Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Viewpoints - The company is a leading player in the domestic building block toy market, with over 90% of its revenue coming from building block character products. It has established a comprehensive product matrix covering all age groups, leveraging a rich IP matrix centered around Ultraman. The company achieved rapid revenue growth, with operating income reaching 1.046 billion yuan in H1 2024, a year-on-year increase of 237.6%, and an adjusted net profit of 292 million yuan, with a profit margin of 27.9% [6][26]. - The company is expected to maintain high-speed growth due to the expansion of its IP matrix, continuous product coverage across all age groups, and accelerated channel expansion. Forecasted net profits for 2024-2026 are 186 million, 836 million, and 1.18 billion yuan, respectively, with corresponding EPS of 0.7, 3.4, and 4.7 yuan, leading to PE ratios of 145.1, 32.3, and 22.8 times [6][9]. Company Overview - The company, originally founded as Grape Technology in 2014, has rapidly grown to become the leading character building block toy enterprise in China and the third globally. It has developed a robust IP matrix through over 500 patents and partnerships with around 50 well-known IPs, focusing on providing high-quality and affordable building block toys [14][15]. - The ownership structure is stable, with the founder holding a significant share of 48.7%, which helps bind the interests of core employees through an equity incentive plan [18]. Financial Summary and Valuation Indicators - The company has shown significant revenue growth, with operating income increasing from 326 million yuan in 2022 to 2.119 billion yuan in 2024E, reflecting a year-on-year growth of 141.7%. The adjusted net profit is expected to turn positive in 2024, reaching 186 million yuan, with a projected net profit margin of 8.8% [9][26]. - The gross profit margin has improved from 37.9% in 2022 to an estimated 53.3% in 2024E, driven by economies of scale [9][29]. Industry Overview - The global toy market is projected to grow from 773.1 billion yuan in 2023 to 993.7 billion yuan by 2028, with a CAGR of 5.1%. The character building block toy market is rapidly expanding, with the Chinese market expected to grow significantly due to the increasing popularity of IP-derived products [33][36]. - The character building block toy market in China has seen a substantial increase, with a market size growing from 1.2 billion yuan in 2019 to 5.8 billion yuan in 2023, and is expected to reach 32.5 billion yuan by 2028, reflecting a CAGR of 41.3% [53][41].
布鲁可（00325）港股公司首次覆盖报告：拼搭角色玩具龙头，多IP共振快速成长