IPO申购指南：布鲁可

Investment Rating - The report suggests a cautious subscription for the company Blukoo (0325.HK) [2] Core Viewpoints - Blukoo is a leader in the Chinese building block toy market, with a significant market share and rapid growth driven by its proprietary IP capabilities and partnerships with over 50 well-known IPs [2][5] - The company achieved a GMV growth of over 170%, with a substantial portion of its revenue coming from the Ultraman IP [2] - The IPO price range is set between HKD 55.56 and HKD 60.35, with a total fundraising amount of approximately HKD 1.294 billion [2] Company Overview - Blukoo's market share in the Chinese building block toy segment is significant, with its products accounting for a large portion of the revenue [2] - The company has a diverse product lineup, including 431 SKUs, primarily targeting children aged 6 to 16 [2] - The company is expected to have a market capitalization of approximately HKD 10.9 billion post-IPO, with a PS ratio of about 10 times based on 2023 estimates [2] Financial Performance - For the first half of 2023, Blukoo reported revenues of approximately HKD 3.3 billion, with a year-on-year growth of 63% [2] - The company is projected to continue its rapid growth, with a forecasted revenue increase of 237.6% for 2024 [2] - The global building block toy market is expected to grow at a CAGR of 20.5% from 2019 to 2023, indicating a robust industry outlook [5]