Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][12]. Core Insights - The company reported impressive performance with a revenue of RMB 2.241 billion in 2024, representing a year-on-year increase of 155.6%, while the net profit attributable to the parent company was a loss of RMB 401 million, but this still marked a 94.59% improvement year-on-year [5][12]. - The company is focusing on building a "product ecosystem" and aims for global development over the next decade, with a strong emphasis on user needs and product innovation [10][12]. Company Overview - The latest closing price is HKD 145.00, with a total market capitalization of HKD 36.141 billion. The company has a total share capital of 249 million shares and an asset-liability ratio of 199.66% [4][5]. - The company has established partnerships with 50 globally recognized IPs and has a diverse product portfolio with over 600 SKUs [6][7]. Financial Performance - In 2024, the company achieved a revenue of RMB 2.241 billion, with a significant focus on character-building toys, which generated RMB 2.201 billion, accounting for 98.2% of total revenue [7][9]. - The company’s four major IPs, including Ultraman and Transformers, contributed significantly to revenue, with Ultraman alone generating RMB 1.096 billion, representing 48.9% of total revenue [7][9]. Sales Channels and Market Expansion - The majority of revenue growth came from offline distributors, which accounted for RMB 2.063 billion in sales, a year-on-year increase of 181.54% [9][11]. - The company is experiencing rapid growth in overseas markets, with a revenue increase of 518.16% year-on-year, indicating substantial growth potential [9][11]. Future Growth Prospects - The company plans to expand its product offerings to cater to adult consumers and women, aiming to capture a broader market segment [11]. - The company is also focusing on deepening its market penetration in lower-tier cities and enhancing its overseas operations, with expectations of significant growth in international markets [11][12]. - Revenue projections for 2025-2027 are estimated at RMB 4 billion, RMB 6 billion, and RMB 7.765 billion, with corresponding net profits of RMB 946 million, RMB 1.551 billion, and RMB 2.180 billion [12][14].
布鲁可（00325）：传递拼的快乐，走向下一个十年