证券研究报告 | 公司动态点评 2024 年 05月 08日 高通（NASDAQ:QCOM） FY24Q2 净利润稳健增长，持续推动终端侧 AI 变革 财务指标 FY2022A FY2023A FY2024E FY2025E FY2026E 买入（维持评级） 营业收入（百万美元） 44,200.00 35,820.00 38,560.23 42,786.43 46,222.18 股票信息 增长率yoy（%） 31.68 -18.96 7.65 10.96 8.03 归母净利润（百万美元） 12,936.00 7,232.00 9,938.83 12,107.11 13,913.81 行业 通信 增长率yoy（%） 43.05 -44.09 37.43 21.82 14.92 2024年5月7日收盘价（美元） 180.15 ROE（%） 71.81 33.51 35.48 33.78 31.03 总市值（百万美元） 201,047.00 EPS最新摊薄（美元） 11.59 6.48 8.91 10.85 12.47 流通市值（百万美元） 201,047.00 P/E（倍） 15.54 27.80 20.23 1 ...

JHVEPhoto Qualcomm Incorporated (QCOM) reported its second quarter 2024 earnings on May 1, 2024. The company delivered a passable quarter, considering the primary end markets for its chips, smartphones, and consumer electronics are still emerging from a severe downturn. The company delivered a slight beat of $39.41 million on $9.39 billion in revenue. Its continued margin expansion led to Qualcomm recording an earnings-per-share ("EPS") of $2.44, beating consensus analyst estimates by $0.12. The stock r ...

Nvidia dominates the semiconductor realm, but one of its rivals is quietly gaining some momentum.Semiconductors are a core pillar in the emerging artificial intelligence (AI) revolution. Yet the chip space is largely dominated by just two players: Nvidia and Advanced Micro Devices. However, other companies are beginning to make inroads in the industry as well. Qualcomm (QCOM 0.85%) has spent the last several months instituting new cost reduction policies while simultaneously combatting its larger cohorts in ...

Nvidia hasn't been able to make much of a dent in the automotive chip market, but there is one company that's winning big in this space.Nvidia has been one of the top-performing stocks on the market in the past year with outstanding gains of 215%, which is not surprising as the company has absolutely dominated the market for artificial intelligence (AI) chips and witnessed remarkable growth in its revenue and earnings.However, there is one business where Nvidia is still lacking. The company's revenue from t ...

The Wall Street skyscrapers still rise above the city, but investors are not as confident as they used to be. Fear of an imminent collapse hinders movements and prevents high profits, as no one wants to invest in a falling asset. However, panic is not logical and usually brings missed opportunities. Buying a cheap asset and waiting for the market to recover is a time-tested strategy. To implement it, you need to choose an asset with long-term potential that can be dragged into short-term chaos. Today we wil ...

Investment Rating - The report assigns a positive outlook for Qualcomm, indicating a strong performance in the automotive and mobile sectors, with expectations for continued growth in these areas [2][3]. Core Insights - Qualcomm reported Q2 FY2024 revenues of $9.389 billion, a year-over-year increase of 1.23%, and a net profit of $2.326 billion, reflecting a significant year-over-year growth of 36.5% [3][7]. - The automotive business has shown robust growth, with revenues increasing by 35% year-over-year to $603 million, marking a record for three consecutive quarters [3][12]. - The company anticipates global smartphone sales to remain flat or slightly increase in 2024, with a projected growth of 5% to 15% in 5G smartphone sales [3][21]. Summary by Sections 1. Q1 FY2024 Performance - Qualcomm achieved revenues of $9.389 billion, with a net profit of $2.326 billion and a gross margin of 56.27% [3][7]. - The mobile chip business generated $6.18 billion, reflecting a year-over-year increase of 1.23% [10]. 2. Revenue Breakdown - QCT segment revenues were $8.026 billion, with mobile business revenues at $6.18 billion [9][10]. - Automotive revenues reached $603 million, showing a year-over-year growth of 34.9% [12]. 3. Business Line Developments - The automotive segment is expected to exceed $4 billion in revenue by FY2026, with a design-win pipeline of approximately $45 billion [17][27]. - The mobile segment continues to lead in high-end smartphone performance, with strong demand in the Chinese market, where OEM revenues grew over 40% year-over-year [18][30]. 4. Company Guidance - For Q2 FY2024, Qualcomm expects revenues between $8.8 billion and $9.6 billion, with an EPS forecast of $2.15 to $2.35 [21][28]. - The QCT segment is projected to generate revenues of $7.5 billion to $8.1 billion, while the QTL segment is expected to bring in $1.2 billion to $1.4 billion [22][23].

Investment Rating - The report maintains a "Buy" rating for Qualcomm (QCOM-US) with a target price of $191, based on strong demand in the high-end smartphone and automotive markets, as well as growth potential from edge AI [2][4]. Core Insights - Qualcomm's Q2 FY24 performance exceeded expectations, with GAAP revenue of $9.39 billion, up 1% year-over-year, and net profit of $2.33 billion, up 25% year-over-year. The company expects Q3 FY24 revenue to be between $8.8 billion and $9.6 billion [2][12]. - The strong performance in the smartphone segment is driven by structural demand, particularly in the high-end Android market, with a notable 40% year-over-year revenue growth from Chinese OEMs in FY24 H1. The automotive sector also shows robust growth, with a 35% year-over-year increase in revenue [2][12]. - The report highlights the potential of edge AI to enhance revenue growth, with upcoming Snapdragon XElite and XPlus platforms expected to provide AI computing solutions that could increase average selling prices and market share in high-end devices [2][12]. Summary by Sections 1. Performance Overview - Qualcomm's Q2 FY24 revenue and net profit surpassed market expectations, with revenue of $9.39 billion and net profit of $2.33 billion. The company anticipates Q3 FY24 revenue to align with market expectations [2][12]. 2. Segment Performance - The QCT segment generated $8.03 billion, with smartphone revenue at $6.18 billion (77% of total revenue) and automotive revenue at $600 million, reflecting a 35% year-over-year increase [2][11]. 3. Investment Recommendations - The report adjusts revenue forecasts for FY2024E/FY2025E/FY2026E to $38.25 billion, $42.75 billion, and $45.84 billion, respectively, with net profit estimates of $11.97 billion, $15.97 billion, and $18.33 billion. The expected growth rates are 7%, 12%, and 7% for revenue, and 26%, 33%, and 15% for net profit [2][12].

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This Nvidia peer is benefiting from the growing adoption of AI-enabled smartphones.Nvidia (NVDA -0.16%) stock has been on a tear on the stock market over the past year and a half, which is not surprising -- the company has been delivering phenomenal earnings and revenue growth thanks to the booming demand for its artificial intelligence (AI) chips.Nvidia commands a dominant position in the AI chip market with a market share of more than 90%. It is leagues ahead of rivals such as Intel and AMD, which are sti ...

BEIJING, CHINA - SEPTEMBER 02: People visit the Qualcomm booth during the 2023 China International ... [+] Fair for Trade Services (CIFTIS) at Shougang Park on September 2, 2023 in Beijing, China. (Photo by VCG/VCG via Getty Images)VCG via Getty ImagesOur Theme of Apple Component Supplier Stocks, which includes a diverse set of companies that supply components for Apple’s Apple devices, has remained roughly flat year to date in 2024, underperforming the S&P 500 which remains up by 9% and compared to Apple s ...