年报点评：战略转型带来短期利润承压，看好核心业务长期发展

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 54.00 CNY based on a 40x price-to-earnings ratio for 2024 [2][4]. Core Insights - The company reported a revenue of 5.242 billion CNY in 2023, a decrease of 3.73% year-on-year, and a net profit attributable to shareholders of 466 million CNY, down 39.36% [1]. - The strategic transformation initiated by the company is expected to lead to long-term growth despite short-term profit pressure, with significant investments in AI model research and development [1]. - The company achieved a historical high in intelligent driving software revenue, reaching 182 million CNY, contributing to a 30.34% year-on-year increase in its intelligent automotive business revenue [1]. Financial Performance Summary - In 2023, the company’s gross margin was 36.95%, a decline of 2.34 percentage points compared to the previous year [1]. - The company’s R&D expenditure for 2023 was 1.458 billion CNY, an increase of 19.78% year-on-year, indicating a strong commitment to innovation [1]. - The forecast for earnings per share (EPS) is projected to be 1.35 CNY in 2024, 1.93 CNY in 2025, and 2.46 CNY in 2026 [2][3]. Revenue and Profit Forecast - The company’s revenue is expected to grow to 6.579 billion CNY in 2024, reflecting a year-on-year growth of 25.5% [3]. - The net profit attributable to shareholders is projected to recover to 620 million CNY in 2024, with a growth rate of 32.9% [3]. - The company’s operating profit is anticipated to increase to 676 million CNY in 2024, representing a growth of 58% [3]. Market Position and Strategy - The company is strategically positioned in the AI and IoT sectors, with a focus on integrating operating systems and edge AI technologies [1]. - The intelligent IoT business saw a revenue of 1.489 billion CNY in 2023, although it experienced a decline of 15.45% year-on-year, the company managed to reverse this trend in the second half of the year [1]. - The launch of the "滴水 OS" operating system marks a significant milestone in the company's product development strategy [1].