Qualcomm-高通：手机业务增长好于预期，PC芯片开启销售

Investment Rating - The report maintains a "Buy" rating for Qualcomm (QCOM.O) [1][3] Core Insights - Qualcomm's FY2024 Q3 revenue reached $9.39 billion, a year-over-year increase of 11.3%, with a gross margin of 55.6%, up 0.37 percentage points from the previous year. GAAP net profit was$ 2.13 billion, up 18% year-over-year, while Non-GAAP net profit was $2.65 billion, reflecting a 25.8% increase [2][3] - The mobile business showed significant growth, and the PC chip sales have commenced. The QCT (semiconductor) segment generated$ 8.07 billion in revenue, a 12.5% year-over-year increase, with an EBT of $2.18 billion and a pre-tax profit margin of 27%, up 2.7 percentage points year-over-year [2] - The automotive segment saw remarkable growth, with revenue of$ 810 million, a year-over-year increase of 86.9%. Qualcomm secured over 10 new design wins with global automotive manufacturers [2] Summary by Sections Financial Performance - FY2024 Q3 revenue: $9.39 billion, up 11.3% YoY - Gross margin: 55.6%, up 0.37 percentage points YoY - GAAP net profit:$ 2.13 billion, up 18% YoY - Non-GAAP net profit: $2.65 billion, up 25.8% YoY [2] Business Segments - QCT revenue:$ 8.07 billion, up 12.5% YoY - Mobile business revenue: $5.9 billion, up 12.3% YoY - IoT revenue:$ 1.36 billion, down 8.5% YoY - Automotive revenue: $810 million, up 86.9% YoY [2] Future Guidance - For FY24Q4, Qualcomm expects overall revenue to be between$ 9.5 billion and $10.3 billion, with a midpoint growth of 14.6% YoY. QCT revenue is projected to be between$ 8.1 billion and $8.7 billion, with a midpoint growth of 13.9% YoY [3] - Adjusted EPS for FY24Q4 is expected to be between$ 2.45 and $2.65 [3] Profitability Forecast - Projected GAAP/Non-GAAP net profit CAGR over the next three years is 25.4% and 16.8%, respectively [3]