拓普集团_新能源汽车市场增长放缓，汽车业务处于转型期；评级下调至中性

11 September 2025 | 7:19PM CST Ningbo Tuopu Group (601689.SS) Auto business in transition with slowing NEV market growth; d/g to Neutral Post a below-expectation 2Q25 result with revenue/net profit 14%/13% below GSe mainly due to -13% yoy global sales volume decline from key customer, Tesla, we cut Tuopu's 2H25E-2027E net income estimates by 4%-13% to reflect continued expected Tesla sales decline of -9% yoy in 2H25E, as well as uncertainty of new model launches going into next year. We adjust our 12m TP to ...