Qualcomm(QCOM) 浦银国际·2025-05-15 05:21Investment Rating - The report maintains a "Buy" rating for Qualcomm (QCOM.US) with a target price of 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 from customers [1]. - For FY3Q25, Qualcomm expects smartphone revenue to grow by 10% year-over-year, driven by increased shipments of high-end Android phones and rising 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 grow by 15%, supported by gains in high-end personal computers, industrial IoT growth, 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 10.98 billion, a 17% increase year-over-year, but a 6% decrease quarter-over-quarter, exceeding market expectations [2][10]. - Gross margin for FY2Q25 was 55.0%, slightly down from the previous year and quarter, primarily due to changes in product mix [2][10]. - Operating profit and net profit for FY2Q25 were 2.81 billion (up 21% year-over-year), respectively, both slightly above market expectations [2][10]. - The guidance for FY3Q25 indicates a median revenue of 178.3 corresponds to a P/E ratio of 17.4x for FY2025 [3].