Core Insights - Qualcomm has been selected by Samsung to provide the Snapdragon 8 Elite Mobile Platform for its Galaxy Z Fold7 devices, enhancing performance and AI capabilities [1] - The Snapdragon 8 Elite chipsets are gaining traction in the premium smartphone market, with several manufacturers adopting them [2] - Qualcomm's QCT segment revenues increased to $9.47 billion in Q1 from $8.03 billion year-over-year, with expectations of $27.7 billion in handset revenue for 2025, reflecting an 11.3% year-over-year growth [3] Market Dynamics - Healthy demand in the premium smartphone segment is driving growth for Qualcomm, but competition from low-cost manufacturers like MediaTek and Rockchip is impacting profitability [4] - Apple is moving towards in-house chip development, which is affecting Qualcomm's revenue growth, as Apple has replaced Qualcomm's RF modem in its latest iPhone [4] - Broadcom is also a competitor, leveraging strong relationships with OEMs to gain insights into customer requirements [5] Financial Performance - Qualcomm shares have declined by 20.2% over the past year, contrasting with the industry's growth of 18.1% [6] - The company's shares trade at a price/earnings ratio of 13.51, significantly lower than the industry average of 33.07 [8] - Earnings estimates for 2025 have decreased by 0.17% to $11.71 per share, while 2026 estimates have declined by 2.23% to $11.82 [9]

Core Insights - Qualcomm Incorporated (QCOM) has gained 28.2% in three months, underperforming the Electronics – Semiconductors industry's growth of 69.3% but outperforming the S&P 500 [1][8] - The company has underperformed its competitor Broadcom Inc. (AVGO), which surged 86.8%, while outperforming Intel Corporation (INTC), which gained 12.3% [2][8] Product Performance - Qualcomm is experiencing strong demand in the premium smartphone segment, particularly with the Snapdragon 8 Elite chipset, which features a peak CPU speed of 4.32 GHz and advanced graphics performance [3][4] - The Snapdragon 8 Elite is integrated into flagship smartphones from major manufacturers like Samsung, Xiaomi, and OnePlus, enhancing Qualcomm's market presence [4] - Qualcomm is also expanding its portfolio for the mid-range smartphone segment with the Snapdragon 7 Gen 4 chipsets, which have been adopted by brands like HONOR and VIVO [5] Revenue Growth - The company reported revenues of $6.93 billion in Q1 2025, reflecting a 12% year-over-year increase, with projected handset revenues reaching $27.6 billion in 2025, indicating an 11.3% year-over-year growth [5] - Qualcomm is focusing on developing advanced chipsets for AI PCs, with the Snapdragon X chip gaining popularity in the emerging market [6] Competitive Landscape - Qualcomm faces increasing competition from low-cost chip manufacturers like MediaTek and Rockchip in the mid-range smartphone segment [9] - Major clients like Apple and Samsung are moving towards in-house chip development, which poses a challenge to Qualcomm's market share [9][10] - Intel remains a strong competitor in the AI PC market, with several manufacturers opting for Intel AI chips, which could impact Qualcomm's AI PC chipset business [10] Market Exposure - A significant portion of Qualcomm's revenues comes from international markets, particularly China, which poses risks due to geopolitical tensions and trade relations [11] Earnings Estimates - Earnings estimates for 2025 have decreased by 0.17% to $11.71, and for 2026, they have decreased by 2.23% to $11.82, indicating bearish sentiments among investors [12] Valuation Metrics - Qualcomm's shares are trading at a price/earnings ratio of 13.77, which is lower than the industry average of 32.87 and the stock's historical mean of 17.22, suggesting a relatively cheaper valuation [15] Business Model Strengths - The strength of Qualcomm's business model, revenue diversification, and proactive market response are key growth drivers, supported by a strong focus on innovation and collaboration with OEMs [17]

手机品牌大厂三星日前推出超薄手机Galaxy S25 Edge，引发外界高度关注，但上市后却传出新品叫好不 叫座，销售状况不如预期，甚至传出三星正大砍新机产能，借此止血；市场忧心，三星超薄手机出师不 利，恐将牵动台积电（2330）、大立光、晶技等相关供应链敏感神经。 业界人士认为，市场原先认定的新蓝海若无法拓展，对于手机产业未来发展确实较为不利，因此后续要 密切观察包括OPPO、vivo、小米、苹果等其他品牌厂是否会推出超薄手机，毕竟折叠机当初也是一路 走来充满荆棘，但如今市场规模已经逐渐成形，因此现在尚无法论定超薄手机市场的成败。 业界人士指出，不只是三星对超薄手机充满期待，原先各家品牌厂期望超薄手机能成为继折叠机后，下 一个智慧手机新蓝海，但从Galaxy S25 Edge销售不如预期的情况来看，未来超薄手机市场需求恐要打上 问号。 据了解，Galaxy S25 Edge处理器为高通Snapdragon 8 Elite for Galaxy，由台积电以3奈米制程操刀，而大 立光供应镜头模组，晶技则供应石英元件。业界人士指出，由于Galaxy S25 Edge并非是主流机种，对供 应链影响应该较有限。 Ga ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 6月3日消息，据韩媒报道，三星3nm制程良率进展缓慢，即使经过三年的量产，其3nm良率仍保持在 50%。 报道称，这使得三星更难赢得大型科技公司的信任，谷歌的 Tensor G5 正在转向台积电的 3nm，远离三 星。据报道，这家搜索引擎巨头已在未来 3 到 5 年内与台积电锁定了 Tensor 芯片生产，至少涵盖 Pixel 型号到 Pixel 14。 据报道，高通和 AMD 也依赖台积电，其 nm的 90%+ 良率吸引了厂商下单。报告指出，苹果 （M5）、 高通 （Snapdragon 8 Elite Gen 2）、英伟达 （Rubin） 和联发科 （Dimensity 9500） 预计将使用台积电 的第三代 3nm （N3P） 工艺，并计划从 2026 年开始转向 2nm。 与此同时，三星的 3nm 生产目前仍在内部进行，即将推出的 Galaxy Z Flip 7 将于今年 7 月推出，将配 备 Exynos 2500。该报告补充说，该芯片由三星的 System LSI 部门设计，预计将建立在 ...

2025 年 5 月 18 日 电子 台积电积极扩产应对 AI 浪潮，自主芯片国 产化进程提速 台积电先进制程与全球扩产 台积电宣布其 3nm 已进入稳定量产，2nm 制程将于下半年大规模出 货，同时积极扩产封装产能。2024 年起新增 9 座厂区，包含中国台 湾、日本、美国、德国等地，以满足 AI 相关芯片高速成长的需求。 其 2.5D/3D 封装平台 CoWoS 年增幅达 80%，SOIC 年产能翻倍。 小米 SoC 芯片玄戒 O1 将于 5 月下旬发布 小米集团 CEO 雷军宣布，自研手机 SoC 芯片"玄戒 O1"将于 5 月下旬 发布。该芯片预计采用台积电 4nm 工艺，性能对标苹果 A16，标志 国产手机 SoC 芯片正式进入 5nm 以下高端制程行列。目前小米已在 上海和北京分别成立芯片设计公司，研发团队超千人，总投资超 45 亿元。 全球芯片市场结构重塑 市调机构 Omdia 预计，2024 年全球半导体市场规模将达 6830 亿 美元，同比增长 25%。其中 NVIDIA 营收大增 118.6%，首次超越 Intel 成为全球第一大芯片厂；SK 海力士增长近一倍。传统模拟 厂商如英飞凌、意法 ...

2025 年 5 月 11 日 电子 中芯&华虹发布 Q1 业绩，欧盟芯片法案升 级 5 月 8 日，中芯国际&华虹半导体发布 2025 年一季报 中芯国际 25Q1 实现营业收入 163.01 亿元，同比+29.44%；归母净 利润 13.56 亿元，同比+166.5%；基本每股收益 0.17 元，同比 +183.33%；毛利率 23.1%，同比+8.91 个百分点。25Q2 公司给出指 引，收入环比下降 4%-6%，毛利率 18%-20%。华虹半导体 25Q1 实 现营业收入 5.41 亿美元，同比+17.6%，环比+0.3%；毛利率 9.2%， 同比+2.8 个百分点，环比-2.2 个百分点。25Q2 公司给出指引，收 入约 5.5-5.7 亿美元，毛利率 7%-9%。 战略迭代欧盟推进芯片法案 2.0 修订，强化本土半导体产业 欧盟推进芯片法案 2.0 修订。2022 年欧盟通过《芯片法案》，计划 投入 430 亿欧元，目标在 2030 年将全球半导体市场份额从 10%提 升至 20%，并实现 2 纳米及以下先进制程的本土化生产。受资金、 技术、原材料及能源成本限制，欧洲审计院预计 2030 年其市场 ...

Core Viewpoint - Qualcomm is expected to report strong earnings for the second quarter of fiscal 2025, with improved revenue and earnings estimates over the past 60 days, driven by advancements in 5G technology and AI integration [1][5][13]. Earnings Estimates - The Zacks Consensus Estimate for Qualcomm's revenues is $10.64 billion and earnings per share is $2.82 for the upcoming quarter [1]. - Earnings estimates for fiscal 2025 have increased from $11.64 to $11.85 per share, and for fiscal 2026 from $12.43 to $12.61 [1][2]. Earnings Surprise History - Qualcomm has a strong earnings surprise history, averaging a 7.8% surprise over the last four quarters, with a notable 16.4% surprise in the last reported quarter [3][14]. Earnings Whispers - Qualcomm has a positive Earnings ESP of +0.86% and a Zacks Rank of 2 (Buy), indicating a high likelihood of an earnings beat for the upcoming quarter [4]. Factors Influencing Results - The rollout of 5G technology and investments in mobile licensing are expected to drive long-term revenue growth [5][11]. - Qualcomm's Snapdragon portfolio is positioned to capitalize on growth opportunities in the mobile space, particularly with the launch of new AI-focused products [6][12]. Product Launches - The Snapdragon X chip for mid-range AI desktops and laptops was launched, featuring advanced processing capabilities [6]. - Samsung has deployed the Snapdragon 8 Elite Mobile Platform in its latest smartphone models, enhancing connectivity and performance [7]. Price Performance - Over the past year, Qualcomm's stock has decreased by 12.2%, underperforming the industry average growth of 9.1% [8]. Valuation Metrics - Qualcomm's shares are trading at a forward P/E ratio of 12.09, which is lower than the industry average of 24.06 and its historical mean of 17.35, indicating a relatively cheaper valuation [9][13]. Investment Considerations - Qualcomm is focusing on maintaining its leadership in 5G and mobile connectivity through innovative product launches and technological advancements [11][12]. - The company is well-positioned to benefit from the growing demand for 5G and AI technologies, which are expected to drive future revenue growth [5][13].

| Brands | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | | --- | --- | --- | --- | --- | --- | --- | --- | | Mediatek | 31% | 38% | 37% | 41% | 34% | 37% | 34% | | Apple | 19% | 17% | 20% | 16% | 13% | 15% | 23% | | Qualcomm | 29% | 26% | 21% | 27% | 30% | 25% | 21% | | UNISOC | 14% | 12% | 13% | 9% | 15% | 13% | 14% | | Samsung | 6% | 5% | 4% | 5% | 4% | 5% | 4% | | HiSilicon (Huawei) | 0% | 1% | 3% | 2% | 3% | 4% | 3% | | Others | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 市场要点 点击阅读原文下载完整版 ...