Company Overview - The company, established in 2014, focuses on building block character toys, with Ultraman as its core licensed IP, and is continuously expanding its IP product matrix [1] - The company has a stable shareholding structure with a high proportion of shares held by the founder, and the management team is experienced and stable due to deep equity incentives [1] - The company is experiencing rapid revenue growth and has entered an upward trajectory in profitability [1] Industry Insights - The "Guzi Economy," which refers to the secondary economy surrounding two-dimensional culture, is thriving, driven by the demand for emotional consumption and the expansion of quality IPs [1] - The building block character toy market has seen significant growth, with the market size increasing from 13.2 billion to 27.8 billion from 2019 to 2023, representing a compound annual growth rate of 20.5% [1] - The building block character toy sector is highly concentrated, with the company ranked first in China and third globally [1] Core Competitiveness - The company has a rich IP matrix, significant supply chain scale effects, and excellent channel marketing capabilities [2] - The company enhances the building block system by integrating the advantages of character toys and building block gameplay, providing new choices for consumers [2] - The product design, research and development, and production systems are standardized, with high interchangeability of components [2] - The company is expanding its offline presence while leveraging online content marketing to enhance brand influence through the BFC event system [2] Investment Outlook - The company is expected to achieve significant growth in net profit from 1.188 billion to 2.663 billion from 2025 to 2027, with year-on-year growth rates of 396.2%, 61.0%, and 39.3% respectively [2] - The company is rated as "Buy" due to its leading position in the market, rich IP matrix, rapid SKU iteration, and efficient channel management [2]
布鲁可(00325.HK)：拼搭角色玩具龙头 用户象限拓展可期