【高通（QCOM.O）】FY26Q1业绩符合预期， 内存短缺拖累下游需求——FY26Q1业绩点评（付天姿）

Core Viewpoint - Qualcomm's FY26Q1 performance met expectations, but the guidance for FY26Q2 fell short due to adverse impacts from memory shortages and price increases affecting downstream demand [4]. Group 1: FY26Q1 Performance - Qualcomm achieved Non-GAAP revenue of $12.252 billion in FY26Q1, slightly above Bloomberg's consensus estimate of $12.196 billion, representing a year-on-year increase of 5% [4]. - The QCT business generated $10.613 billion in revenue, also up 5% year-on-year, while the QTL business reported $1.592 billion, a 4% increase [4]. - Non-GAAP net profit for FY26Q1 was $3.781 billion, exceeding the consensus estimate of $3.690 billion, with Non-GAAP EPS at $3.50, above the expected $3.407 [4]. Group 2: FY26Q2 Guidance - Qualcomm's guidance for FY26Q2 indicates Non-GAAP revenue between $10.2 billion and $11 billion, below the consensus estimate of $11.16 billion [4]. - The projected Non-GAAP diluted EPS for FY26Q2 is between $2.45 and $2.65, compared to the consensus estimate of $2.874 [4]. - The guidance shortfall is primarily attributed to the negative impact of memory shortages and price increases on downstream demand [4]. Group 3: QCT Mobile Business - In FY26Q1, the mobile business revenue was $7.824 billion, reflecting a 3% year-on-year growth, driven by increased shipments of Snapdragon chips [5]. - Qualcomm secured a 75% supply share for high-end smartphone chips for Samsung's upcoming series, and ByteDance's AI smartphone features Qualcomm's Snapdragon Elite chips [5]. - The company anticipates that the ongoing memory chip shortage will constrain the growth of its mobile business in the short term, with FY26Q2 mobile revenue expected to be around $6 billion [5]. Group 4: QCT IoT Business - The IoT business generated $1.688 billion in revenue in FY26Q1, a 9% year-on-year increase, mainly due to higher shipments in edge networking and consumer products [6]. - Qualcomm is expanding its presence in vertical applications, launching new products at CES 2026, including the Dragonwing Q-7790 and Q-8750 for various applications [6]. - The company introduced the Snapdragon X2 Plus chip, enhancing CPU single-core performance by 35% and NPU performance by 78%, with multiple PC products based on Snapdragon showcased at CES [7]. Group 5: QCT Automotive Business - The automotive business reported $1.101 billion in revenue for FY26Q1, a 15% year-on-year increase, driven by higher shipments of vehicles equipped with Qualcomm's smart cockpit technology [8]. - Qualcomm signed a long-term supply agreement with Volkswagen Group, expanding its supply to brands like Audi and Porsche [8]. - The company is collaborating with CARIAD and Bosch to develop autonomous driving systems, indicating progress in its smart driving initiatives [8].