1、CrispIdea|R E S E A R C HQualcomm,Inc.Company NameQualcomm IncTickerQCOM.OFY2025Q2Stock RatingBUYUnchangedIndustry ViewOverweightUnchanged12-Mo Price Target172.00UpgradedCMP(Jun 24,2025)155.71Potential Upside15%Market Cap(USD bn)167.3Shares O/S(Mn)1,088.852 Week High225.952 Week Low120.8Avg Volume(3

2、M)8,912,658Avg Volume(10 days)7,660,332P/E(ttm)15.7P/S(ttm)4.0P/B(mrq)6.1Forward P/E12.9IBES EPS(ttm)11.28Profit Margin(TTM)25.94%Operating Margin(TTM)26.80%Revenue(TTM in Mn)42,285Revenue per Share(TTM)34.5Qtrly Rev Growth(yoy)17%Gross Profit(TTM in Mn)23,546EBITDA(TTM in Mn)13,379Net Income(TTM Mn

3、)11,041Qtrly Earnings YoY22.52%Technology Sector Research TeamDeepkumar Shah-Semiconductor,CPE&FintechResearch AShejal Ajmera,Head of RE Q U I T Y R E S E A R C H Technology|Semiconductor|Jul 02,2025Qualcomm,Inc.AI at the Edge,Growth at the CoreWe maintain“Buy”rating for Qualcomm Inc.with An upgrade

4、 in TP from$145 to$172 for FY26.We forecast the TP based on non-GAAP EPS of$11.97 for FY26,P/E of 14.89x and EV/EBIDTA of 11.22x.This provides an upside potential of 10%over the CMP of$155.71.Our rating for QCOM is based on the following factors:1)Robust Growth in Automotive and IoT Segments 2)Stron

5、g Performance in Premium Android Handsets 3)Acquisition and 4)Macroeconomic and Tariff Uncertainty Cloud OutlookRobust Growth in Automotive and IoT Segments:Qualcomm delivered strong year-over-year growth in its automotive and IoT businesses,with automotive revenues rising 59%and IoT revenues up 27%

6、.This performance highlights the success of the Snapdragon Digital Chassis platform and increasing demand for AI-enabled,connected solutions across vehicles and industrial applications.Notably,Qualcomm secured 30 new automotive design wins,including partnerships with top Chinese OEMs like Nio and Ze