Core Viewpoint - Qualcomm Inc exceeded consensus forecasts on revenue and adjusted earnings per share, but the market reacted negatively due to guidance indicating a weaker upcoming quarter [1] Financial Performance - Qualcomm's outlook for the current quarter fell significantly short of expectations, with revenue and earnings forecasts missing consensus by a wide margin [2] - The company generated $7.82 billion in revenue from handsets, reflecting a 3% year-on-year increase [5] Supply Chain Issues - A global shortage of memory chips is constraining smartphone production across the industry, impacting Qualcomm's customers who rely on separate memory sourcing [2][3] - Chief executive Cristiano Amon stated that memory supply is now defining the size of the mobile market [3] - Qualcomm is not losing market share or facing weak end markets; rather, it is limited by a bottleneck in the supply chain [4] Market Dynamics - Disruptions in the handset ecosystem directly affect Qualcomm's earnings outlook, as the company has limited ability to mitigate these shocks through pricing or inventory control [6] - Management suggested that manufacturers might focus on higher-end devices, which could support margins but imply lower overall volumes [7] Demand Perspective - Qualcomm is not indicating a collapse in smartphone demand; instead, there is an ongoing upgrade cycle and healthy consumer interest [8] - A supply problem suggests deferred sales rather than destroyed sales, which is crucial for long-term investors [8] Diversification Efforts - Qualcomm's strategy is progressing slowly but positively, with the internet of things business growing by 9% and the automotive division expanding by 15% [10][12]

展望第二财季，高通预计营收将介于102亿至110亿美元之间，调整后每股收益将介于2.45至2.65美元之 间，而分析师预期分别为112亿美元和2.89美元；其中，手机芯片收入预计将降至约60亿美元，反映出 供应链瓶颈对出货量的直接压制。(格隆汇) 高通(QCOM.US)盘前跌11.4%，报131.89美元。消息面上，高通首财季营收同比增长5%，达到创纪录的 123亿美元，调整后每股收益为3.5美元，均超过分析师预期。期内，手机芯片业务营收同比增长3%至 78.24亿美元，低于分析师平均预期的78.6亿美元。 ...

智通财经APP获悉，日前，高通公司(QCOM.US)召开了2026财年第一季度财报电话会。公司指出，虽 然终端需求强劲，但手机行业正面临严重的内存短缺。由于存储价格的涨价压力，第二财季手机芯片收 入预计将降至约60亿美元，反映出供应链瓶颈对出货量的直接压制。 业绩方面，本财季高通实现了创纪录营收达123亿美元，非通用会计准则(Non-GAAP)每股收益为3.50美 元。 其中，QCT(芯片业务)营收创下106亿美元的纪录，主要由旗舰手机的强劲表现推动；汽车业务营收同 比增长15%至11亿美元，同样创下历史新高；物联网业务在工业、边缘网络应用和智能眼镜方面表现出 积极势头。 公司表示，在第二财季，预测营收为102亿美元至110亿美元，非公认会计准则每股收益为2.45美元至 2.65美元。 尽管面临供应逆风，高通在高端市场的地位依然稳固。针对三星即将推出的旗舰设备(Galaxy S26系 列)，高通确认预计将保持约75%的市场份额，与之前的预期一致。 此外，公司特别提到了字节跳动推出的豆包AI智能手机，称这是向"AI原生智能手机过渡的重要里程 碑"。 问答环节 接线员： 第一个问题来自TD Cowen的Joshu ...

加拿大皇家银行(RBC)：将高通(QCOM.US)目标价从180美元下调至150美元。 ...

Core Viewpoint - Qualcomm reported record revenues of $12.25 billion for Q1 FY2026, a 5% year-over-year increase, surpassing Wall Street expectations of $12.13 billion. Adjusted earnings per share (EPS) were $3.50, exceeding the consensus of $3.39 [1][2]. Financial Performance - Total revenues reached $12,252 million, up from $11,669 million, reflecting a 5% increase [3]. - Earnings before taxes (EBT) decreased by 2% to $3,547 million, while net income fell by 6% to $3,004 million [3]. - Diluted EPS on a GAAP basis was $2.78, down 2% from $2.83, while non-GAAP diluted EPS increased by 3% to $3.50 [3]. Business Segments - The QCT segment contributed $10,613 million in revenues, a 5% increase from $10,084 million [6]. - The handset business generated $7,824 million, up 3% year-over-year, while automotive revenues rose 15% to $1,101 million [12][13]. - IoT revenues reached $1,688 million, reflecting a 9% increase, indicating strong growth in both industrial and consumer applications [12][13]. Market Challenges - Qualcomm's CEO acknowledged challenges in the smartphone market, particularly due to a severe shortage of memory chips, which is impacting production and pricing [7][8]. - The company provided a cautious revenue guidance for Q2 FY2026, estimating between $10.2 billion and $11.0 billion, which is below analyst expectations [10][16]. Strategic Outlook - Qualcomm is focusing on diversifying its business, with automotive and IoT sectors showing promising growth, contributing over 22% to total revenues [11][13]. - The company remains optimistic about achieving its long-term revenue goals for FY2029, despite current market pressures [16]. Market Sentiment - Following the earnings report, Qualcomm's stock fell nearly 10% in after-hours trading, indicating market skepticism despite the strong financial results [2]. - Analysts suggest that the current valuation of Qualcomm is significantly lower than the S&P 500 average, reflecting an overly pessimistic view on the smartphone market [18].

截至2026年2月5日 13点11分，上证科创板半导体材料设备主题指数下跌2.13%。成分股方面，华峰测控 领跌6.60%，拓荆科技下跌4.36%，华海诚科下跌4.30%，兴福电子下跌3.86%，有研硅下跌3.80%。科创 半导体ETF（588170）下跌2.06%，最新报价1.72元。 相关ETF：公开信息显示， 科创半导体ETF（588170）及其联接基金（A类：024417；C类：024418） 跟踪上证科创板半导体材料设备主题指数，囊括科创板中半导体设备（60%）和半导体材料（25%）细 分领域的硬科技公司。 半导体设备和材料行业是重要的国产替代领域，具备国产化率较低、国产替代 天花板较高属性，受益于人工智能革命下的半导体需求，扩张、科技重组并购浪潮、光刻机技术进展。 半导体设备ETF华夏（562590）及其联接基金（A类：020356；C类：020357），指数中半导体设备 （63%）、半导体材料（24%）占比靠前，充分聚焦半导体上游。 截至2026年2月5日 13点14分，中证半导体材料设备主题指数下跌2.15%。成分股方面涨跌互现，天岳先 进领涨2.88%，珂玛科技上涨2.79%，金海通上涨1. ...

高通对Q2发出严厉预警，受AI数据中心争夺HBM产能影响，传统DRAM面临严重短缺，导致手机厂商被迫削减订单，Q2手机芯片收入指引降至60亿美 元。CEO安蒙强调，全财年手机市场规模将直接取决于内存供应能力。 美东时间2月4日，高通公司召开了2026财年第一季度财报电话会。 高通实现了创纪录的业绩，营收达到123亿美元，非通用会计准则（Non-GAAP）每股收益为3.50美元。其中，QCT（芯片业务）营收创下106亿美元 的纪录，汽车业务营收同比增长15%至11亿美元，同样创下历史新高。 但由于存储芯片（DRAM）供应紧缺， 高通给出的第二财季指引显示，手机芯片收入预计将降至约60亿美元，反映出供应链瓶颈对出货量的直接压 制。 内存危机："HBM挤占DRAM，全是内存惹的祸" 财报会上，最大的"黑天鹅"来自供应链。高通CEO安蒙（Cristiano Amon）直言不讳地指出，虽然终端需求强劲，但手机行业正面临严重的内存短缺。 这一短缺的根源在于AI数据中心的爆发。安蒙解释称： 随着内存供应商将制造产能重新导向HBM（高带宽内存）以满足AI数据中心的需求，导致的行业性内存短缺和价格上涨可能会定义整个财年手机行业 ...

其他公司也已对存储芯片紧张局势发出警告。总部位于中国台湾的芯片制造商联发科在本周的一次电话 会议中提及这一问题，并称其为一个"仍在演变中的"局面。与此同时，英特尔(INTC.US)首席执行官陈 立武周二表示，存储芯片短缺的状况可能会持续数年。他表示："就我所知，目前看不到任何缓解迹 象。"他援引供应商的说法称，相关情况要到2028年才可能改善。 值得一提的是，在AI快速发展下对存储芯片需求持续攀升的情况下，有存储芯片厂商已经开启了密集 扩产和合作动作，加大2026年资本开支是普遍现象。 其中，仅在今年1月，美光科技就连续宣布多个动作，旨在加码供应。1月16日，美光科技宣布其位于美 国纽约州的尖端存储芯片制造园区破土动工，计划总耗资1000亿美元，最多将建设四座晶圆厂，届时将 成为美国最大的半导体工厂。这也是美光科技持续扩大在美投资的一部分，其整体愿景是在美国投资 2000亿美元，建设多座晶圆厂，目标是最终40%的DRAM在美国生产。 高通(QCOM.US)与Arm(ARM.US)的股价在周四公布业绩后均大幅下跌，原因是市场担忧存储芯片短缺 将抑制电子产业的增长前景。全球最大智能手机处理器制造商高通的管理层释放 ...

(责任编辑：毕安吉) 作为全球最大的智能手机处理器供应商，高通首席执行官克里斯蒂亚诺·阿蒙在分析师电话会议上表 示，存储芯片短缺与价格上涨，正从整体上决定全球手机行业的规模上限。其中国内客户已明确反馈， 因存储芯片供应不足，实际手机产量将低于原定计划。Arm的营收主要依赖手机行业技术专利授权费， 同样受到手机产能受限的直接影响。 此次存储芯片短缺的核心原因，在于人工智能基础设施建设的快速扩张。全球三大存储芯片巨头三星电 子、SK海力士和美光科技，纷纷将产能向人工智能数据中心所需的高带宽内存(HBM)倾斜，导致手机 终端所需存储芯片产能大幅缩减。英特尔首席执行官陈立武透露，供应商反馈芯片供应状况要到2028年 才可能改善，短缺状况或将持续数年。联发科等企业也已就该问题发出预警，称形势仍在持续演变。 2月5日消息，据The Tech Buzz报道，高通、Arm等半导体企业发布季度财报后，股价在盘后交易中大幅 下挫，跌幅均超8%。市场分析认为，存储芯片短缺引发的电子行业增长担忧，是此次股价波动的主要 原因。 ...

Core Viewpoint - Memory shortages are expected to constrain cell phone sales for an extended period, negatively impacting demand for companies in the chip industry, including Qualcomm and Arm Holdings, as indicated by disappointing results reported by both companies [1] Group 1: Industry Impact - The ongoing memory shortages are anticipated to limit the sales of cell phones, which will subsequently affect the overall demand for the chip industry [1] - Executives and analysts have highlighted that these shortages will have a prolonged effect on the market dynamics within the chip sector [1] Group 2: Company Performance - Qualcomm and Arm Holdings reported results that fell short of investor expectations, reflecting the challenges posed by the current market conditions [1] - The disappointing financial results from these companies underscore the adverse effects of supply chain constraints on their performance [1]