Gronghui September 18 | founder Securities reported on the 17th that 603501.SH issued an equity incentive plan for 2023 on the evening of September 15, with clear incentive objectives, reasonable exercise prices and promising future growth. The bank believes that the company's incentive plan clearly sets a strict target for continuous income growth in the semiconductor design business in the next three years, and provides option incentives to core personnel at a relatively reasonable discount, which can ensure the implementation effect of the incentive to a greater extent, enhance the incentive object's work enthusiasm and sense of responsibility, so as to promote the realization of the incentive goal. At the bottom of the current industry cycle, the company's inventory removal is relatively smooth, superimposed 50MP new products continue to release volume in the consumer electronics peak season in the second half of the year, in addition, automotive CIS, TDDI, CAN/LIN and other business lines make steady progress, optimistic about the gradual improvement of the company's performance, and achieve rapid growth in the future industry uplink cycle. The valuation for the next two years will be more attractive and the "highly recommended" rating will be maintained.