国泰海通｜轻工：鉴往者知来者，溯乐高寻布鲁可发展之路

Core Viewpoint - LEGO, founded in 1932, has become one of the largest toy manufacturers globally, effectively navigating economic cycles due to its resonance across various aspects such as market, users, ecosystem, and operations, providing valuable insights for the development of similar companies like Blokus [1][3]. Summary by Sections Company Overview - LEGO's revenue for 2024 is projected at 74.3 billion Danish Kroner, approximately 83.8 billion RMB, reflecting a year-on-year increase of 13%. The net profit is expected to be 13.8 billion Danish Kroner, around 15.6 billion RMB, with a year-on-year growth of 5% [2]. Development Stages - The development of LEGO can be categorized into several phases: 1. Foundation Stage (1932-1957): Establishment of plastic bricks and initial overseas achievements. 2. Global Expansion (1958-1978): Patent for brick coupling solved, leading to accelerated globalization, though later hindered by the oil crisis. 3. Rapid Growth (1979-1994): Sales surged, product matrix expanded, and embraced technological changes, particularly in North America. 4. Adjustment Phase (1995-2004): Faced issues of over-expansion and cash flow loss, with IP collaborations (e.g., Star Wars) playing a crucial role. 5. Fast Development (2005-Present): Focused on core business, supply chain reforms, IP collaborations, and expanding adult and female customer segments [2][3]. Key Success Factors - LEGO's ability to navigate economic cycles is attributed to: 1. Product Innovation: Continuous innovation in the brick segment, with a global market growth rate of 11% from 2019 to 2023, and a total of over 840 product offerings expected in 2024 [3]. 2. User Base Expansion: Increasing sales of 18+ sets to 15% in 2024 and development of products targeting female consumers [3]. 3. Ecosystem Development: Initiation of IP collaborations in 1999 with the Star Wars series, leading to synergistic growth across video games, movies, and theme parks [3]. 4. Geographical and Channel Expansion: As of 2024, LEGO operates 5 factories, 4 regional distribution centers, and 1,069 stores globally [3]. 5. Fan Economy Operations: Platforms like LEGO Ideas and BrickLink facilitate fan engagement and commercialization [3]. Challenges Faced - LEGO has encountered several challenges: 1. Patent Expiration: Loss of market share due to patent expirations, leading to a renewed focus on product development and patent applications [3]. 2. Aggressive Expansion: The aggressive expansion in the late 90s necessitated a shift towards a more focused strategy, emphasizing synergy between new and core businesses [3]. 3. Outsourced Production Issues: Quality issues with outsourced production led to a return to in-house manufacturing, ensuring superior mold precision [3].