高通（QCOM）：短期关税影响不显著，注重长期成长逻辑

Investment Rating - The report maintains a "Buy" rating for Qualcomm (QCOM.US) with a target price adjusted to $178.3, indicating a potential upside of 17.8$151.34 [1][5]. Core Views - Qualcomm's smartphone shipment forecast remains largely unchanged, with minimal impact from current tariffs and limited pre-purchase behavior observed [1]. - For FY3Q25, Qualcomm expects smartphone revenue to grow by 10% year-over-year, driven by increased shipments of high-end Android devices, which will boost average selling prices [1]. - Automotive revenue is projected to increase by 20% year-over-year, benefiting from high adoption rates of smart cockpit technology in new energy vehicles in China [1]. - Internet of Things (IoT) revenue is anticipated to rise by 15%, supported by growth in high-end personal computers, industrial IoT, and surging demand for edge AI [1]. - Long-term growth potential in non-mobile business segments is significant, with expectations that non-mobile revenue will reach $22 billion by 2029 [1]. - Qualcomm's current forward P/E ratio of 12.7x is notably lower than the beginning of the year at 15x, presenting an attractive investment opportunity [1]. Financial Performance Summary - In FY2Q25, Qualcomm reported revenue of$10.98 billion, a 17% year-over-year increase, although it declined by 6% quarter-over-quarter [10]. - Gross margin stood at 55.0%, down 1.2 percentage points year-over-year and 0.7 percentage points quarter-over-quarter, slightly below market expectations due to changes in product mix [10]. - Operating profit and net profit for FY2Q25 were $3.12 billion (up 33$2.81 billion (up 21% year-over-year, down 12% quarter-over-quarter), respectively, both slightly exceeding market expectations [10]. - The guidance for FY3Q25 indicates a median revenue of $10.3 billion, representing a 10$178.3 corresponds to a FY2025 P/E ratio of 17.4x [3].