Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5][14]. Core Viewpoints - The company is deepening its collaboration with the Ultraman IP, launching multiple new products and participating as a strategic partner in the "Light Journey: Looking Forward to Ultraman's 60th Anniversary" exhibition, showcasing over 100 BFC Ultraman building block works [1][2]. - The BFC community is thriving, with a well-structured creative competition system that includes online and offline events, enhancing player engagement and brand loyalty [2][3]. - The company has a diverse product range with over 80 Ultraman building block products covering more than 140 character images, catering to fans of all ages [3]. Financial Projections - The company forecasts revenues of 3.77 billion, 5.31 billion, and 7.01 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 960 million, 1.48 billion, and 2.08 billion yuan for the same years [4]. - Earnings per share (EPS) are projected to be 3.9 yuan, 6.0 yuan, and 8.4 yuan for 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 30x, 20x, and 14x [4].
布鲁可（00325）：与奥特曼IP深化合作，强化IP变现产业身位