IPO点评报告：布鲁可-“中国版乐高”

Investment Rating - The report assigns an IPO-specific rating of "5.8" and recommends subscription [8]. Core Insights - The company, known as "China's Lego," has shown significant revenue growth with a CAGR of 63% from 2021 to 2023, and its revenue for the first half of 2024 reached 1.046 billion yuan [6]. - The company has a strong market position, ranking first in the Chinese building block toy market with a market share of 30.3% [7]. - The global building block toy market is projected to grow at a CAGR of 20.5%, with the Chinese segment expected to grow at an even faster rate of 41.3% from 2023 to 2028 [14]. Company Overview - The company was established in 2014 and primarily produces building block toys, holding two proprietary IPs and approximately 50 licensed IPs [13]. - As of June 30, 2024, the company has 431 SKUs available for sale, targeting various age groups [13]. Financial Performance - The company's revenue for 2021, 2022, 2023, and the first half of 2024 was 330 million, 326 million, 877 million, and 1.046 billion yuan respectively, with a gross margin improvement from 37.4% in 2021 to 52.9% in the first half of 2024 [6]. - Adjusted net profit improved from a loss of 356 million yuan in 2021 to a profit of 292 million yuan in the first half of 2024 [6]. Market Dynamics - The building block toy market is highly concentrated, with the top five companies holding 87.1% of the global market share, and the company ranks third globally [7]. - The report highlights the increasing popularity of trendy toys driven by the "Guzi Economy," which is expected to enhance market sentiment for IPOs [8].