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QCOMQualcomm(QCOM) 华创证券·2024-08-06 00:31

Investment Rating - The report maintains a positive outlook on Qualcomm, projecting revenue growth and strong performance in various segments, particularly in automotive and mobile chip businesses [2][19][29]. Core Insights - Qualcomm's Q2 FY2024 performance exceeded expectations, driven by smartphone chip sales, with revenue reaching 9.4billion,ayear−over−yearincreaseof119.4 billion, a year-over-year increase of 11% [3][7]. - The automotive chip segment achieved record revenue for four consecutive quarters, with a 87% year-over-year increase, and the company anticipates automotive revenue to reach 4 billion by 2026 [3][11][30]. - The IoT business showed signs of recovery, with revenue of 1.4billion,down81.4 billion, down 8% year-over-year, but expected to benefit from AI PC and XR growth [3][19][27]. - Qualcomm expects Q3 FY2024 revenue to be between 9.5 billion and 10.3billion,withadjustedEPSprojectedat10.3 billion, with adjusted EPS projected at 2.45 to 2.65,reflectingayear−over−yearincreaseof252.65, reflecting a year-over-year increase of 25% to 35% [19][21]. Revenue and Profitability - In Q2 FY2024, Qualcomm reported revenue of 9.4 billion and net income of 2.13billion,withanEPSof2.13 billion, with an EPS of 1.88, marking an 18% increase year-over-year [3][7][28]. - The QCT segment (Qualcomm CDMA Technologies) generated 8.1billioninrevenue,withagrossmarginof278.1 billion in revenue, with a gross margin of 27%, driven by growth in automotive and IoT sectors [9][28]. - The QTL segment (Qualcomm Technology Licensing) reported revenue of 1.3 billion, with a gross margin of 70%, aligning with expectations [12][28]. Business Segment Performance - The smartphone business generated 5.9billioninrevenue,reflectinga125.9 billion in revenue, reflecting a 12% year-over-year increase, supported by strong sales in high-end Android devices [10][28]. - The automotive business reached 811 million in revenue, marking a significant increase and showcasing Qualcomm's commitment to this sector [11][30]. - The IoT segment's revenue was 1.4billion,indicatingaslowdownbutwithexpectationsforrecoverydrivenbyAIapplications[3][19][27].FutureGuidance−QualcommanticipatesQ3FY2024revenuebetween1.4 billion, indicating a slowdown but with expectations for recovery driven by AI applications [3][19][27]. Future Guidance - Qualcomm anticipates Q3 FY2024 revenue between 9.5 billion and 10.3billion,withadjustedEPSof10.3 billion, with adjusted EPS of 2.45 to 2.65,indicatingstronggrowthprospects[19][21].−ThecompanyprojectsQCTrevenueforQ3FY2024tobebetween2.65, indicating strong growth prospects [19][21]. - The company projects QCT revenue for Q3 FY2024 to be between 8.1 billion and 8.7billion,withgrowthinmobileandIoTsectorsexpected[20][29].−Forthefiscalyear2024,Qualcommexpectsarevenueincreaseofapproximately508.7 billion, with growth in mobile and IoT sectors expected [20][29]. - For the fiscal year 2024, Qualcomm expects a revenue increase of approximately 50% and an operating expense of around 2.2 billion [23][29].