智通财经5月5日电，苹果公司开始分四部分发行美元公司债。 ...

苹果公司开始分四部分发行美元公司债。 ...

Currently leading research at Leverage Shares, I have longstanding professional experience with financial markets. All views are my own and I can assure you that I smile sometimes. M.S.F, M.B.A., IIT Chicago. My investment style is purely agnostic, informed by facts and highly data-driven. I consider macroeconomics to assess strategic/sector viability for long-term investments, business line item trends for company/stock viability and market data trends for tactical/investment decisions. Asia (India, China, ...

业绩简评 2025 年 5 月 2 日公司披露 FY25Q2（2025.1~2025.3）业绩，公司 FY25Q2 实现营业收入 953.59 亿美元，同比+5.08%，公司毛利率为 47.05%，同比+0.47pct，环比+0.17pct，公司实现净利润 247.80 亿美元，同比+4.84%。 公司指引 FY25Q3 营收实现低到中个位数同比增长，预计毛利率为 45.5%~46.5%，其中包括 9 亿美元的关税带来的成本提升。 经营分析 公司服务业务收入继续增长，FY25Q2 公司实现服务业务营收 266.45 亿美元，同比+11.64%。公司付费订阅数实现同比双位数增 长，达到超过 10 亿数量；付费账户实现同比双位数增长，达到历 史新高。我们认为随着公司订阅内容持续丰富，公司服务业务有 望继续增长，为公司提供较强的分红与回购的能力。 硬件端，除可穿戴产品外，公司其他类别产品均实现营收同比增 长。FY25Q2 公司产品收入为 687.14 亿美元，同比+2.73%，其中 iPhone、iPad、Mac、可穿戴营收分别为 468.41、64.02、79.49、 75.22 亿美元，同比+1.9%、+15. ...

证 券 研 究 报 告 苹果（AAPL）FY2025Q2 业绩点评及业绩说明会纪要 收入及利润超预期，公司预期当前关税政策将给二 季度带来 9 亿成本增长 事项： 2025 年 5 月 2 日苹果公司发布 2025 财年第二财季报告，并召开业绩说明会。 公司财务季度 FY2025Q2 截至 2025 年 3 月 29 日，近似于自然季度 CQ2025Q1， 以下表述均为自然季度。 评论： 1. 25Q1 收入同比增长 5%，EPS 创一季度新高。公司 25Q1 实现营收 953.59 亿美元（YoY+5.1%，QoQ-23.3%），超过 945.9 亿美元的市场预期。净利润为 247.80 亿美元（YoY+4.8%，QoQ-31.8%），超过 244.5 亿美元的市场预期。EPS 创下一季度历史记录，同比增长 8%。其中服务业务收入创下历史记录，产品 业务收入同比增长 2.73%，主要受益于 Mac 和 iPad 的强劲表现。 2. 大中华区收入下降趋势缓和，剔除外汇影响后同比大致持平。25Q1 来自大 中华区的收入 160.02 亿美元（YoY-2.3%），剔除外汇的不利影响后业绩大致持 平，与 24Q4 ...

Core Viewpoint - The potential for tariff increases could lead to higher iPhone prices, with experts suggesting that a price hike is likely regardless of tariff impacts [3][9]. Group 1: Tariff Implications - Apple CEO Tim Cook indicated that iPhones sold in the US are currently sourced from India, and many devices are exempt from reciprocal tariffs on China, but future price predictions remain uncertain as the tariff pause is set to expire [2][6]. - Current tariffs could lead to significant price increases, with estimates suggesting a 26% hike for iPhones manufactured in India and up to a 145% increase for those made in China [9][10]. - The iPhone 15 (128GB) currently priced at $699 could rise to $769 with a 10% tariff or $839 with a 20% tariff, illustrating the potential financial impact of tariffs on consumers [10][11]. Group 2: Market Reactions and Strategies - Experts suggest that any price increases may be absorbed through promotional deals or installment plans, making the hike less noticeable to consumers [4][12]. - Apple may source more iPhones from India by the end of 2026, although it will still face a 10% tariff on imports, which could affect pricing strategies [7][9]. - The company is expected to manage tariff costs by potentially absorbing some upfront costs and gradually passing them on to consumers through service bundles and device longevity [13][21]. Group 3: Consumer Behavior and Recommendations - Consumers are advised to consider purchasing electronics now to avoid potential price increases due to tariffs, but those who can wait may benefit from higher trade-in values for older devices if new prices rise [19][20]. - The Certified Refurbished program by Apple is highlighted as a way to extend device lifespan and distribute cost impacts over time, similar to the used car market [21].

2日苹果公司股价暴跌超3% 苹果公司本周四盘后发布第二财季财报，净利润同比增长5%，但大中华区营收同比下降2%。苹果公司称，受关税影响，预计本季度将增加9亿美元的成 本，最新的财报加剧了投资者对苹果未来增长潜力的担忧，至少两家机构因此下调苹果的市场评级。本周五，苹果公司股价跌幅为3.74%。 2日欧洲三大股指集体上涨 原油市场方面，OPEC+将协商产量政策的会议从当地时间下周一提前至本周六，令市场情绪紧张、油价承压，截至当天收盘，纽约商品交易所6月交货的 轻质原油期货价格跌幅为1.60%；7月交货的伦敦布伦特原油期货价格跌幅为1.35%。本周国际油价创下自3月底以来的最大单周跌幅，其中美油累计下跌 7.5%，布油累计下跌8.34% 。 2日国际金价小幅上涨 本周累计下跌超1% 本周五，欧盟统计局发布2025年4月欧元区通胀率，按年率计算为2.2%，与3月持平，加上关税谈判释放出积极信号，欧洲三大股指当天集体大幅收涨， 其中英国富时100指数上涨1.17%，连续第14个交易日上涨；法国CAC40指数上涨2.33%，德国DAX30指数上涨2.62%。本周五，荷兰能源巨头壳牌公布最 新财报，今年第一季度盈利超预期， ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price-to-earnings (P/E) ratio of 31, 26, and 23 for FY25, FY26, and FY27 respectively [5]. Core Insights - The company reported FY25Q2 revenue of $95.359 billion, a year-over-year increase of 5.08%, with a gross margin of 47.05% [2]. - Net profit for FY25Q2 reached $24.780 billion, reflecting a 4.84% year-over-year growth [2]. - The company anticipates low to mid-single-digit year-over-year revenue growth for FY25Q3, with a projected gross margin of 45.5% to 46.5%, including an additional cost of $0.9 billion due to tariffs [2][4]. Revenue Breakdown - Service business revenue grew by 11.64% year-over-year to $26.645 billion in FY25Q2, with paid subscriptions exceeding 1 billion [3]. - Hardware revenue, excluding wearables, increased by 2.73% year-over-year to $68.714 billion, with iPhone, iPad, and Mac revenues showing varied growth rates [3]. - The company plans to continue its dividend and share buyback strategy, investing approximately $29 billion in total, including $3.8 billion in dividends and $25 billion in share repurchases [3]. Future Projections - The company expects net profits of $96.938 billion, $113.113 billion, and $126.757 billion for FY25, FY26, and FY27 respectively, with corresponding P/E ratios of 31.38, 26.36, and 23.05 [9][10].

Group 1 - Apple stock reached an all-time high of $259 in December 2024, supported by investor Warren Buffett [1] - The article emphasizes investing in companies with strong durable competitive advantages and consistent earning power [1] - It highlights the importance of having a sufficient margin of safety and generating substantial cash flow [1] Group 2 - The preference for companies with conservative leverage and maintaining an appropriate level of cash to capitalize on market volatility is noted [1]

Core Viewpoint - The focus of Apple's fiscal Q2 2025 earnings call shifted from artificial intelligence to the impact of tariffs, with management and analysts discussing the implications of tariffs on the company's business operations. Group 1: Financial Performance - Apple's revenue for fiscal Q2 increased by 5% year over year to $95.4 billion, with earnings per share rising by 8% to $1.65, surpassing Wall Street estimates [3] - The company did not experience significant pull-forward demand in Q2, as channel inventory levels remained stable throughout the quarter [4] Group 2: Tariff Impact - Apple projects a tariff-related cost increase of approximately $900 million in Q3, which is considered relatively low by analysts [5] - The company has built up inventory to mitigate the impact of tariffs, with manufacturing purchase obligations rising from $34.2 billion to $38.4 billion year over year [7] - Most iPhones sold in the U.S. during Q3 are expected to originate from India, while other products will primarily come from Vietnam [8] Group 3: Specific Tariff Exposures - Some AppleCare and accessories products are subject to the steep 145% tariffs on Chinese imports, although the exposure is limited [9] - Most Apple products are not currently affected by global reciprocal tariffs due to an ongoing Section 232 investigation by the U.S. Commerce Department [10] - The company's tariff exposure for Q2 and Q3 is mainly related to tariffs imposed under the International Emergency Economic Powers Act (IEEPA) on imports from Canada, Mexico, and China [11] Group 4: Pricing and Future Outlook - Apple has not announced any potential tariff-related price increases, but it is likely that the company will consider passing on higher costs to consumers [12] - There is significant uncertainty regarding the future, particularly beyond the June quarter, with executives emphasizing that the outlook assumes no worsening of the global macroeconomic situation [13]