Illumination have already showed us how lazy they are. They make lazy movies, despite the budget they have, and get a tone at the box office.
Just look at their latest movie, the Grinch:
So, to put it short, this movie was bad, but it did a lot at the box office. This is the strategy Ilumination is doing: They keep producing painfully average movies that make a lot of money. Don't tell me this isn't cash-grabing.
This guy explains it more in depth:
So, as far as this movie, the first one was ok, but it didn't needed a sequel. It would be the same as all the other Ilumination movies so far. Average but gains a tone of money.