布鲁可：首次覆盖报告：大IP流量为王，差异化竞争制胜

Investment Rating - The report initiates coverage on the company with a positive investment rating [3]. Core Insights - The company is positioned as a leading player in the building block toy segment, with significant growth potential driven by a robust IP portfolio and effective market strategies [6][22]. - The global toy market is expanding, with the building block category showing a higher growth rate compared to non-building block toys, benefiting from increased playability and educational value [9][11]. - The company's revenue is projected to grow significantly, with a forecasted increase from 877 million CNY in 2023 to 4,623 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 169% [2][36]. Summary by Sections 1. Company Overview - The company is a leader in the building block toy market, with a strong focus on character-based toys, which are experiencing the fastest growth within the segment [11]. 2. Industry Analysis - The global toy market reached 773.1 billion CNY in 2023, with China's market size at 105 billion CNY, accounting for approximately 14% of the global market [9]. - Building block toys represent about 77% of the toy market, with a compound growth rate significantly higher than that of non-building block toys [9][10]. 3. Future Outlook - The company is leveraging major IPs like Ultraman, which has shown stable revenue growth, while also diversifying its IP portfolio to reduce reliance on a single product line [26]. - The company has a strong product launch capability, with plans to introduce approximately 400 and 800 new SKUs in 2024 and 2025, respectively [28]. 4. Financial Projections - Non-GAAP net profit is expected to rise from 73 million CNY in 2023 to 1,245 million CNY by 2026, indicating a strong profitability trajectory [2][36]. - The adjusted diluted EPS is projected to increase from 0.49 CNY in 2023 to 5.08 CNY in 2026, reflecting the company's improving financial health [2][37].