高通Q2手机芯片跌13%，但CEO"看到底部"，数据中心成新救命稻草_老虎社区_美港股上老虎

高通Q2手机芯片跌13%，但CEO"看到底部"，数据中心成新救命稻草

华尔街见闻04-30

内存短缺冲击手机芯片需求，但高通CEO宣布已能"看到底部"，此外数据中心业务有望提供新增长动能。4月29日美股盘后，高通发布2026财年第二季度财报，营收和每股收益均超出华尔街预期，但三季度指引大幅低于市场预估。此外，公司芯片业务受手机内存短缺冲击明显，手机业务收入同比下滑13%。CEO Cristiano Amon表示：我们现在可以宣布触底，预计智能手机市场将在三季度后开始回升。与此同时，高通...

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Amon表示：我们现在可以宣布触底，预计智能手机市场将在三季度后开始回升。与此同时，高通透露将于今年下半年，向一家超大规模云计算企业交付定制芯片，并计划于6月24日举办投资者日，届时将详细阐述其数据中心及\"物理AI\"战略。受第三财季指引不及预期影响，多名分析师下调了对高通的评级及目标价，股价在盘后交易中先快速下落约4%。然而，市场对公司长期增长潜力的预期仍为股价提供支撑，随后大涨逾12%。二季报超预期，但手机业务承压高通第二财季报告调整后每股收益2.65美元，高于分析师预期的2.56美元；营收同比增长3%至106亿美元，与市场预期基本持平。分业务来看，汽车业务营收同比增长38%至13.2亿美元，物联网（IoT）业务增长9%至17.2亿美元，技术许可（QTL）业务增长4.8%至13.8亿美元，均表现亮眼。手机芯片业务收入则同比下滑13%至60.2亿美元，成为本季最大拖累项。芯片业务整体（QCT分部）营收为90.7亿美元，略低于分析师预期的91.3亿美元。值得关注的是，本季度公司录得57亿美元所得税收益（合每股5.33美元），源于此前在2025财年第四季度计提的估值备抵转回，推动当季净利润达到73.7亿美元，合每股6.88美元。此外，公司在本季度通过股票回购计划支出28亿美元。三季度指引低于预期，内存短缺阴影未散高通预计第三财季营收区间为92亿至100亿美元，中值约96亿美元，而分析师此前预期为102.6亿美元。调整后每股收益预期区间为2.10至2.30美元，亦低于市场预期的2.43美元。公司同时预计三季度芯片业务（QCT）营收为79亿至85亿美元，显著低于分析师预期的89.3亿美元。根据Counterpoint Research数据，今年一季度全球智能手机出货量同比下滑6%，内存芯片短缺局面或将持续至明年底。国际数据公司（IDC）亦指出，一季度出货量下滑4.1%至2.897亿部，打破了自2023年中期开始的连续十个季度增长态势，并警告称这只是2026年余下时间内更深层压力的\"温和前兆\"。Bernstein Research分析师Stacy Rasgon表示，今年智能手机市场整体出货量可能面临两位数的同比下滑，而高通来自消费电子领域的高度敞口，使其业绩被广泛视为行业景气度的晴雨表。但Amon表示，公司的许可业务能够为其提供独特的前瞻洞察，因为许可收入直接反映智能手机制造商的出货计划，由此支撑其对三季度触底的判断。高通在财报中表示，三季度将是其中国安卓手机营收的底部，汽车业务也将在三季度实现同比加速增长。数据中心布局成为市场关注焦点在手机业务承压背景下，高通进军数据中心芯片市场的战略进展引发投资者高度关注。Amon表示，公司正与客户合作开发三类芯片：中央处理器（CPU）、推理加速芯片，以及定制专用集成电路（ASIC），后者是博通和Marvell等竞争对手的重要营收来源。他还特别提到，高通对AlphaWave的收购，为公司在ASIC领域的定制业务，提供了关键的连接知识产权支撑。Amon说：我们在定制ASIC上拿到了客户合作，这正是当初收购AlphaWave的目标，我们在三类芯片上都在推进执行。高通预计将于2026年下半年向一家大型超大规模云计算客户，启动定制芯片的初步交付。Stone Fox Capital分析人士指出，2027财年预期EPS超11美元。按此计算，目前的市盈率还不到14倍，这让该股在回调时具备了买入价值。投资者将在6月24日的投资者日，及Amon于中国台湾Computex大会上演讲中，寻求高通数据中心战略更为清晰的路线图。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"movement","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":3,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}