大和:苹果秋季产品发表会大致符合预期,维持“跑赢大市”评级

智通财经
Sep 11
【大和:苹果秋季产品发表会大致符合预期,维持“跑赢大市”评级】大和发表研报指,苹果今年秋季产品发表会由新任CEO特努斯主持,重点推出可折叠iPhone Duo,以及iPhone 18 Pro/Pro Max、Watch Series 12/Ultra 4、Apple Intelligence、Siri及AirPods 5。该行认为,发表会整体属正常节奏,大致符合预期,Duo的推出或令表现略超预期;苹果核心生态系统及客户锁定/忠诚度,继续推动收入及盈利增长。此观点在过去12个月获得支持,因估计iPhone业务于2026财年按年增长约20%,在艰难的宏观环境下表现出色。该行仍在等待Siri更强大的AI方案,真正考验将于9月14日英文beta随iOS 27推出;苹果目前在AI落后,但过去一年即使欠缺重大AI驱动仍交出强劲业绩,显示仍有追赶空间。该行维持对苹果的正面看法,维持“跑赢大市”评级,看好其强大生态系及优质产品,并对Duo印象深刻;最大忧虑是2027财年iPhone比较基数将明显转高。

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