Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company is transitioning from single product competition to a system ecosystem competition, introducing the concept of a "product ecosystem" [1] - The company plans to accelerate new product launches, aiming to double the number of new products to 800 in 2025 [2] - The company has a strong position in the domestic building block market and is expected to benefit from the rising trend of domestic brands [3] Financial Forecast - Revenue projections for the company are as follows: 2025: 41.9 billion, 2026: 56.1 billion, 2027: 70.4 billion, with year-on-year growth rates of 87.2%, 33.8%, and 25.4% respectively [3][4] - The company is expected to achieve net profit of 10.2 billion in 2025, 13.7 billion in 2026, and 17.4 billion in 2027 [3][4] - The current market valuation corresponds to a price-to-earnings ratio of 29.8 for 2025, 23.4 for 2026, and 18.5 for 2027 [3][4]
布鲁可（00325）：点评报告：新品加速上新，IP平台强化，出海加速开启