GLONGHUI, May 6 | CICC released a report saying that Qualcomm's GAAP revenue for the second fiscal quarter was US$9.389 billion, up 1.2% year over year and down 5.5% from quarter to quarter, which is in the middle of the company's previous guidelines; non-GAAP net profit was US$2,761 billion, up 14.1% year over year, down 11% from quarter to quarter, exceeding company guidelines and market expectations, mainly benefiting from product portfolio upgrades. The company reported revenue of 8.8 billion to 9.6 billion US dollars in the third fiscal quarter, and the EBT profit margin of the QCT business declined quarterly. CICC maintained Qualcomm's non-GAAP net profit forecast for the 2024 and 2025 fiscal years at almost unchanged at 11.4 billion and 12.7 billion US dollars. The current stock price corresponds to 16.3 times and 14.6 times the price-earnings ratio for the 2024 and 2025 fiscal years. Considering that AI is driving strong demand for high-end phones and the upward shift in the industry's valuation center, the bank raised its target price by 9% to 176 US dollars, corresponding to 17.5 times and 15.6 times the price-earnings ratio for the 2024 and 2025 fiscal years.