智通财经APP获悉，布鲁可(00325)早盘涨超4%，截至发稿，涨4%，报88.4港元，成交额1.13亿港元。
根据公开资料，布鲁可主营拼塔类玩具，旗下手握“奥特曼”等多个授权IP，被称为“中国版乐高”。2023年，公司GMV达到18亿人民币，占中国拼搭角色类玩具市场份额的30.3%。据招股说明书引述弗诺斯沙利文等的数据，24年全球及中国拼搭角色类玩具市场规模分别为400亿元+以及90亿元+，预计从2023年-2028年年复合增长率分别为29%以及41%。
中信建投指出，布鲁可的成功主要源于切入快速成长的中国拼搭角色类玩具赛道，并通过合作热门IP、盲盒销售、标准件生产体系，为消费者提供了好玩的体验和便宜的价格。相较于万代，布鲁可产品更具有性价比；相较于国产厂家，布鲁可产品可玩性更强、配件更丰富、IP更多元。展望未来，随着公司产品价格带下沉、IP矩阵扩展、产品出海销售，有望驱动公司持续增长。
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