轻工制造行业周报（25年第1周）：布鲁可招股书梳理，国内拼搭玩具龙头，乘行业之风而起

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector, particularly highlighting the potential of the company Blukoo in the building block toy market [5][8]. Core Insights - Blukoo is positioned as a leading player in the domestic building block character toy market, with a rich IP matrix and strong product offerings. The segment is the fastest-growing within the toy industry, with long-term penetration expected to increase [19][20]. - The company has shown impressive revenue growth, with a 2023/2024H1 revenue increase of 169% and 238%, respectively, driven by its character building block toys. The gross margin has improved from 37.4% in 2021 to 52.9% in 2024H1 [3][34][37]. Summary by Sections 1. Investment Rating - The report rates the light industry manufacturing sector as "Outperform" [5][8]. 2. Company Overview - Blukoo, established in 2014, has transitioned from a focus on building blocks to character building block toys, which now account for 97.8% of its revenue as of 2024H1. The company has a strong IP portfolio, including major licenses like Ultraman and Transformers [19][20][22]. 3. Financial Performance - Revenue has surged from 3.3 billion in 2021 to 10.5 billion in 2024H1, with a notable increase in character building block toy sales. The adjusted net profit turned positive in 2024H1, reaching 2.9 billion [34][35][44]. 4. Market Dynamics - The global and domestic building block toy markets are valued at 176.5 billion and 23.7 billion, respectively, with a compound annual growth rate (CAGR) of 11% and 13% over the past four years. The character building block segment is projected to maintain a CAGR of 41.2% from 2023 to 2028 [3][19][20]. 5. Competitive Advantages - Blukoo's competitive edge lies in its diverse IP matrix, strong product development capabilities, and effective marketing strategies. The company has a significant offline distribution network, with 93% of its revenue coming from offline channels as of 2024H1 [2][46][48].