大行評級|花旗:重申對高通“中性”評級 目標價為200美元 上調全年收入及盈利預測
花旗發表報吿指出,高通2024財年第三財季收入按季持平,報93.9億美元,高過市場及該行預期的92億與92.5億美元,主要由於物聯網(IoT)及汽車晶片銷售提高。包括股權激勵成本在內的毛利率為55.9%,符合市場預期,但低於該行預期的56.5%;每股盈利1.93美元,高於市場及該行預期。高通對2024財年第四季收入指引為99億美元,按季增長5%,超過市場預期及該行預期的97.5億美元水平,主要由於蘋果的強勁表現,以及季內多出一週的時間。集團對第四財季的每股盈利(包括股權激勵成本)預測為2.11美元,較市場及該行預期的1.98與2.04美元為高。
該行認為,雖然高通的業績及指引良好,但在缺乏“殺手級應用程式”下,相信由邊緣人工智能所推動的手機升級週期至少還需時一年才會出現。該行對高通2024財年的收入及盈利預測,由原來的383億與8.1美元,上調至386億與8.27美元。維持對公司2025及2026財年收入及每股盈利預測在410億與9.29美元,及415億與9.43美元。該行重申對高通“中性”評級,目標價為200美元。
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