Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue growth of over 156% in 2024, reaching 2.24 billion RMB, primarily driven 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% due to the growth in building block toy sales and economies of scale [6] - The company is focusing on expanding its overseas market and developing new IPs, with overseas revenue increasing by over 5 times [6] - The report highlights a balanced IP structure with significant growth in various IPs, reducing reliance on a single IP [6] - The adjusted net profit for 2025-2026 has been revised upwards to 10.8 billion RMB and 16.5 billion RMB, respectively, with a projected net profit of 20.9 billion RMB in 2027 [6] Financial Summary - Total revenue for 2023 was 876.69 million RMB, with projections of 2,240.93 million RMB for 2024, 3,922.35 million RMB for 2025, 5,732.48 million RMB for 2026, and 7,022.76 million RMB for 2027 [1][7] - The company reported a net loss of 401.05 million RMB in 2024, but the Non-GAAP net profit is expected to reach 584.59 million RMB in the same year [1][7] - The earnings per share (EPS) is projected to improve from -1.61 RMB in 2024 to 8.12 RMB in 2027 [1][7] - The price-to-earnings (P/E) ratio is expected to decrease from -64.91 in 2024 to 12.86 in 2027 [1][7]
布鲁可：2024年报点评，收入超翻倍增长，新IP及出海战略值得期待-20250325