拓普集团(601689.SH)：预计2025年度净利润同比下降3.35%～13.35%

Core Viewpoint - The company, Top Group (601689.SH), projects a revenue increase for 2025, while expecting a decline in net profit compared to the previous year [1] Financial Projections - The company anticipates 2025 revenue to be between 28.75 billion and 30.35 billion yuan, representing a year-on-year increase of 8.08% to 14.10% [1] - The expected net profit attributable to shareholders for 2025 is projected to be between 2.6 billion and 2.9 billion yuan, indicating a year-on-year decrease of 3.35% to 13.35% [1] - The net profit excluding non-recurring gains and losses is expected to be between 2.42 billion and 2.72 billion yuan, reflecting a slight decline of 0.30% to 11.30% year-on-year [1] Business Strategy and Market Position - The Tier 0.5 collaboration model has gained wide recognition from domestic and international clients, allowing the company to deeply engage in clients' early-stage R&D processes and provide integrated solutions [1] - The customer base continues to expand, with an optimized structure and a steady increase in per-vehicle supply amounts, enhancing customer loyalty and collaboration depth [1] - The company is deepening its product platform layout, with nine product series demonstrating sustained competitiveness, and core technologies being reused across different fields, enriching the product matrix and creating synergistic growth effects to support stable revenue growth [1]