Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Insights - The company is positioned to benefit from the rapid growth of the building block toy market, particularly in the character-based segment, which has a projected CAGR of 29.0% from 2023 to 2028 in China [4] - The company has successfully commercialized 19 IPs with 925 SKUs, and several new products are expected to launch in 2026, which could drive revenue growth [4] - The overseas market, particularly North America, has shown significant growth, with a 898.6% year-on-year increase in overseas revenue in the first half of 2025, contributing to 38.6% of total revenue [5] - Revenue forecasts for 2025-2027 are projected at 29.40 billion, 37.85 billion, and 47.34 billion yuan respectively, with corresponding EPS of 2.47, 3.15, and 4.24 yuan [6] Summary by Sections Market Performance - The building block toy segment is expanding rapidly, with a focus on character-based toys, which are becoming a new market highlight [4] Product Development - The company plans to launch multiple new products in 2026, including both Eastern and Western IPs, which are expected to attract consumer attention and boost sales during the Chinese New Year [4] International Expansion - The company has made significant strides in the overseas market, with a focus on localized products and a robust multi-channel sales strategy [5] Financial Projections - The company is expected to achieve substantial revenue growth, with a projected increase in net profit from a loss of 401 million yuan in 2024 to a profit of 1.057 billion yuan by 2027 [6][9]
布鲁可（00325）：公司动态研究报告：看IP驱动新品与海外进展