2026 年 2 月 5 日 公司研究 FY26Q1 业绩符合预期， 内存短缺拖累下游需求 ——高通（QCOM.O）FY26Q1 业绩点评 要点 公司 FY26Q1 业绩符合预期，FY26Q2 指引不及预期。美国东部时间 2 月 4 日， 高通发布 FY26Q1（截至 2025 年 12 月 28 日）业绩，盘后股价下跌 9.68%。1） FY26Q1 业绩符合预期：FY26Q1 公司实现 Non-GAAP 营业收入 122.52 亿美元 （彭博一致预期 121.96 亿美元），同比+5%。分业务看，QCT 业务收入 106.13 亿美元，同比+5%；QTL 业务收入 15.92 亿美元，同比+4%。FY26Q1Non-GAAP 净利润为 37.81 亿美元（彭博一致预期 36.90 亿美元）。FY26Q1 Non-GAAP EPS 3.50 美元（彭博一致预期 3.407 美元）。2）FY26Q2 指引不及预期：公司指 引 FY26Q2 实现 Non-GAAP 营业收入 102～110 亿美元（彭博一致预期 111.60 亿美元），指引 Non-GAAP 稀释 EPS 2.45～2.65 美元（彭博一致预期 ...

Core Viewpoint - Qualcomm is showcasing its advancements in personal AI and physical AI at CES 2026, emphasizing the shift from cloud dependency to terminal autonomy through powerful edge computing capabilities [2][6][7]. Group 1: Personal AI Developments - Qualcomm's Snapdragon X series processors are enabling a new generation of AI PCs, demonstrating capabilities such as real-time multimodal AI content creation without latency [2][6]. - The demand for AI PCs has surged, with companies like Lenovo and ASUS reporting a 2.5 times increase in AI PC product offerings within a year [9]. - 62% of users consider "local intelligent agent invocation" a core reason for purchasing AI PCs, highlighting the importance of local processing in enhancing user experience [13]. Group 2: Physical AI Innovations - Qualcomm's advancements in physical AI are evident in the automotive sector, with over 400 million vehicles utilizing Snapdragon digital chassis solutions [19]. - The company is leading in the in-car infotainment and cockpit SoC solutions, with over 75 million vehicles adopting the Snapdragon cockpit platform [19]. - The Snapdragon 8797 platform supports multi-modal large models for cockpit and driving assistance, enhancing the in-vehicle experience [21]. Group 3: Strategic Vision and Market Trends - Qualcomm's strategy focuses on building a comprehensive ecosystem that integrates personal AI and physical AI, aiming for a seamless user experience across various devices [8][26]. - The global AI PC market penetration is expected to exceed 80% in the next three years, indicating a significant shift towards edge computing [27]. - The company is positioned to capitalize on the exponential growth in demand for edge computing capabilities, as AI evolves towards intelligent agents and embodied forms [10][11]. Group 4: Technological Advancements - The Snapdragon X2 Plus platform features an 80 TOPS NPU, setting a new speed record for its class, and offers a 35% performance improvement while reducing power consumption by 43% compared to previous generations [15][29]. - Qualcomm's new processors, such as the Q-8750 and Q-7790, are designed for diverse IoT applications, enhancing the company's ability to support a wide range of smart devices [26][39]. - The Snapdragon Ride platform has been validated in over 60 countries, accumulating extensive data that enhances Qualcomm's capabilities in physical AI applications [46].