Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Insights - The company achieved a revenue of 2.24 billion (+155.6%) and an adjusted net profit of 580 million (+702.1%) in 2024, with an adjusted net profit margin of 26.1% (+17.8 percentage points) [1][6] - The company is a leading player in the domestic building block toy market, with significant market share and brand recognition [1] - The growth momentum is driven by strong IP resource reserves, continuous new product launches, channel expansion, and overseas market development [1][6] - The company has expanded its IP portfolio from approximately 27 to about 50, adding several strong IPs such as DC Superman, DC Batman, Harry Potter, and Star Wars [6] Financial Performance - The company reported a revenue of 1.2 billion (+110.8%) and an adjusted net profit of 290 million (+248.2%) in the second half of 2024 [6] - The revenue from licensed IPs includes 1.1 billion from Ultraman (+96.8%) and 450 million from Transformers (+263.0%) [6] - The gross margin for building block toys increased from 48.4% in 2023 to 52.9% in 2024, contributing to an overall gross margin increase to 52.6% (+5.3 percentage points) [6] - The company expects adjusted net profits of 1.04 billion, 1.62 billion, and 2.02 billion for 2025, 2026, and 2027 respectively [6] Market Expansion - The company has established operations in the UK, Indonesia, Malaysia, and Singapore to expand its overseas market presence, with overseas revenue reaching 64 million (+518.2%) in 2024 [6] - The company has launched 682 SKUs, targeting various age groups, including 132 for children under 6 years old and 519 for ages 6 to 16 [6] Financial Ratios - The company’s adjusted net profit margin is projected to improve to 24.7%, 25.7%, and 26.2% for 2025, 2026, and 2027 respectively [8] - The return on equity (ROE) is expected to reach 113.1%, 64.2%, and 44.6% for 2025, 2026, and 2027 respectively [8] - The asset-liability ratio is projected to decrease from 258.8% in 2023 to 62.5% in 2027, indicating improved financial stability [8]
布鲁可（00325）：高增长势能延续，期待新IP及海外市场拓展表现