国泰海通|轻工:鉴往者知来者,溯乐高寻布鲁可发展之路

国泰海通证券研究
Aug 08

报告导读:创立于1932年的乐高已经成为世界上最大的玩具商之一,能够有效穿越周期,得益于其在赛道&用户&生态&市场&运营的共振,对于布鲁可的发展具有借鉴作用。创立于1932年的丹麦,乐高目前已经成为世界上最大的玩具制造商之一。2024年营收743亿丹麦克朗,约合838亿元人民币(同比+13%),净利润138亿丹麦克朗,约合156亿元人民币(同比+5%)。回溯其发展阶段:1)1932-1957年:...

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