布鲁可：国内拼搭玩具领军的崛起之路

Investment Rating - The report assigns a positive investment rating to the company, indicating strong growth potential in the market for building block toys [4][5]. Core Insights - The report highlights that the company, Bluko, is a leading player in the domestic building block toy market, focusing on high-cost performance character-based toys. The company has experienced explosive growth since its transition to character building blocks in 2022, driven by popular IPs like Ultraman [4][18]. - The report outlines three main growth drivers for the company: IP expansion, product diversification, and channel expansion, which are expected to sustain revenue growth in the coming years [7][8]. Summary by Sections Company Overview - Bluko is recognized as the largest and leading company in the domestic character building block toy market, with a market share of 30.3% in the character building block segment and 7.4% in the overall building block market as of 2023 [18]. Business Model Comparison - The report compares Bluko's business model with those of other toy companies, emphasizing that Bluko relies heavily on external IP licensing and a vast distribution network, similar to card game companies, while differentiating itself through its focus on character-based toys [4][29]. Financial Projections - Revenue projections for Bluko are as follows: 2024E at 22.01 billion CNY, 2025E at 34.05 billion CNY, and 2026E at 43.84 billion CNY, with corresponding growth rates of 151%, 55%, and 29% respectively. Adjusted net profit is expected to reach 6.00 billion CNY in 2024, 10.61 billion CNY in 2025, and 14.07 billion CNY in 2026, with growth rates of 724%, 77%, and 33% respectively [5][6][8]. Competitive Advantages - Bluko's competitive advantages include a strong product value proposition, a comprehensive retail network, and a unique integrated product development system that allows for rapid iteration and cost reduction [4][6][7]. Market Dynamics - The report notes that the company has successfully tapped into the growing demand for character-based toys, particularly among youth, and has positioned itself well against competitors by offering high-quality products at competitive prices [4][21][22].