国君轻工|万代南梦宫复盘:二次元龙头崛起之路

Investment Rating - The report suggests a positive investment outlook for Bandai Namco, emphasizing the importance of strong IP resources and operational capabilities in maintaining competitive advantages and expanding market share [1]. Core Insights - Bandai Namco is a leading comprehensive entertainment group in Japan, formed by the merger of Bandai and Namco in 2005, with a robust market position in toys, games, IP operations, and amusement facilities [1]. - The company has a solid revenue growth, with a 24% year-on-year increase in revenue to 955.7 billion yen for FY2025 Q1-3, and holds over 40% market share in the toy business in Japan [1]. - The global two-dimensional industry is thriving, with Japan's animation industry reaching 3.35 trillion yen in 2023, and overseas revenue from Japanese animation surpassing 50% for the first time [2]. - Bandai Namco's market share in the two-dimensional industry is 20%, significantly higher than competitors such as Kadokawa (15%) and Shueisha (10%) [2]. Summary by Sections Company Overview - Bandai Namco possesses over 400 IPs, including top-tier ones like Dragon Ball and Gundam, with core IP-related revenue accounting for over 60% [3]. - The company has diversified its toy business beyond traditional products to include cards, capsules, food, and clothing, leveraging its strong IP resources for revenue growth [3]. Market Dynamics - The Japanese animation industry and digital manga industry have reached scales of 3.3 trillion yen and 677 billion yen, respectively, indicating continuous market expansion [2]. - The company is enhancing its global presence, with approximately 30% of its revenue coming from overseas markets, and significant sales of its IPs in regions like Europe and China [3].