Investment Rating - The report maintains a positive investment outlook for Bandai Namco, with an upward revision of the annual guidance indicating strong growth potential [5][6]. Core Insights - Bandai Namco's revenue for FY25 is projected to reach 1.23 trillion JPY, a 17% year-on-year increase, with operating profit expected to be 180 billion JPY, reflecting a 99% increase [5][6]. - The company's IP-driven strategy is highlighted as a key growth driver, with significant contributions from major franchises such as Gundam, Dragon Ball, and One Piece [6][21]. Summary by Sections Financial Performance - For FY25, Bandai Namco's revenue is expected to be 1.23 trillion JPY, up from a previous estimate of 1.15 trillion JPY, with operating profit revised to 180 billion JPY from 160 billion JPY [5]. - In FY24, the company achieved a revenue of 955.7 billion JPY, a 24% increase year-on-year, and an operating profit of 179.2 billion JPY, a 129% increase [5][17]. Business Segments - Bandai Namco operates four main business segments: Digital Business, Toys and Hobby, IP Production, and Amusement Business, with the Toys and Hobby segment contributing the largest share of revenue at 5.1 billion JPY [10][17]. - The Toys and Hobby segment is expected to generate 590 billion JPY in FY25, representing a 16% increase [21]. IP Strategy - The report emphasizes the importance of the IP axis strategy, which aims to maximize the value of IP through various channels and enhance global reach [31][41]. - Major IPs such as Gundam, Dragon Ball, and One Piece have shown strong revenue growth, with One Piece achieving a CAGR of over 40% in the last three years [6][21]. Market Dynamics - The report notes that Japan remains the primary market for Bandai Namco, accounting for 72% of FY24 revenue, while international markets are increasingly contributing to growth [17][41]. - The company aims to increase its overseas revenue contribution to 35% in the medium term and 50% in the long term, indicating a strategic focus on international expansion [41].
布鲁可（00325）：梳理迭代、圆谷，再看成长-2025-03-11