公司进入战略转型期，研发带来利润端阶段性压力

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company is undergoing a strategic transformation, which has led to temporary pressure on profits due to high R&D investments. In 2023, the company reported a revenue of 5.242 billion yuan, a year-on-year decrease of 3.73%, and a net profit of 466 million yuan, down 39.36% year-on-year [1][2]. - The smart software business is maturing, while the automotive and industrial robotics sectors are showing significant growth. The automotive business generated 2.337 billion yuan in revenue, a 30.34% increase year-on-year, highlighting the core value of software in smart vehicles [1][2]. - The company has made key advancements in its operating systems and artificial intelligence integration, expanding its product offerings and partnerships, particularly with HarmonyOS [1][2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.242 billion yuan, with a net profit of 466 million yuan. The operating cash flow increased by 51.89% to 755 million yuan [1][6]. - The revenue from the smart software business was 1.416 billion yuan, down 25.12% year-on-year, while the smart automotive business revenue was 2.337 billion yuan, up 30.34% year-on-year [1][6]. R&D Investment - The company invested 1.458 billion yuan in R&D in 2023, which has created temporary profit pressure but is expected to lay a foundation for future growth in smart vehicles and robotics [2][6]. Future Projections - The report projects net profits for 2024E, 2025E, and 2026E to be 572 million yuan, 760 million yuan, and 1.067 billion yuan, respectively, indicating a recovery trajectory after the strategic transformation [2][6].