Apple(US:AAPL) Hua Er Jie Jian Wen·2025-09-15 10:28Core Insights - Citi's report on the first day of iPhone 17 pre-sales reveals key signals regarding Apple's future performance, highlighting strong demand for high-end models, particularly the iPhone 17 Pro Max [1][2] Group 1: High-End Model Demand - The iPhone 17 Pro Max has the longest delivery time, followed by the Pro model, indicating sustained consumer interest in premium features and performance [2] - The new iPhone Air model is the least popular, attributed to its higher price, smaller battery capacity, and fewer camera features, making it less competitive in the product lineup [2] Group 2: Regional Demand Disparities - There is a notable regional disparity in demand for the iPhone 17, with longer delivery times in China and India compared to shorter wait times in the US and UK [3] - In China, the iPhone 17's starting price of 5,999 RMB aligns with government subsidy limits, suggesting that this pricing strategy may be a key driver of demand in a competitive market [3] Group 3: Valuation and Price Target - Citi analysts set a target price of $245 for Apple, based on a 28x price-to-earnings ratio for the fiscal year 2027, reflecting an approximately 8% premium over historical levels [4] - Factors supporting this premium include margin expansion, increased service revenue, the gradual adoption of Apple Intelligence, and a strong balance sheet [4]