优势显著 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/1/10 25/1/18 25/1/26 25/2/3 25/2/11 25/2/19 ◼ 股票数据 总股本/流通(亿股) 2.49/2.49 总市值/流通(亿港元) 201.89/201.89 12 个月内最高/最低价 (港元) 109.9/73.5 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 电话：021-58502206 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1190124030010 报告摘要 行业端：拼搭角色类玩具市场规模迅速扩张，行业发展前景广阔。1） 竞争格局：全球拼搭角色类玩具市场由万代和乐高形成双寡头垄断局面， 20 ...