大行评级|大和:苹果第三财季业绩胜预期,目标价升至335美元

格隆汇
Aug 12
大和发表报告指,苹果截至2026年6月底止第三财季业绩胜预期,收入同比增长16%至1094亿美元,每股盈利2.02美元,分别较市场预期高出7.66亿美元及0.13美元;惟若扣除关税退款约0.11美元,经调整每股盈利约1.91美元,仅较预期高出0.02美元。该行维持对其“跑赢大市”评级,目标价由325美元上调至335美元,相当于2027财年预测市盈率35倍。 期内,iPhone收入同比增长22%至540亿美元,Mac收入更大增29%至104亿美元,服务收入亦增长12%至307亿美元。管理层表示,iPhone、Mac及iPad需求强劲,公司未能获得足够的先进节点系统单芯片(SoC)以满足需求,内部团队更承认低估需求增长。不过,该行对2027财年前景转趋审慎,因2026财年iPhone增长21%属史无前例,参考过往超级周期后次年表现往往显著回落;同时,9月新iPhone加价及存储器成本上升,将对需求及盈利构成不确定性。

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