Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][9]. Core Insights - The company reported significant revenue growth and improved profitability in 2024, with total revenue reaching 2.241 billion yuan, a year-on-year increase of 155.6%. The adjusted net profit was 585 million yuan, up 702.1% year-on-year, despite a net loss of 401 million yuan [2][4]. - The gross margin for 2024 was 52.6%, an increase of 5.28 percentage points from the previous year, while the adjusted net profit margin improved by 17.8 percentage points to 26.1% [2][4]. - The company has expanded its IP matrix and product offerings, achieving a revenue of 2.201 billion yuan from building block toys, a growth of 186.2% year-on-year, and a gross margin increase to 52.9% [2][3]. Revenue and Profitability - The company achieved a total revenue of 2.241 billion yuan in 2024, with a year-on-year growth rate of 155.6% [6][8]. - The adjusted net profit for 2024 was 585 million yuan, reflecting a substantial increase of 702.1% compared to the previous year [2][4]. - The gross profit margin improved to 52.6%, up from 47.33% in 2023, indicating enhanced profitability [8]. Product and Market Expansion - The company has broadened its IP matrix, now holding two self-developed IPs and approximately 50 licensed IPs, resulting in a diverse product range of 682 SKUs [2][3]. - The introduction of a new product at a price point of 9.9 yuan is expected to enhance market penetration in lower-tier markets [2]. - The building block toy segment saw a revenue decline to 39 million yuan, a drop of 62.9% year-on-year [2]. Channel and Geographic Development - The company reported offline sales revenue of 2.085 billion yuan, a year-on-year increase of 171.09%, while online sales reached 156 million yuan, growing by 46.52% [3]. - The company has established subsidiaries in the UK, Indonesia, Malaysia, and Singapore, with overseas revenue reaching 64 million yuan, a remarkable growth of 518.2% [3].
布鲁可（00325）：2024年年报点评：盈利能力明显优化，IP矩阵及海外市场加速拓展