研发加大影响短期利润，持续回购彰显信心，看好公司长期发展

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [30]. Core Views - The company is experiencing a decline in performance for 2023, primarily due to increased R&D investments impacting profits. The company adheres to a strategy of "independent research and innovation-driven" and has significantly increased its R&D personnel and expenses, which rose by 31.2 million yuan, a year-on-year increase of 47.65% [1][12]. - Despite short-term profit pressures, the company is positioning itself for long-term sustainable development through proactive R&D investments in areas such as intelligent driving and new energy [1][12]. Financial Summary - Revenue is projected to grow from 4,022 million yuan in 2022 to 4,517 million yuan in 2023, reflecting a year-on-year growth rate of 12.3% [1]. - The net profit attributable to the parent company is expected to decline to -201 million yuan in 2023, a decrease of 185.6% year-on-year [1][15]. - The company’s R&D expenses are expected to reach 1,063 million yuan in 2023, indicating a significant commitment to innovation [1][17]. - The company's cash flow from operating activities is projected to be -703 million yuan in 2023, highlighting potential liquidity challenges [6]. Market Position and Strategy - The company has implemented multiple stock buybacks, demonstrating confidence in its future development and commitment to maintaining shareholder value [13]. - The report emphasizes the importance of the company's strategic investments in R&D to maintain a competitive edge in the rapidly evolving automotive industry [1][12].