苹果：开放基础模型引领AI生态开发，UI设计全面革新-20250611

Investment Rating - The report maintains an "Overweight" rating for Apple Inc. (AAPL.O) [1][5][7] Core Insights - The opening of foundational models to developers allows third-party developers to integrate built-in LLMs into their apps, further enhancing Apple's ecosystem advantage [5][7] - Apple Intelligence updates include real-time translation and visual intelligence features, while Siri still requires further refinement [5][7] - The introduction of a new "liquid glass" operating system design represents a significant aesthetic innovation for Apple, enhancing user focus on core content [5][7] Financial Summary - Revenue projections for FY2025E, FY2026E, and FY2027E are $409.5 billion, $434.8 billion, and $460.4 billion respectively, with GAAP net profit estimates of $110.1 billion, $117.1 billion, and $124.8 billion [4][5][7] - The projected PE ratio for FY2025 is 37x, reflecting a premium valuation due to Apple's strengths in data, ecosystem, and self-developed hardware and software integration [5][7] - The current market capitalization is approximately $3,008.82 billion, with a current stock price of $201.45 [2][4]