中国长城：业绩逐季修复，携飞腾打造自主计算产业国家队

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 10.42 CNY per share [4]. Core Views - The company is experiencing a gradual recovery in performance, with a focus on operational management and market expansion showing positive results. The revenue for the first half of 2024 reached 6.076 billion CNY, a year-on-year increase of 21.23%, while the net profit attributable to shareholders improved by 33.37% to a loss of 422 million CNY [1][2]. - The company is collaborating with Feiteng to develop a domestic computing industry, enhancing its technology and product supply capabilities. Feiteng's revenue for the first half of 2024 was 608 million CNY, reflecting a year-on-year growth of 22.58% [3][7]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 6.076 billion CNY, with quarterly growth rates of 21.13% and 21.30% for Q1 and Q2 respectively. The net profit showed improvements of 18.15% and 47.56% in the same quarters, indicating a trend of narrowing losses [2][10]. - The company has applied for a total bank credit limit of approximately 24.45 billion CNY to support its ongoing operations and projects [1]. Market Strategy - The company has established a direct sales system and a comprehensive distribution system to enhance market reach, achieving 100% coverage of domestic counties. It has also expanded its distribution network globally, covering regions such as the US, Europe, and Southeast Asia [2][7]. Collaboration and Product Development - The partnership with Feiteng is aimed at creating high-performance, low-power general-purpose computing microprocessors. The company holds a 28.04% stake in Feiteng, which has shown significant growth in revenue [3][9]. - The company is focusing on developing a complete product line for various applications, including AI PCs and secure computing products, to strengthen its position in the domestic market [7][10]. Valuation - The estimated total market value for the company in 2024 is projected to be 33.6 billion CNY, combining the valuations of its core product business and its stake in Feiteng [10].