Workflow
高通公司2QFY24业绩点评：高端手机和汽车市场需求强劲，端侧AI拓展增长潜力
QCOMQualcomm(QCOM) 国泰君安·2024-05-10 05:32

Investment Rating - The report maintains a "Buy" rating for Qualcomm (QCOM-US) with a target price of 191,basedonstrongdemandinthehigh−endsmartphoneandautomotivemarkets,aswellasgrowthpotentialfromedgeAI[2][4].CoreInsights−Qualcomm′sQ2FY24performanceexceededexpectations,withGAAPrevenueof191, based on strong demand in the high-end smartphone and automotive markets, as well as growth potential from edge AI [2][4]. Core Insights - Qualcomm's Q2 FY24 performance exceeded expectations, with GAAP revenue of 9.39 billion, up 1% year-over-year, and net profit of 2.33billion,up252.33 billion, up 25% year-over-year. The company expects Q3 FY24 revenue to be between 8.8 billion and 9.6billion[2][12].−Thestrongperformanceinthesmartphonesegmentisdrivenbystructuraldemand,particularlyinthehigh−endAndroidmarket,withanotable409.6 billion [2][12]. - The strong performance in the smartphone segment is driven by structural demand, particularly in the high-end Android market, with a notable 40% year-over-year revenue growth from Chinese OEMs in FY24 H1. The automotive sector also shows robust growth, with a 35% year-over-year increase in revenue [2][12]. - The report highlights the potential of edge AI to enhance revenue growth, with upcoming Snapdragon XElite and XPlus platforms expected to provide AI computing solutions that could increase average selling prices and market share in high-end devices [2][12]. Summary by Sections 1. Performance Overview - Qualcomm's Q2 FY24 revenue and net profit surpassed market expectations, with revenue of 9.39 billion and net profit of 2.33billion.ThecompanyanticipatesQ3FY24revenuetoalignwithmarketexpectations[2][12].2.SegmentPerformance−TheQCTsegmentgenerated2.33 billion. The company anticipates Q3 FY24 revenue to align with market expectations [2][12]. 2. Segment Performance - The QCT segment generated 8.03 billion, with smartphone revenue at 6.18billion(776.18 billion (77% of total revenue) and automotive revenue at 600 million, reflecting a 35% year-over-year increase [2][11]. 3. Investment Recommendations - The report adjusts revenue forecasts for FY2024E/FY2025E/FY2026E to 38.25billion,38.25 billion, 42.75 billion, and 45.84billion,respectively,withnetprofitestimatesof45.84 billion, respectively, with net profit estimates of 11.97 billion, 15.97billion,and15.97 billion, and 18.33 billion. The expected growth rates are 7%, 12%, and 7% for revenue, and 26%, 33%, and 15% for net profit [2][12].