Apple(US:AAPL) Hu Xiu·2025-09-20 04:55Core Viewpoint - The launch of the new iPhone series has generated positive market sentiment, with analysts expressing optimism about early demand and sales performance [1][4]. Group 1: Stock Performance - Apple's stock price opened over 2% higher on Friday, potentially reaching a new closing high since late February [2]. - Morgan Stanley raised Apple's target price from $255 to $280 while maintaining an "overweight" rating based on the positive outlook [11]. Group 2: Sales Forecast - Early demand indicators suggest that the current shipment cycle for the iPhone series is expected to exceed initial forecasts, with a projected shipment of 236 million units in fiscal year 2026, reflecting a slight year-on-year increase of about 2% [4]. - Morgan Stanley adjusted its revenue forecast for iPhone sales in fiscal year 2026 from $200 billion to $223 billion, and for fiscal year 2027 from $212 billion to $250 billion [10]. Group 3: Market Demand - Pre-order data from Goldman Sachs indicates that the iPhone 17 series has significantly outperformed its predecessor on the first day of pre-orders [6]. - The iPhone 17 base model and the redesigned iPhone 17 Pro Max are experiencing the highest demand, particularly in the Chinese market, where delivery times have increased by an average of 17 days compared to the previous generation [7]. - As of September 19, the iPhone 17 trade-in sales on JD.com were four times higher than the same period last year [8]. Group 4: Future Outlook - The upcoming years are expected to see key new product releases and adjustments in the iPhone lineup, with a focus on foldable iPhones and the introduction of significant AI features in the spring of next year [12][13]. - The high-end iPhone 18 series is anticipated to launch in the fall before the start of fiscal year 2027, followed by the standard iPhone 18 series in the mid-year [13].