智通财经APP获悉，布鲁可(00325)盘中涨超5%，截至发稿，涨5.35%，报86.6港元，成交额2259.37万港元。
国泰君安发布研报称，布鲁可为角色类拼搭玩具行业龙头，受益于强IP资源、强产品力、强渠道力，业务规模有望不断扩张，成长空间广阔。公司当前拼搭角色类玩具贡献收入超过八成，2021-2023年公司营业收入由3.30亿元快速提升至8.77亿元，CAGR 为63%，2024H1同比高增238%至10.46亿元；同时盈利持续改善，2021-2024H1毛利率由37.4%稳步提升至52.9%，2023年经调整净利率由负转正，2024H1达到27.9%。
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。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.