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Analyst Ming-Chi Kuo Says 'Strong Snapdragon 8 Gen 4 Shipments to Significantly Boost Qualcomm's 4Q24/F1Q25 Business Momentum' - Medium

Analyst Ming-Chi Kuo Says 'Strong Snapdragon 8 Gen 4 Shipments to Significantly Boost Qualcomm's 4Q24/F1Q25 Business Momentum' - Medium

分析师郭明锤表示,“强劲的骁龙8第4代出货量将大幅提升高通在2024年第4季度/2025年第1季度的业务势头” - Medium
Benzinga ·  10/14 11:33
  • Among Qualcomm's mobile SoCs this year, the highest-priced and most profitable Snapdragon 8 Gen 4 (SD8G4) will see most of its 2024 shipments in 4Q24.
  • 在高通今年的移动SoC中,售价最高且利润最丰厚的骁龙8 Gen 4 (SD8G4) 将在2024年第四季度的大部分发货量。
  • Compared to SD8G3, SD8G4's 2H24 shipments are expected to grow 50% YoY to about 9 million units, with an ASP increase of around 15% to $180. It's expected to contribute significantly to 4Q24 revenue and profit.
  • 与SD8G3相比,预计SD8G4在2024下半年的出货量将同比增长50%,达到约900万台,ASP将增长约15%,达到180美元。预计将对2024年第四季度的营业收入和利润贡献可观。
  • The significant growth in SD8G4 shipments is attributed not only to a more extended shipping period compared to SD8G3 and increased demand from Samsung but also benefits from recent changes in the Chinese smartphone market, including increased market share of Chinese brands, a higher proportion of high-end models, and a recovery in overall smartphone shipments.
  • SD8G4出货量的显著增长,原因不仅在于相对于SD8G3更长的发货周期以及三星的需求增加,还受益于中国智能手机市场最近的变化,包括中国品牌市场份额的增加,高端机型比例的提高和整体智能手机出货量的回升。
  • Chinese brand smartphones reached about 80% market share during the recent Golden Week holiday sales, with shipments growing approximately 20% YoY (vs. iPhone, which was flattish). This trend will continue through 4Q24.
  • 中国品牌智能手机在最近的黄金周假期销售中达到约80%的市场份额,出货量同比增长约20%(相比之下,iPhone的表现基本持平)。这一趋势将持续到2024年第四季度。
  • The market share of high-end smartphones (above 4000 RMB) in China is projected to grow from 25–30% in 2023 to 30–35% in 2024.
    6. In 2024, Chinese smartphone market shipments are estimated to grow about 3% YoY to 280 million units, with continued growth expected in 2025.
  • 中国高端智能手机(售价超过4000人民币)的市场份额预计从2023年的25-30%增长到2024年的30-35%。
    6. 预计到2024年,中国智能手机市场出货量将同比增长约3%,达到28000万台,2025年预计将继续增长。
  • I believe Qualcomm's stock price has already factored in the negative impact of Apple developing its own 5G chips. The company's stock is poised to benefit not only from better-than-expected momentum in 4Q24 but also from favorable trends in 2025, including AI smartphone and AI PC growth and increased SoC prices due to the adoption of TSMC's N3P process.
  • 我认为高通的股价已经反映了苹果推出自己的5g概念芯片的负面影响。公司的股价将受益于2024年第四季度的超预期势头,以及2025年有利的趋势,包括人工智能智能手机和人工智能个人电脑的增长,以及因采用台积电的N3P工艺而导致的SoC价格上涨。
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