Qualcomm Analyst Sees Opportunity In 'Regaining Share With Samsung' After Apple Revenue Squeeze
Qualcomm Analyst Sees Opportunity In 'Regaining Share With Samsung' After Apple Revenue Squeeze
Qualcomm Inc (NASDAQ:QCOM) is bracing for the impact of losing a significant portion of its Apple Inc (NASDAQ:AAPL) revenue, but JPMorgan analyst Samik Chatterjee believes the company has opportunities elsewhere, particularly with Samsung.
高通公司（NASDAQ:QCOM）正準備應對失去其蘋果公司（NASDAQ:AAPL）營業收入的重大影響，但摩根大通分析師山姆.查特吉相信該公司在其他地方仍有機會，尤其是與三星合作。
Chatterjee sees "the likelihood of displacement of revenue from Apple's in-sourcing of the modem increasing," as Apple continues its efforts to develop an in-house modem. Initially, this could affect the iPhone SE, which Chatterjee estimates "contributes only 1% of revenue for Qualcomm's QCT business."
查特吉認爲，「蘋果自家生產調制解調器的可能性增加」，隨着蘋果繼續努力開發自家調制解調器，這可能會影響iPhone SE。查特吉估計，iPhone SE「只對高通QCt業務的營收貢獻1%。」
While the immediate impact is small, Apple's potential to use its modems across its entire iPhone lineup looms large. If Apple moves to fully in-house modems for the iPhone 17, Chatterjee warns this could result in "14% of revenue and 12% of EPS headwinds in Year 1."
儘管當前的影響較小，但蘋果有潛力在其整個iPhone系列中使用自家的調制解調器。如果蘋果將iPhone 17完全採用自家調制解調器，查特吉警告稱這可能會導致「一年內營業收入下降14%，每股收益下降12%。」
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Qualcomm's Opportunity With Samsung
高通與三星的機會
Despite the challenges posed by Apple, Chatterjee sees a significant opportunity for Qualcomm to regain market share with Samsung. He notes that Samsung's flagship smartphones could provide a new source of growth for the company, stating that "winning back share with Samsung flagships could be a revenue/EPS tailwind of ~5% each in FY25."
儘管蘋果帶來了挑戰，但查特吉認爲高通有機會在三星手中重新獲取市場份額。他指出，三星的旗艦智能手機可能成爲公司新的增長來源，稱「在FY25，再次贏回三星旗艦機的市場份額可能每年爲營收和每股收益帶來約5%的正向影響。」
This potential to increase business with Samsung is key to offsetting losses from Apple, particularly in light of Qualcomm's focus on expanding in other areas like automotive, IoT, and PCs.
與三星擴大業務的潛力對抵消蘋果的損失至關重要，特別是考慮到高通將重點擴展到汽車、物聯網和個人電腦等其他領域。
These sectors, according to Chatterjee, are "positioned to eclipse the decline in revenue attributable to one of Qualcomm's largest customers."
查特吉表示，這些行業「有望超過高通最大客戶所帶來的營收下降。」
Automotive, IoT Lend Optimism To Qualcomm's Future
汽車、物聯網爲高通的未來帶來樂觀色彩
Chatterjee is optimistic about Qualcomm's long-term outlook, emphasizing the company's "technology leadership in mobile SOC (and modem) technology." He projects a "healthy, although modest relative to expectations, revenue CAGR of 6%" from FY24 to FY27, bolstered by growth in non-smartphone segments like automotive and IoT.
Chatterjee對高通的長期前景持樂觀態度，並強調公司在移動SOC（和調制解調器）技術方面的「技術領導地位」。他預計從FY24到FY27年，汽車和物聯網等非智能手機領域的增長將支撐公司營收CAGR爲6％的健康增長，儘管相對於預期而言較爲溫和。
Even with the expectation that Apple-related revenue could decline by 87% by FY27, Chatterjee believes Qualcomm's diversification efforts will more than compensate for this. The analyst concludes that, while near-term risks from Apple are real, the opportunity to regain share with Samsung and expand in other sectors positions Qualcomm for long-term success.
即使在FY27年，與蘋果相關的營業收入可能會下降87％，Chatterjee認爲，高通的多元化努力將遠遠彌補這一損失。分析師得出結論，雖然短期內由於蘋果而面臨風險，但與三星重新奪回份額並在其他領域擴張的機會將使高通實現長期成功。
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Qualcomm office. Photo via Shutterstock.
高通辦公室。照片作者：Shutterstock。
譯文內容由第三人軟體翻譯。