金吾财讯 | 布鲁可（00325）逆市下跌4.02%，最新报49.48港元，成交额1.09亿港元。消息面上，中金公司发布研报指，布鲁可已进入海外成长的提速期。受益于网点拓展与单产提升，1H26布鲁可海外收入占比已超两成；成人向产品占比由2024年的11%提升至1H26的25%；积木车1H26收入占比达10.4%。出海及品类价格带的延展为布鲁可贡献新的增长极，也有望降低单一市场与品类波动对业绩的影响。短期看，海外渠道与品牌建设仍处投入期，积木车等新品毛利率仍在爬坡，利润率阶段性承压。该机构表示，综合考虑海外市场建设期投入、新品爬坡期的低毛利等，下调26/27年经调净利润各9.1%至7.9/9.8亿元，当前股价对应14.9x/11.7xP/E。维持跑赢行业评级，基于盈利预测调整下调目标价11%至80港元，对应21.8x/17.1xP/E，有46%上行空间。
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