GLONGHUI, July 13丨Huaxin Securities Research Report pointed out that the Feiteng processor under the Great Wall of China (000066.SZ) and the Huawei Kunpeng processor are both domestic chips based on ARM instruction set authorization. With Kunpeng and PKS as the core, the merger of the two mainstream ecosystems, Kunpeng and PKS, to jointly build the “Pengteng” ecosystem will accelerate the expansion and strengthening of the ARM ecosystem and break through the key blockages in the implementation of domestic chip applications. Build richer products and solutions, promote application in more industries, continue to expand the domestic computing power market space, and bring new growth poles to the company's development. The company's Chaoyun has a green data center and has achieved full coverage of Feiteng, Haiguang, Longxin, and Kunpeng products. The construction of the “Pengteng” ecosystem will provide an opportunity for in-depth business cooperation between the company and Huawei, further enhance the company's market competitiveness, and help the company continue to benefit from the dividends of domestic computing power. The company's revenue for 2023-2025 is predicted to be 176.10, 222.61, and 28.520 billion yuan respectively, and EPS is 0.14, 0.24, and 0.36 yuan respectively. The current stock price corresponds to PE 91.0, 55.0, and 36.3 times, respectively, giving it a “buy” investment rating.