Core Viewpoint - Guojin Securities projects that Blukoo (00325) will achieve net profits attributable to shareholders of 678 million, 916 million, and 1.154 billion yuan for 2025-2027, representing year-on-year growth of 270%, 35%, and 26% respectively. The current stock price corresponds to a 2026 PE of 17 times, with a target price of 80.74 HKD based on a 22 times PE, maintaining a "Buy" rating [1] Group 1: Long-term Growth Foundation - The competition in licensed IP products is fundamentally about product strength, channel strength, and user strength. Blukoo has established a positive cycle in these three areas, laying a solid foundation for long-term brand momentum and growth [2] - The company has 72 licensed IPs and 925 SKUs for sale, providing a rich product matrix with a strong cost-performance advantage across various price segments, which solidifies brand reputation and sales [2] - Blukoo is expanding its offline channel density, focusing on lower-tier markets to effectively reach core users, replacing high-cost advertising with efficient brand experience entry points [2] Group 2: Mid-term Growth Drivers - The company currently derives about 80% of its revenue from male customers aged 6-16. It is expanding into female and adult customer segments through targeted product lines and community engagement strategies [3] - For the female segment, products like the Tadu series are designed to be visually appealing and socially engaging, while for adults, diverse IPs like EVA and Saint Seiya are being utilized to cover different interest groups [3] - If Blukoo successfully increases penetration in female and adult demographics, it will not only consolidate existing IPs but also provide significant additional growth momentum [3] Group 3: International Expansion - The company leverages China's supply chain for standardized production and cost control while maintaining product freshness through a rich IP reserve and frequent SKU launches [4] - Blukoo's overseas revenue for 2024 and the first half of 2025 is projected to be 64 million and 111 million yuan, respectively, with year-on-year growth of 518.2% and 898.6%, validating the feasibility of its products and model in international markets [4] - Successful overseas market expansion, particularly in North America and Asia-Pacific, is expected to become a significant growth driver, with existing IPs like "Transformers" likely to benefit [4]