Hua Er Jie Jian Wen·2025-11-07 08:31Core Viewpoint - Morgan Stanley identifies robotics, particularly embodied intelligence, as an underappreciated growth engine for Apple, potentially contributing up to 25% of its current stock value [1][3]. Group 1: Revenue Potential - The humanoid robotics segment could generate $133 billion in annual revenue for Apple by 2040, representing nearly one-third of its current revenue base, assuming a 9% market share [1][6]. - In a more optimistic scenario, capturing 22% of the market could lead to nearly $300 billion in revenue by 2040, contributing approximately $65 to the stock price [1][6]. - Even in a minimal scenario with a 4% market share, Apple could still achieve around $58 billion in revenue, translating to a stock value of $6 [6]. Group 2: Strategic Moves - Apple is reportedly planning to launch a desktop robot by 2027 and has shifted its robotics division from the AI team to the hardware engineering department, signaling a transition from R&D to product execution [2][11]. - The company is leveraging its vertical integration, large user base, and data collection capabilities to establish a foundation for entering the trillion-dollar robotics market [2][4]. Group 3: Competitive Advantages - Apple possesses a unique competitive edge through its integrated ecosystem, which includes hardware, software, services, and proprietary chips, enabling a seamless user experience [4]. - The company has a vast installed base of over 2.3 billion active devices and more than 1.4 billion iPhone users, providing a significant market and unparalleled data collection network [4]. - Apple's experience in supply chain management and large-scale automation, exemplified by its recycling robot Daisy, supports its future robotics production [4]. Group 4: Commercialization Strategies - Apple is expected to adopt its established "hardware + services" model to commercialize its robotics business, initially focusing on smart home applications [8][12]. - The introduction of new hardware is anticipated to create additional growth opportunities for Apple's services, including potential AI subscription services and increased demand for iCloud storage [12].