苹果（AAPL）：业绩、指引符合预期，关注关税变化

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$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$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].