金吾财讯 | 布鲁克(00325)震荡走强，截至发稿，涨6.38%，报100港元，成交额1.03亿港元。消息面上，天风证券表示，布鲁可产品迭代及创新能力突出，市占有望持续提升我们认为本次创新性的IP 跨界有望进一步丰富产品矩阵、拓宽更多特摄迷受众群体：一方面公司产品力创新力奠定用户粘性，IP 作为前期引流入口；后续持续创新迭代的产品系列（趣味性/可玩性）及会员/渠道运营是保证布鲁可（品牌）长青的重要方式；另一方面低单价系列盲盒（英雄总动员系列定价9.9 元）充分降低单品价格扩大客群门槛，有望保障系列销售规模。该行认为我国完善的轻工业制造及本土化渠道能力为IP 变现提供重要支撑，且IP 下游玩具等的变现能力对在产业链中提高话语权或具备较大意义；我们认为布鲁可有望借助产品、成本及渠道优势，进一步推动平价的差异突围和亲民的轻度收藏。一方面公司注重模仿人体结构设计，我们认为有利于提升把玩性及还原度；另一方面做宽价格带做深产品线，有望依靠完善制造工艺及下沉渠道铺设，扩大市占率。
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