布鲁可(325.HK):高速成长的全球拼搭角色类玩具领导者

华泰证券
04 Mar

首次覆盖布鲁可并给予买入评级,目标价128.00 港币(基于25 年25 倍PE,基于经调整利润)。公司是全球拼搭角色类玩具的创新者和领导者,旗下拥有约50 个全球知名IP 授权+2 个自有IP。公司所切入的拼搭角色类玩具市场规模近年来快速成长,渗透率持续提升,公司搭建以创新为核心的“布鲁可体系”,通过标准化的产品设计、好而不贵&持续上新的产品体系、丰富的IP 矩阵等建立竞争护城河,未来有望以全...

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