布鲁可（00325）：积木车及出海有望为26年增长亮点

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 98.00 [1][5] Core Views - The company is expected to see growth in 2026 driven by its "all demographics + all price points + globalization" strategy, with new product lines such as building cars and international expansion contributing significantly [2][3] - Despite a weaker performance in traditional toy segments in 2025, new business lines like the 9.9 yuan Starry Edition and adult-oriented products are anticipated to boost revenue in the second half of 2025 and continue into 2026 [2] - The company has expanded its IP matrix, increasing the number of commercialized IPs from 14 in 2024 to 24 in 2025, with a total of approximately 63 IPs available for future development [2] - The introduction of new product categories, particularly building cars, is expected to contribute additional revenue in 2026, with the global vehicle toy market projected to reach RMB 102.8 billion [4] Summary by Sections Revenue and Profit Forecast - The adjusted profit forecast for 2025-2027 is projected at RMB 6.50 billion, RMB 8.71 billion, and RMB 11.60 billion respectively, with adjusted EPS of RMB 2.61, RMB 3.50, and RMB 4.65 [5][11] - Revenue is expected to grow significantly, with estimates of RMB 2.90 billion in 2025 and RMB 3.77 billion in 2026, reflecting year-on-year growth rates of 29.42% and 30.08% respectively [11][19] International Expansion - The company has made significant strides in its global strategy, achieving overseas revenue of RMB 1.11 billion in the first half of 2025, a year-on-year increase of 899%, with overseas revenue accounting for 8.3% of total revenue [3] - The company has showcased its products at international toy fairs in various countries, enhancing its global presence and brand recognition [3] Product Development - The company has accelerated its product launch schedule, with over 900 new SKUs introduced in 2025, particularly in the fourth quarter, which is expected to positively impact revenue in early 2026 [2] - The new building car products launched in November 2025 are expected to leverage high-density materials and innovative designs, enhancing user experience and driving sales growth [4]