ASR(SH:688220)2023-11-03 01:01Group 1: Financial Performance - The company achieved a revenue of 1.844 billion yuan in the first three quarters, representing a year-on-year growth of 16.49% [2] - Revenue breakdown: chip sales contributed 1.619 billion yuan, custom chip business 156 million yuan, and IP semiconductor licensing 68 million yuan [2] - Third quarter revenue was 787 million yuan, showing a quarter-on-quarter increase of 21.39% [2] Group 2: Product Development and Market Expansion - The company reported a more than 40% year-on-year increase in shipments of cellular baseband chips in the first three quarters [2] - Third quarter shipments of cellular baseband chips increased by over 30% compared to the second quarter [2] - The company is focusing on various downstream applications for cellular baseband chips, including mobile broadband devices, vehicle networking, and smart wearables [3] Group 3: Research and Development Investment - R&D investment for the first three quarters of 2023 was 851 million yuan, up from 742 million yuan in the same period last year, marking an increase of 109 million yuan [3] - The company plans to maintain an annual R&D expense growth rate of around 15% to ensure competitiveness [3] Group 4: Inventory and Buyback Status - Inventory levels at the end of 2022 were approximately 1.183 billion yuan, increasing to 1.401 billion yuan by the end of September 2023 [4] - The company has repurchased over 500 million yuan worth of shares as of September 30, 2023, with buyback activities paused in October due to the stock incentive plan [4][5] Group 5: Employee Incentives - The company launched a stock incentive plan covering nearly all full-time employees, with a total of 9.5 million shares, where 85% is for initial grants and 15% is reserved [5] - The initial grant vesting period is three years, while the reserved grant vesting period is two years [5]