Items:

On July 14, 2021, the company launched 2021 stock options and restricted stock incentive plans, including 2.6625 million stock options (exercise price 72.46 yuan / share) and 1.075 million restricted shares (36.23 yuan / share), accounting for about 2.48% of the total share capital. The number of people awarded to the incentive scheme for the first time is 62, and the minimum performance assessment target (the lower limit of the weighting coefficient of 0.5) is based on net profit in 2021, and the growth rate of net profit in 2020-2024 is not less than 30,60,100,140 per cent.

Guoxin Communications point of view:

At present, under the catalysis of intelligent terminals, tight production capacity, Hongmeng system catalysis, domestic manufacturers continue to break through, and other factors, the related demand of AIoT chip industry is growing rapidly.

The company launches the equity incentive plan, which demonstrates the company's confidence in its development, and the company may usher in an operating inflection point. It is estimated that the company's homing net profit from 2021 to 2023 will be 1.4 million 2.5 / 330 million yuan, corresponding to the times of PE in 80-43-32, maintaining the "buy" rating.

Risk hint

1, the development of downstream applications is not as expected; 2, the trade friction between China and the United States is intensified, and the relevant chip enterprises are facing the risk of getting stuck; 3, the market competition is intensified.