Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 193.3 HKD, expecting a relative return of over 20% within the next six months [5][13]. Core Insights - The company is expected to continue its growth momentum in Q2 2025, driven by the launch of nine new products in May, including popular IPs like Conan and Transformers [1]. - The introduction of the Minions product line enhances user engagement and brand image through interactive features and a five-month exhibition tour across six cities [2]. - The company's global strategy is advancing, with a significant presence at the CCXP Mexico event, showcasing various well-known IPs and aiming to penetrate the Latin American market further [3]. - The BFC creation competition has gained traction, with nearly 8,000 events held across 120 cities, indicating increased community engagement and brand loyalty [4]. - Profit forecasts for 2025-2027 project net profits of 960 million, 1.48 billion, and 2.08 billion HKD, with corresponding PE ratios of 50, 32, and 23 [5]. Summary by Sections New Product Launches - In May, the company launched nine new products, indicating a strong pipeline and potential for continued sales growth in Q2 [1]. User Engagement and Brand Image - The Minions product line features six popular characters with enhanced interactive designs, supported by a promotional tour to boost user engagement [2]. Global Expansion - The company showcased its products at a major Latin American cultural event, reinforcing its commitment to global market penetration [3]. Community Engagement - The BFC creation competition has seen significant participation, with plans for further expansion in 2025, enhancing community involvement [4]. Financial Projections - The report maintains profit forecasts for the next three years, indicating a positive outlook for the company's financial performance [5].
布鲁可：新品密集发布，获纳入港股通提升流动性-20250610