【券商聚焦】招银国际:苹果4Q25指引正面因强劲的iPhone需求

金吾财讯
Nov 03

金吾财讯 | 招银国际研报指,苹果公司(AAPL US,未评级)上周五(10月31日)发布了稳固的2025年第三季度业绩,营收同比增长8%,调整后每股收益同比增长13%,这主要由iPhone/Mac稳定销售(同比+6%/+13%)和创纪录的服务收入(同比+15%)所驱动,抵消了大中华区同比下降4%的疲软。管理层对4Q25营收的指引为同比增长10-12%(对比市场预期为+6%),iPhone销售额实现"两位数"增长(对比市场预期为+7%),服务收入增长与2025财年14%的增速一致。毛利率指引保持强劲,为47-48%(对比市场预期46.6%),因新产品发布,环比提升25-30个基点。总体而言,该机构认为乐观的营收/毛利率指引是一个重大利好,缓解了市场对iPhone 17需求和关税影响的担忧。该机构相信,由iPhone Air等新外形和新的AI功能驱动的强劲iPhone 17周期,强化了该机构对高端智能手机供应链的正面看法。该机构同时看好在新产品周期(可折叠iPhone/智能家居/AI眼镜)中能够提升单机价值含量或市场份额的公司,包括立讯精密(iPhone/AirPods/Apple Watch/声学/马达/VCM)、瑞声科技(声学/马达/均热板)、鸿腾精密(连接器/AirPods)和比亚迪电子(iPhone结构件/iPad组装)。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10