金吾财讯 | 华泰证券发研报指，布鲁可(00325)是全球拼搭角色类玩具的创新者与领导者，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有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”，未来可望以全人群+全价位+全球化为三大成长引擎，营收及利润可望持续高速成长，看好潮玩新势力扬帆起航。该行解析“布鲁可体系”：以创新为核心，重新定义并取代传统角色类玩具，其中消费者生态圈：内容驱动的行销策略+强势扩张的经销管道，高效率触达各类消费群体，逐步培育粉丝生态圈，建立布鲁可品牌影响力。该行首次覆盖布鲁可并给予“买入”评级，目标价128港元。
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