高通（QCOM）：FY1Q25业绩好于预期，端侧AI拉动公司长期业务增长

Investment Rating - The report maintains a "Buy" rating for Qualcomm (QCOM.US) with a target price of $205.7, indicating a potential upside of 17$175.9 [1][5]. Core Insights - Qualcomm's FY1Q25 performance exceeded market expectations, driven by strong growth in its mobile, automotive, and IoT segments. The company is expected to benefit from the rapid penetration of edge AI in smartphones, which could enhance its valuation [1][2]. - The report slightly raises the earnings forecasts for FY2025 and FY2026, reflecting positive trends in smartphone sales, particularly high-end models, and the anticipated growth in smart cockpit and integrated driving solutions [1][3]. Financial Performance Summary - FY1Q25 revenue reached $11.67 billion, a 17$10.1 billion in revenue, marking a historical high, primarily due to better-than-expected performance in Android smartphones, IoT, and automotive sectors [2]. - Gross margin for FY1Q25 was 55.8%, down 0.8 percentage points year-over-year and 0.6 percentage points quarter-over-quarter [2][11]. - Net profit for FY1Q25 grew by 15% year-over-year and 9% quarter-over-quarter, also exceeding market expectations [2]. Earnings Forecasts - The report provides the following revenue and net profit forecasts for Qualcomm: - FY2025E Revenue: $44.1 billion, a 13$11.1 billion, a 9% increase year-over-year [4][9]. - The projected PE ratio for FY2025 is 20.4x, indicating a favorable valuation compared to historical averages [3][4]. Market Dynamics - The report highlights that the Chinese government's smartphone subsidy policy is expected to boost sales, particularly for high-end flagship models, providing a solid foundation for Qualcomm's FY2025 performance [1][3]. - The company anticipates that its automotive business will reach $8 billion in revenue by FY2029, with a target market share of 12% in Windows PCs [3].