轻工&传媒：布鲁可：凭借高性价比产品突出重围，拓IP&拓客群+布局下沉市场&海外市场思路明确

Investment Rating - The report indicates a positive outlook for the industry, highlighting the potential for outperforming the relevant market indices over the next 12 months [12]. Core Insights - The primary growth drivers for the company include new IP, new customer segments, and new distribution channels. The introduction of new IP products such as Pokémon, Hatsune Miku, and others is expected to reduce reliance on a single IP [2][9]. - The company aims to expand its customer base by targeting female users through new IP releases, while its existing popular IP, Ultraman, primarily appeals to male consumers [6][9]. - The domestic market is seeing significant potential in lower-tier cities, with plans to increase the number of retail channels and improve distributor management [6][7]. - Internationally, the company is expanding its presence in Southeast Asia and Europe, with overseas revenue expected to increase from a current low base of around 1% [7][9]. Summary by Sections Product Strategy - The company is leveraging a combination of self-owned and licensed IPs to create a diverse IP matrix, which includes popular franchises like Ultraman and Transformers. This strategy is anticipated to decrease dependency on Ultraman [6][9]. - The company offers high-quality products at competitive prices, which enhances its market competitiveness [6]. Market Channels - The company has reported having approximately 150,000 retail channels as of June 2024, primarily in stationery, convenience, and toy stores. The focus on lower-tier markets is expected to drive rapid growth in channel density [6][9]. - The company is utilizing platforms like Amazon and Walmart to penetrate international markets, aiming to boost overseas revenue significantly [7][9]. Market Position - In 2023, the company achieved a GMV of approximately 1.8 billion yuan, holding a 30.3% market share in the Chinese building block toy segment and 6.3% globally, making it the largest player in China and the third globally [9].