布鲁可(0325.HK)：玩具界的“小米” 预期差创造机会淡季波动不改成长性

信达证券

02-24

事件：布鲁可近期股价有所波动，主要系 1月表现或受淡季+春节影响。我们认为布鲁可不仅是品类红利，品牌价值或被低估，渠道货架占领力+产品力竞争优势明显。1）渠道端：公司渠道以校边店、街边店为主，其余为KA（名创、KKV、杂物社等）、全国连锁（华润等）、电商渠道，截至24 年6 月30 日合规终端网点数为15 万家，25 年终端网点数有望延续快速扩张，远期可一定程度上对标卡游。布鲁可多占据门店内较为...

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