天玛智控：预计2025年归母净利润为8400万元到1.13亿元，同比减少66.61%到75.26%

Core Viewpoint - Tianma Zhikong (688570.SH) is expected to see a significant decline in net profit for the year 2025, with projections indicating a decrease of 66.61% to 75.26% compared to the previous year [1] Financial Performance - The estimated net profit attributable to the parent company for 2025 is projected to be between 84 million to 113 million yuan, a decrease of 226 million to 256 million yuan from the previous year [1] - The net profit excluding non-recurring gains and losses is expected to be between 74 million to 96.2 million yuan, reflecting a reduction of 215 million to 237 million yuan year-on-year [1] Industry Context - The decline in performance is primarily attributed to the cyclical adjustment in the coal industry and the accelerated transformation of the energy structure, leading to more cautious investment decisions from major clients [1] - There is a tightening of capital expenditures among clients, resulting in a reduced overall market demand for the company's products [1] - Increased competition within the industry has prompted the company to adjust its pricing strategy to maintain market share, which has contributed to a decrease in revenue and a decline in gross margin for main business products [1]