Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9]. Core Insights - The company is reducing its reliance on a single IP and is expected to achieve strong growth through market penetration and international expansion [8][20]. - The company has demonstrated significant revenue growth, with a projected increase in revenue from 8.77 billion RMB in 2023 to 41.07 billion RMB in 2025, reflecting a growth rate of 83% [7][26]. - The company is expanding its IP portfolio and product offerings, with a notable increase in SKUs to 682 in 2024, enhancing its competitive edge [8][18]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: 8.77 billion RMB (2023), 22.41 billion RMB (2024), 41.07 billion RMB (2025), 61.82 billion RMB (2026), and 76.51 billion RMB (2027) [7][26]. - Adjusted net profit is expected to grow from 742.63 million RMB in 2023 to 1.09 billion RMB in 2025, with corresponding growth rates of 133.37% and 87.41% [7][26]. - The gross margin is projected to remain stable, with a slight increase from 47.33% in 2023 to 53.57% in 2025 [7][26]. Growth Drivers - The company is diversifying its IP portfolio, reducing the share of its main IP, Ultraman, from 57% in the first half of 2024 to 41% in the second half [15][11]. - The company is targeting lower-tier markets with a successful 9.9 RMB product series, which has shown strong sales and potential for further penetration [20][21]. - International expansion is a key focus, with overseas revenue expected to reach 353 million RMB in 2025, reflecting a growth rate of 450% [30][26]. Market Positioning - The company is leveraging its extensive sales network and product development capabilities to enhance its IP acquisition and product differentiation [8][18]. - The introduction of new IPs and products is anticipated to broaden the customer base, particularly among women and older demographics [20][21]. - The company is positioned to benefit from a growing demand for affordable and high-quality building toys, with a strong market presence in Southeast Asia and North America [21][26].
布鲁可（00325）：降低单一爆品依赖，下沉及出海增长确定性高