布鲁可：积木人开创者，快速成长

Investment Rating - The report assigns an "Overweight" rating for the company, marking the first coverage [1]. Core Insights - The company, Bluko, is a pioneer in the building block toy segment, capitalizing on the growing interest in consumer products across various age groups. The company has innovated the building block category by integrating popular IPs and creating engaging products for younger audiences [3][4]. - The company has a rich IP reserve and plans to diversify its product offerings significantly by 2025, with a focus on both popular licensed IPs and self-owned IPs [5][9]. - Bluko's sales strategy relies heavily on a network of over 500 distributors, with plans to expand into lower-tier cities and international markets, particularly in Southeast Asia [6][9]. - The company has established a unique consumer ecosystem that encourages engagement and creativity among its users, leading to rapid growth and market leadership in the building block toy sector [7][9]. Summary by Sections Financial Performance - For the fiscal year 2023, the company reported total revenue of 877 million yuan, with a projected revenue of 2.25 billion yuan for 2024, reflecting a year-on-year growth of 169.3% [9][24]. - The company anticipates revenues of 3.5 billion yuan in 2025 and 4.3 billion yuan in 2026, with corresponding growth rates of 55.5% and 22.9% [9][24]. - Non-GAAP net profit is expected to reach 599 million yuan in 2024, with significant growth projected for subsequent years [9][24]. Market Position - Bluko has rapidly grown to become the largest building block toy company in China, with a market share of 30.3% in 2023, and the third largest globally with a 6.3% market share [7][9]. - The company has a strong focus on product innovation, with a leading frequency of new product launches in the industry [4][5]. IP Strategy - The company has a diverse portfolio of approximately 50 licensed IPs, including popular franchises such as Pokémon, Naruto, and Spider-Man, which are expected to contribute significantly to future revenues [5][9]. - The company has successfully launched several new products based on these IPs, which have received positive market feedback [5][9]. Sales and Distribution - Bluko's distribution network includes over 15,000 offline points of sale, covering major cities and a significant portion of lower-tier cities [6][9]. - The company plans to enhance its direct-to-consumer (DTC) strategy by opening flagship stores in major cities by 2025 and 2026 [6][9].