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Investment Rating - The report assigns an "Accumulate" rating to the company for the first time [2][3]. Core Views - The company is a leading player in the CPU market and has expanded into FPGA, autonomous driving, and AI chips through acquisitions. However, it faces significant competition from AMD, leading to pressure on revenue growth and gross margins [2][9]. - The company is undergoing a strategic shift by divesting non-core businesses and refocusing on its main operations, which is expected to improve financial performance [2][9]. - The company aims to enhance its CPU design and manufacturing processes to catch up with AMD, with a target gross margin increase to 60% in the long term [2][9]. Summary by Sections 1. Business Restructuring and Focus on Core Operations - The company is divesting non-core businesses and plans to spin off its FPGA business, while focusing on its CPU and foundry operations to improve competitiveness and profitability [2][9]. - The company is reinitiating its "Tick-Tock" strategy to enhance product performance through iterative design and manufacturing improvements [2][9]. - Cost-saving measures are showing initial results, with independent accounting for production and design expected to further enhance profitability [2][9]. 2. PC CPU Growth Potential - The company’s PC CPU segment is expected to recover, benefiting from a market rebound and improved product offerings [2][9]. - The transition to external foundry services, particularly with TSMC, is anticipated to significantly reduce production costs and enhance profitability [2][9]. 3. Diverse Growth Opportunities - The company’s foundry services are advancing, with plans to catch up to TSMC's process technology, which could create a new growth avenue [2][9]. - The data center and autonomous driving segments are also expected to contribute positively to revenue growth in the future [2][9]. 4. Financial Forecast and Valuation - The company is projected to achieve net profits of $3.46 billion, $4.35 billion, and $5.01 billion for the years 2024 to 2026, respectively [2][5]. - The target price is set at $58.53, based on a 2.3x price-to-book ratio for 2024 [2][5].