Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 188.00 [9][10] Core Insights - The company has accelerated its product launch pace since March, introducing new products and IPs that are expected to contribute positively to growth in 2025 [2][4] - The establishment of the "Blokus System" creates competitive barriers through a standardized building block system, extensive patent layout, and a large, continuously expanding high-quality IP matrix [2][4] - The company aims for growth through a comprehensive approach targeting all demographics, price points, and global markets, indicating a clear growth trajectory [2][4] Summary by Sections Product Development and Market Expansion - The company has launched several new products in its main product line since March, including various iterations of popular IPs like Kamen Rider and Transformers [4] - The introduction of the Starry Edition series at a price point of HKD 9.9 has shown strong sales performance, expected to contribute significantly to 2025's revenue [4] - New products targeting adult fans and female demographics have also been introduced, indicating potential for market expansion [4] International Sales Growth - The company reported a 518% year-on-year increase in overseas sales revenue for 2024, reaching RMB 64 million, with significant contributions from Asia (excluding China) and North America [5] - Participation in international toy exhibitions has helped the company connect with global fans, and popular IPs have received licensing in multiple regions [5] Financial Projections and Valuation - The report maintains profit forecasts for 2025-2027, estimating adjusted net profits of RMB 11.81 billion, RMB 18.14 billion, and RMB 25.82 billion respectively [6] - The target price is based on a 36x PE ratio for 2025, reflecting the company's strong competitive position and growth potential [6][10] - Revenue projections show significant growth, with expected revenues of RMB 4.5 billion in 2025, up from RMB 2.24 billion in 2024 [8][19]
布鲁可：2025年中期策略会速递-稳步推新，迈向破圈，成长势能强劲-20250606