Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue growth of 156% in 2024, reaching 2.24 billion RMB, driven primarily by the sales of building block toys [6] - The gross profit increased by 184% to 1.18 billion RMB, with the gross margin improving from 47.3% to 52.6% [6] - The company is expanding its overseas market presence, with overseas revenue growing by 517% to 640 million RMB, now accounting for 3% of total revenue [6] - The introduction of new IPs is expected to enhance revenue growth potential, with significant new IP announcements made in March [6] Financial Summary - Total revenue projections for 2025-2027 have been revised upwards, with adjusted net profits expected to reach 1.08 billion RMB in 2025 and 2.09 billion RMB in 2027 [6] - The company’s earnings per share (EPS) is projected to improve from -1.61 RMB in 2024 to 8.12 RMB in 2027 [7] - The price-to-earnings (P/E) ratio is expected to decrease from 64.91 in 2024 to 12.86 in 2027, indicating improved valuation over time [7]
布鲁可（00325）：2024年报点评：收入超翻倍增长，新IP及出海战略值得期待