Investment Rating - The report initiates coverage on Apple (AAPL US) with a "Buy" rating and a target price of 2649,implyingapotentialupsideof195421 6 billion and 4505billion[5]−Netprofitisprojectedtogrowby9112 billion and 1225billion,respectively[5]−Thecompany′sP/Eratioisexpectedtobe360xand329xforFY2025andFY2026,respectively[5]AIandHardwareIntegration−AppleIntelligence,thecompany′sAIplatform,isexpectedtodrivegrowthinhardwareproducts,particularlyiPhone,byenhancinguserexperienceanddrivingupgradedemand[3][24]−TheintegrationofAIintoApple′secosystemisexpectedtocreateacommercialloop,linkingsupply−sidemanufacturerswithconsumerdemand[3]−Apple′sAIcapabilitiesareexpectedtoexpandtootherhardwareproducts,includingMac,iPad,andAppleWatch,furtherbroadeningthecompany′sbusinessboundaries[3][24]iPhoneGrowthandMarketPosition−iPhoneremainsApple′scorerevenuedriver,accountingforover50264 9 [4] AI Model and Ecosystem - Apple's AI model, with 3 billion parameters, is optimized for specific tasks and is expected to outperform larger models like Google's Gemma-7B [24][27] - The company's AI ecosystem is expected to integrate with third-party models like OpenAI's GPT-4o, enhancing its capabilities in areas like Siri and other system-level applications [24][25] Hardware Upgrades - The iPhone 16 series is expected to feature significant hardware upgrades, including improved AI capabilities, enhanced camera systems, and larger screen sizes [41][42] - The A18 series chips, built on a second-generation 3nm process, are expected to deliver significant performance improvements, particularly in AI processing [41] Market Outlook - Apple's iPhone shipments are expected to reach 227 million and 234 million units in 2024 and 2025, respectively, driven by AI integration and hardware upgrades [42] - The company's supply chain is expected to benefit from increased demand for components related to AI and hardware upgrades [42]
Apple(AAPL) 浦银国际证券·2024-10-14 01:39