Investment Rating - The report maintains an "Overweight" rating for Qualcomm (QCOM, US) [2][10]. Core Insights - Qualcomm's automotive business growth exceeded expectations, with strong demand in the automotive market and a positive long-term outlook driven by advancements in smart driving and edge AI [1][2]. - The company reported Q3 FY24 revenue of 9.39billion,ayear−on−yearincreaseof112.129 billion, up 18% year-on-year [2][10]. - The revenue forecast for FY2024, FY2025, and FY2026 has been adjusted to 38.445billion,42.964 billion, and 47.135billionrespectively,withnetprofitsprojectedat11.281 billion, 13.055billion,and14.412 billion [2][10]. Summary by Sections 1. Performance Overview - Q3 FY24 revenue and net profit surpassed expectations, with revenue at 9.39billionandnetprofitat2.129 billion [2][10]. - The QCT segment generated 8.069billioninrevenue,withmobileandautomotivesegmentscontributing5.899 billion and 0.811billionrespectively[2][10].2.SegmentPerformance−Theautomotivesegmentsawaremarkableyear−on−yeargrowthof87231, based on a FY2025 Forward P/E of 20X, leading to a target market capitalization of $227 billion [2][10]. - The overall outlook remains positive, with expectations of continued growth driven by the integration of AI across all business lines [2][10].
Qualcomm(QCOM) 国泰君安·2024-08-04 08:01