Investment Rating - The report indicates a strong investment potential for the company, suggesting to pay attention to its growth prospects [6]. Core Insights - The company achieved a revenue of RMB 2.241 billion, a year-on-year increase of 155.6%, and an adjusted annual profit of RMB 585 million, up 702.1% [1]. - The sales revenue from building block toys decreased by 62.9%, indicating a strategic shift towards building character toys [1]. - The company has a robust IP matrix with nearly 50 licensed IPs and plans to add over 25 more, which is expected to drive sales growth [4]. - The gross margin improved to 52.6%, reflecting enhanced supply chain efficiency and product structure optimization [3]. - The company is expanding its market presence both domestically and internationally, with overseas sales revenue increasing by 518.2% [1][4]. Summary by Sections Financial Performance - The company reported a total revenue of RMB 2.241 billion for the fiscal year, with a significant increase in adjusted profit to RMB 585 million [1]. - The sales of character building toys reached RMB 2.201 billion, while sales of building block toys saw a decline [1]. Strategic Initiatives - The company is implementing a "three-full strategy" (full price range, full demographics, globalization) to penetrate deeper into the market [3]. - The company plans to launch 800-1000 new SKUs and over 300 new products in 2025, focusing on popular IP collaborations [4]. Market Expansion - The company is leveraging over 450 distributors to cover first and second-tier cities while accelerating penetration into lower-tier markets [5]. - Internationally, the company is making strides in Southeast Asia and the Middle East, with a reported overseas revenue of RMB 64 million [4][5]. Future Outlook - Analysts predict net profits for 2025-2027 to be RMB 941 million, RMB 1.381 billion, and RMB 1.991 billion respectively, with corresponding P/E ratios of 30x, 20x, and 14x [6]. - The company is expected to continue its growth trajectory through its IP and channel strategies, despite potential industry risks [6].
布鲁可：盈利能力有明显优化，多IP矩阵推动生态成长-20250327