Fudan Microelectronics: Multiple institutions including Guangfa Fund and Qianhai Kaiyuan conducted due diligence on our company on March 10.

Securities Star News, on March 19, 2026, Fudan Microelectronics (688385) announced that GF Fund, Qianhai Open Source, Baoying Fund, Dacheng Fund, Dongfang Alpha, Great Wall Fund, Bosera Fund, Zhongtai Securities, Galaxy Fund, Invesco Great Wall, Southern Fund, Penghua Fund, Anxin Fund, Guotou UBS, Jinying Fund conducted research on our company on March 10, 2026.

The specific content is as follows:

Q: How do you view the company’s FPGA business in terms of technological leadership and growth potential?

A: The company is a leading domestic FPGA chip supplier. Relying on Fudan University’s academic strengths and research accumulation in integrated circuits, we deeply promote industry-university-research integration, actively co-build R&D platforms with universities including Fudan, jointly tackle key technologies, and cultivate specialized talents. This forms a complete innovation chain from basic research to engineering and industrialization. The company was the first in China to develop the billion-gate FPGA, the first heterogeneous fusion billion-gate PSoC chip, and the first reconfigurable AI chip FPI (FPG+I). FPG series products are widely used in communications, AI, industrial control, signal processing, and other fields. Since 2025, the company has adhered to high-quality product and service standards, focusing on billion-gate FPG and PSoC chips as main products, actively promoting applications in communications, industrial, and high-reliability fields. Meanwhile, product lines are also advancing customer onboarding and mass production of ultra-large-scale FPG, RF-FPG, and RFSoC products based on 1xnm FinFET advanced processes and 2.5D advanced packaging. In 2025, revenue from this product line achieved steady growth.

Q: What are the performance advantages of the company’s FPGA products?

A: The company’s FPGA product line has successfully broken through key technologies such as ultra-large-scale FPGA architecture, programmable device compilers, multi-protocol ultra-high-speed serial transceivers, heterogeneous intelligent computing architectures, highly reliable programmable devices, and full-process ED for ultra-large programmable devices. This has formed a clear technological cluster advantage and built core technological barriers. Logic resources of FPGA chips range from 50K to 4000K; high-speed serial interface rates can reach up to 32Gbps. The company is the pioneer of RF-FPG single-chip architecture, with RFDC sampling rates of 5Gbps. The FPI heterogeneous fusion architecture integrates CPU, FPGA, and NPU, with product lines ranging from 4 TOPS to 128 TOPS, capable of providing FPG+SOC+NPU architectures and comprehensive edge AI solutions.

Q: How do you view the stability of the company’s supply chain?

A: Currently, the main products’ capacity can meet customer demand, and overall delivery is stable. In 2026, the company will focus on enhancing the supply capacity of new-generation process FPG, PSoC, and FPI products. Combining the current international trade situation, we will continue to promote diversification of the supply system, strengthen supply chain resilience, and fully ensure the continuity and stability of product supply.

Q: After changing the management team, how does the company view its medium- and long-term development strategy?

A: The company always focuses on the core business of IC design, with platform-based operations as the backbone, core technologies as the foundation, and continuous innovation as the engine. We are committed to high-end general-purpose chips and specialized chips, aiming to become a leading domestic chip design enterprise with technological moat, market influence, and industry impact. In the future, the company will continuously consolidate and enhance its comprehensive competitive advantages in technology, service, quality, and brand, promote mechanism reforms, stimulate innovation vitality, and achieve sustained, rapid, high-quality development.

Q: How does the company motivate and bind its core teams and R&D personnel to boost employee enthusiasm and inject momentum for future performance growth?

A: The company always regards core talent as the foundation of long-term competitiveness. Going forward, we will continue to improve employee training programs and growth pathways, establish competitive compensation systems, and timely implement equity incentives to deeply align employee interests with corporate and shareholder interests, supporting long-term sustainable development.

Q: Will there be significant asset impairments in the first quarter of 2026?

A: No. In 2025, the company has already made sufficient inventory impairment provisions in strict accordance with accounting standards, accurately reflecting the actual inventory status.

Fudan Microelectronics (688385) main business: engaged in the design, development, testing of ultra-large-scale integrated circuits, and providing system solutions for clients.

Fudan Microelectronics’ Q3 2025 financial report shows that in the first three quarters, the main business revenue was 3.024 billion yuan, up 12.7% year-on-year; net profit attributable to the parent was 330 million yuan, down 22.69%; net profit after non-recurring gains and losses was 303 million yuan, down 21.21%. In Q3 2025 alone, the company’s quarterly main revenue was 1.186 billion yuan, up 33.28% year-on-year; net profit attributable to the parent was 137 million yuan, up 72.69%; net profit after non-recurring gains and losses was 121 million yuan, up 59.22%. The debt ratio is 26.66%, investment income is 16,800 yuan, financial expenses are 23.5158 million yuan, and gross profit margin is 58.47%.

In the past 90 days, two institutions have given buy ratings; the average target price from institutions over the past 90 days is 67.42.

Detailed earnings forecast information is as follows:

Margin trading data shows that in the past three months, net financing inflow was 275 million yuan, with an increase in financing balance; net securities lending outflow was 1.043 million yuan, with a decrease in securities lending balance.

The above content is compiled by Securities Star from publicly available information, generated by AI algorithms (Wangxin Calculation Backup No. 310104345710301240019), and does not constitute investment advice.