【高通（QCOM.O）】FY2025业绩超预期，高端手机SoC需求提升，汽车、IoT业务收入维持高速增长——FY2025业绩点评

Core Viewpoint - Qualcomm's FY2025 performance and FY26Q1 guidance exceeded expectations, leading to a 3.98% increase in stock price after the announcement [4]. Group 1: FY2025 Performance - Qualcomm achieved Non-GAAP revenue of $44.141 billion for FY2025, surpassing Bloomberg's consensus estimate of $43.690 billion, representing a year-on-year increase of 13% [4]. - The QCT business generated revenue of $38.367 billion, up 16% year-on-year, while the QTL business revenue remained flat at $5.582 billion [4]. - Due to the impact of the Inflation Reduction Act, Qualcomm will recognize $5.7 billion in tax expenses in FY25Q4, resulting in a GAAP net profit of $5.541 billion compared to a Non-GAAP net profit of $13.298 billion [4]. - The Non-GAAP EPS for FY2025 was $12.03, exceeding the consensus estimate of $11.92 [4]. Group 2: FY26Q1 Guidance - Qualcomm's guidance for FY26Q1 indicates Non-GAAP revenue of $11.8 to $12.6 billion, above the consensus estimate of $11.592 billion [4]. - The company expects Non-GAAP diluted EPS to be between $3.30 and $3.50, compared to the consensus estimate of $3.255 [4]. Group 3: QCT Mobile Business - The mobile business revenue reached $27.793 billion in FY2025, reflecting a 12% year-on-year increase, driven by higher demand for high-end Snapdragon chips from Android OEMs [5]. - Qualcomm launched the new Snapdragon 8 Elite Gen5 SoC in September 2025, which will be featured in flagship models from brands like Xiaomi, OnePlus, and iQOO [5]. - The company anticipates maintaining a high supply share of 75% for Samsung's mobile chips [5]. Group 4: QCT IoT Business - The IoT business generated revenue of $6.617 billion in FY2025, marking a 22% year-on-year increase, primarily due to higher shipments in consumer, industrial, and edge network products [6]. - Qualcomm completed the acquisition of Arduino, enhancing its competitive edge in the edge AI sector with a community of over 30 million users [6]. - The company expects over 150 high-end PC models to feature Snapdragon SoCs by 2026 [6]. Group 5: QCT Automotive Business - The automotive business revenue was $3.957 billion in FY2025, a 36% year-on-year increase, driven by higher shipments of vehicles equipped with Qualcomm's smart cockpit technology [8]. - Qualcomm is collaborating with BMW to launch the Snapdragon RidePilot system for L2+ assisted driving, currently validated in over 60 countries and set to expand to 100 countries by 2026 [8].