Core Viewpoint - The company is expected to experience a slowdown in traditional business operations in 2025, but new product lines such as the 9.9 yuan Starry Edition and adult-oriented products are anticipated to drive revenue growth in the second half of 2025 and into 2026, maintaining a positive growth outlook [1][2]. Group 1: Product Development and IP Expansion - The company has expanded its IP portfolio from 14 in 2024 to 24 in 2025, with a total of approximately 63 IPs available for future development as of the first half of 2025 [1]. - In 2025, the company launched over 900 new SKUs, with a significant increase in new product releases expected in Q4, particularly for major product lines like Ultraman and Transformers [1]. - The introduction of the new building vehicle category in November 2025, priced at 16.9 yuan per box, is expected to contribute additional revenue in 2026, leveraging the growing global vehicle toy market [3]. Group 2: International Expansion and Revenue Growth - The company has actively pursued a global strategy, achieving overseas revenue of 111 million yuan in the first half of 2025, a year-on-year increase of 899%, with overseas revenue accounting for 8.3% of total revenue [2]. - Revenue growth in overseas markets was particularly strong in Asia (excluding China), North America, and other regions, with increases of 652%, 2136%, and 595% respectively [2]. - The company has showcased its products at international toy fairs in various countries, enhancing its global presence and brand recognition [2]. Group 3: Financial Projections and Valuation - The company has adjusted its profit forecasts for 2025-2027, estimating adjusted profits of 650 million, 871 million, and 1.16 billion yuan respectively [3]. - The adjusted EPS for the same period is projected to be 2.61, 3.50, and 4.65 yuan [3]. - The company is assigned a target price of 98.0 HKD for 2026, based on a 25x target PE, reflecting its strong growth potential as a premium IP commercialization platform [3].
布鲁可(0325.HK)：积木车及出海有望为26年增长亮点