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）正准备应对失去其苹果公司（NASDAQ:AAPL）营业收入的重大影响，但摩根大通分析师山姆.查特吉相信该公司在其他地方仍有机会，尤其是与三星合作。
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."
查特吉认为，“苹果自家生产调制解调器的可能性增加”，随着苹果继续努力开发自家调制解调器，这可能会影响iPhone SE。查特吉估计，iPhone SE“只对高通QCt业务的营收贡献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."
尽管当前的影响较小，但苹果有潜力在其整个iPhone系列中使用自家的调制解调器。如果苹果将iPhone 17完全采用自家调制解调器，查特吉警告称这可能会导致“一年内营业收入下降14%，每股收益下降12%。”
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Qualcomm's Opportunity With Samsung
高通与三星的机会
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."
尽管苹果带来了挑战，但查特吉认为高通有机会在三星手中重新获取市场份额。他指出，三星的旗舰智能手机可能成为公司新的增长来源，称“在FY25，再次赢回三星旗舰机的市场份额可能每年为营收和每股收益带来约5%的正向影响。”
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.
与三星扩大业务的潜力对抵消苹果的损失至关重要，特别是考虑到高通将重点扩展到汽车、物联网和个人电脑等其他领域。
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，这些行业“有望超过高通最大客户所带来的营收下降。”
Automotive, IoT Lend Optimism To Qualcomm's Future
汽车、物联网为高通的未来带来乐观色彩
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对高通的长期前景持乐观态度，并强调公司在移动SOC（和调制解调器）技术方面的“技术领导地位”。他预计从FY24到FY27年，汽车和物联网等非智能手机领域的增长将支撑公司营收CAGR为6％的健康增长，尽管相对于预期而言较为温和。
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，与苹果相关的营业收入可能会下降87％，Chatterjee认为，高通的多元化努力将远远弥补这一损失。分析师得出结论，虽然短期内由于苹果而面临风险，但与三星重新夺回份额并在其他领域扩张的机会将使高通实现长期成功。
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Qualcomm office. Photo via Shutterstock.
高通办公室。照片作者：Shutterstock。