Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Insights - The company has shown strong revenue growth, with a total revenue of 1.34 billion and a year-on-year increase of 27.9% in H1 2025. Adjusted net profit reached 320 million, reflecting a 9.6% increase, while the adjusted net profit margin was 23.9%, down 4.0 percentage points [1][7] - The company is a leading player in the domestic building block toy market, with significant market share and brand recognition compared to other domestic competitors. The growth momentum is driven by popular IP resource reserves, strong commercialization capabilities, channel expansion, and overseas market penetration [1][7] - The company has signed 13 new IPs and commercialized 19 IPs, with a total of 925 SKUs launched, contributing 53.1% to revenue. The revenue contribution from the top four IP products is 83.1% [7] Financial Performance - The company's revenue is projected to grow significantly, with estimates of 3.38 billion in 2025, 4.43 billion in 2026, and 5.30 billion in 2027, reflecting year-on-year growth rates of 51%, 31%, and 20% respectively [2][10] - The adjusted net profit is expected to reach 773 million in 2025, 1.08 billion in 2026, and 1.34 billion in 2027, with growth rates of 32%, 40%, and 24% respectively [2][10] - The company’s gross margin was 48.4% in H1 2025, down 4.5 percentage points, primarily due to increased costs associated with product upgrades and logistics for overseas expansion [7] Market Expansion - The company has experienced rapid growth in overseas revenue, with a staggering 899% increase in H1 2025, driven by significant contributions from North America and Asia [7] - The company’s low-priced products have seen substantial sales, with 48.6 million boxes sold at a retail price of 9.9 RMB, effectively attracting a broader consumer base [7] Investment Recommendation - The report suggests that the company is well-positioned in the mass consumer market with its competitive pricing strategy and strong product innovation pipeline. The anticipated high revenue growth is expected to continue, leading to an adjustment in net profit forecasts for 2025, 2026, and 2027 [7]
布鲁可（00325）：出海扩张加速，关注下半年新品表现