事件：公司发布关于向激励对象首次授予限制性股票的公告，公司于2023 年2月20日召开第三届董事会第十八次会议和第三届监事会第十五次会议，审议通过了《关于向激励对象首次授予限制性股票的议案》，确定2023年2月20日为首次授予日，以53.07元/股的授予价格向744名激励对象授予478万股限制性股票。

First batch of restricted stock incentives implemented as of 20 Feb 2023

Awinic Technology announced it will implement the first round of incentives to grant restricted shares to targeted personnel. Approval of this came through at the 18th session of the third board of directors’ meeting and the 15th session of the third board of supervisors’ meeting on 20 Feb 2023. The company set 20 Feb as the date of granting 4.78m restricted shares to 744 recipients at a price of RMB53.07 per share.

公司产品主要应用于新智能硬件消费电子、物联网、工业、汽车领域，多年积累使公司拥有丰富且齐全的产品系列；根据公司2022年业绩快报公告，22年受宏观环境影响，营收预计同比下降10.21%，归母净利预计同比下降117.75%；我们认为23年随着终端需求复苏，有望逐步修复。

Awinic warns of 2022E loss; we look ahead to a gradual recovery from 2023E

Its product markets are mainly new market, smart hardware, consumer electronics, Internet of Things, as well as industrial sector and automobiles. Awinic has built out a wide and rich product matrix over the years. It announced 2022E performance was dented by macro factors and expects revenue to fall 10.21% yoy and net profit to slide 117.75% yoy. Taking this in our stride, we expect resuming demand will lead a gradual recovery in 2023E. 

股权激励覆盖700+核心人员，稳固吸引优秀人才。公司此次授予数量为478万股，占目前公司总股本2.88%，授予人数共计744人，覆盖核心骨干、财务负责人等董事会认为需要激励的人员，此外通过外籍人员建设也有助于公司长远发展，因此本次激励对象包含外籍员工。本次激励计划预计摊销的总费用为2.76亿，对2023-2027年会计成本分别为1.2/0.85/0.46/0.21/0.026亿。

Stock incentives to motivate key personnel, including foreign talent

The granting of equity incentives to 744 key personnel serves to motivate Awinic’s outstanding talent. The 4.78m shares granted account for 2.88% of total share capital. Recipients include backbone staff, financial managers and those whom the board believes need encouragement. These include foreign employees in consideration of their contribution to the company’s long-term development. The incentives are estimated to cost RMB276m, amortized at RMB120m/85m/46m/ 21m/2.6m over 2023/24/25/26/27.

激励计划营收目标年复合增长率为20%，彰显长期增长信心。公司为本次限制性股票激励计划首次授予设置的业绩考核目标是以2022年营业收入为基数，公司 2023-2026年的营业收入增长率目标值分别为20%/45%/75%/110%，触发值分别为16%/36%/60%/88%。根据公司2022 年年度业绩快报公告，2022年公司实现营收20.9亿，对应本次激励计划目标，2022-2026年的营收年复合增长率为20.4%，对应本次激励计划触发值，2022-2026年的营收年复合增长率为17.1%。

Share incentives subject to a 20% revenue CAGR target over 2022-26E

The incentive plan targets a revenue CAGR of 20%, reflecting the company’s confidence in long-term growth. The performance evaluation target for the first grant of the restricted stock incentives, taking 2022 revenue as the base, sets revenue growth targets of 20/45/75/110% in 2023/24/25/26E, with triggers at 16/36/60/88%. Its preliminary results report indicates 2022E revenue of RMB2.09bn. Corresponding to the goals of the incentive plan, revenue CAGR over 2022-26E would be 20.4%; and corresponding to the trigger values, revenue CAGR over 2022-26E would be 17.1%.

2022年业绩承压，公司加大研发投入持续丰富产品矩阵。2022年受整体宏观经济、疫情反复及国际地缘政治冲突等因素，国内外市场需求疲软导致公司业绩受到影响，叠加公司持续加大研发的投入、存货减值准备的计提及增加股份支付费用，根据公司2022年业绩快报，22年公司预计实现归母净利-5118.6万，同比下降117.75%。公司主要产品包括高性能数模混合芯片、电源管理、信号链等，在各个细分市场中均具备自身独特的竞争优势，客户方面，公司拥有丰富的客户资源覆盖了包括三星、小米、OPPO、VIVO、Amazon、Google等海内外品牌客户。

2022 macro pressures; Awinic invested into R&D and beefed up product offerings 

The business environment last year was hampered by economic and pandemic factors, amid geopolitical conflicts, all of which weakened Chinese and export market demand. Meanwhile, Awinic continued to plough investments into R&D, while accruing inventory impairment reserves, along with heavier share-based expenses. The company’s preliminary results report indicates a net loss of RMB51.19m in 2022E, down 117.75% yoy. Its main product categories are high-performance hybrid digital-analog chips, power management and signal chains, each which holds unique competitive advantages in its market segment. Its strong customer portfolio includes Samsung, Xiaomi, OPPO, VIVO, Amazon, Google and other brand leaders around the world.