Qualcomm(US:QCOM) Great Wall Securities·2024-08-05 00:31Investment Rating - The report maintains a "Buy" rating for Qualcomm, expecting the stock price to outperform the industry index by over 15% in the next six months [4][14]. Core Insights - Qualcomm's FY24 Q3 results show robust growth, with revenue reaching $28.718 billion, a year-over-year increase of 5.62%, and net profit of $7.222 billion, up 25.77% year-over-year [2][3]. - The company is experiencing steady growth in mobile chip sales and is advancing its "Car + AI" applications, with significant revenue contributions from both automotive and mobile sectors [3]. - Qualcomm's focus on AI and IoT is accelerating, with plans to expand its offerings in XR and industrial IoT, indicating a strong outlook for future growth [3]. Financial Summary - For FY2024, the projected revenue is $38.56 billion, with a year-over-year growth rate of 7.65%. The net profit is expected to be $9.94 billion, reflecting a growth rate of 37.43% [2][4]. - The report forecasts net profits for FY2024, FY2025, and FY2026 to be $9.94 billion, $12.11 billion, and $13.91 billion, respectively, with corresponding P/E ratios of 20, 17, and 14 times [4]. - The company's QCT segment reported revenue of $8.069 billion in Q3, driven by growth in both automotive and mobile businesses [3].