拼搭玩具行业深度：IP+玩法融合，稀缺优质供给高成长

Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Viewpoints - The building block toy industry, particularly the segment of character building toys, is the fastest-growing category in the global toy market, with a projected market size of RMB 40.4 billion by 2024 and a CAGR of 29% from 2023 to 2028 [3][10] - The domestic market for character building toys is expected to grow from RMB 5.8 billion in 2023 to RMB 32.5 billion by 2028, with a CAGR of 41.2%, significantly outpacing the overall toy industry growth [3][13] - The leading company in this sector, Blokko, holds a 39% market share in China, surpassing competitors from Japan and Denmark [3][30] Summary by Sections Industry Overview - Character building toys are the largest segment in the toy market, with a market size of RMB 345.8 billion in 2023, accounting for 44.7% of the global toy market [10] - The global market for building block toys reached RMB 176.5 billion in 2023, with a projected CAGR of 15% from 2023 to 2028 [10] Market Dynamics - The growth of the character building toy market is driven by the combination of popular IP characters and engaging gameplay, which enhances emotional investment and user experience [10][14] - There is a significant demand for high-quality, licensed products, but the supply remains scarce, creating opportunities for companies like Blokko [3][27] Competitive Landscape - The global market is highly concentrated, with the top five companies holding 87.1% of the market share, including a 45% share for a Japanese company and a 41% share for a Danish company [30] - In China, the top five players account for 76.9% of the market, with Blokko leading at 39% [30] Company Profile: Blokko - Blokko has established itself as a leader in the character building toy market, leveraging a diverse range of IP partnerships and innovative product offerings [3][30] - The company plans to go public on January 10, 2025, with an estimated market capitalization of approximately HKD 13.4-14.6 billion [3][37] - Blokko's product strategy includes a wide price range, with main products priced between RMB 19.9 and RMB 399, ensuring high value for consumers [3][44] Investment Recommendations - Investors are encouraged to pay attention to Blokko as it is well-positioned to capitalize on the growing demand for character building toys, with plans for significant expansion in product offerings and market reach [3][37]