Investment Rating - The report initiates coverage with a "Buy" investment rating for the company [10] Core Insights - The company leverages IP to expand its role-playing toy market, focusing on the female user demographic [5][6] - The company has established a strong brand recognition at a low cost, aided by the legacy of LEGO and its own innovative business model [5] - The company has signed contracts with 50 IPs, including popular franchises like Ultraman and Transformers, which significantly contribute to its revenue [6] - The company plans to launch 800 new SKUs in 2025, with a strong emphasis on role-playing toys and expanding its offerings for female consumers [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 39.6 billion, 55.9 billion, and 72.8 billion respectively, with net profits of 11.01 billion, 15.08 billion, and 20.41 billion [10][12] - The company is expected to achieve an EPS of 4.42, 6.05, and 8.19 for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 28.34, 20.69, and 15.28 [10][12] - The company anticipates a significant growth rate in revenue, with a projected increase of 155.6% in 2024, followed by 76.8% in 2025 [12]
以IP为支点撬动拼搭角色潮玩市场 关注女性用户群体拓展—布鲁可（0325.HK）公司动态研究报告
Huaxin Securities·2025-05-29 00:25