Jing Ji Guan Cha Wang·2026-02-12 09:48Core Viewpoint - The stock price of Fudan Microelectronics (688385) increased by 4.92% on February 12, closing at 87.30 yuan, with a trading volume of 1.824 billion yuan, closely related to the company's announcement of a restricted stock incentive plan for 2026 [1] Group 1: Stock Performance - The company plans to grant 11.16 million shares of restricted stock to 308 incentive targets, accounting for 1.35% of the total share capital, with a grant price of 41.59 yuan per share, approximately 50% of the average trading price before the announcement [2] - The stock price increase is significantly higher than the semiconductor sector's average rise of 2.43%, indicating strong market sentiment [3] Group 2: Financial Implications - The incentive plan is expected to generate share-based payment expenses of approximately 487 million yuan, which will be amortized from 2026 to 2029, potentially suppressing net profit in the short term [4] - The company's net profit for the third quarter of 2025 has already decreased by 22.69% year-on-year, and the current price-to-earnings ratio (TTM) stands at 151.18 times, significantly above the semiconductor industry average, raising concerns about the ability to meet performance expectations [4] Group 3: Industry Context - The semiconductor sector is currently driven by AI computing power demand, and the company's FPGA chip domestic substitution logic further strengthens market expectations for core business growth [5] - The incentive plan is seen as a positive signal for binding core talent and enhancing long-term competitiveness, although the sector's volatility and macro policy changes should be monitored [5]