公司处战略调整期业绩承压，智能车和机器人值得期待

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [2][12]. Core Insights - The company is undergoing a strategic transformation period, with a focus on maintaining high investment in key areas such as smart vehicles and robotics, despite facing revenue and profit declines in 2023 [4][6]. - The smart vehicle segment is the only area showing positive growth, with revenue increasing by 30.34% year-on-year to 2.337 billion yuan in 2023 [4][6]. - The company has made significant advancements in its core products, particularly in the development of the vehicle operating system and industrial robots, with expectations of entering a return on investment phase in 2024 [4][6]. Financial Performance Summary - In 2023, the company reported total revenue of 5.242 billion yuan, a decrease of 3.73% year-on-year, and a net profit of 466 million yuan, down 39.36% from the previous year [3][5]. - The company's R&D expenses reached 951 million yuan, accounting for 18.13% of total revenue, an increase of 2.58 percentage points compared to the previous year [4][6]. - The company expects revenue growth to rebound in the coming years, projecting revenues of 6.130 billion yuan in 2024, 7.334 billion yuan in 2025, and 8.780 billion yuan in 2026, with corresponding net profits of 679 million yuan, 845 million yuan, and 1.047 billion yuan respectively [5][8]. Business Segment Insights - The smart software business faced significant challenges, with revenue declining by 25.12% to 1.416 billion yuan in 2023, but opportunities remain in the recovering smartphone market [6]. - The Internet of Things (IoT) segment saw a revenue decline of 15.45% to 1.489 billion yuan in 2023, but the company is optimistic about future growth due to its established product lines and integration capabilities [6]. - The robotics segment is being actively developed, with the establishment of a dedicated team and the launch of intelligent mobile robots for logistics and manufacturing applications [6].