Zhi Tong Cai Jing·2025-11-07 14:12Core Insights - Morgan Stanley is optimistic about Apple's potential in the robotics sector, viewing it as a new growth opportunity that could contribute 10%-25% to Apple's current stock price and potentially generate $133 billion to $293 billion in revenue by 2040 [2][14]. Group 1: Apple's Robotics Business Potential - The report highlights that Apple's robotics business could reach $133 billion in revenue by 2040, representing 32% of current revenue, with an optimistic scenario approaching $293 billion [2][13]. - Apple's unique positioning as a "systems integrator" allows it to leverage its existing ecosystem of over 2.3 billion devices, transforming existing technologies into core competencies for robotics [5][8]. - The market for robotics is projected to grow significantly, potentially reaching $5 trillion by 2050, indicating a transformative shift in productivity [4]. Group 2: Innovative Product Development - The first product, a desktop robot named J595, is set to launch in 2027 and is designed as a "virtual companion" with advanced interaction capabilities [6][7]. - Apple's robotics strategy includes a comprehensive product matrix, ranging from smart home control panels to humanoid robots, ensuring a wide market coverage [7][8]. Group 3: Competitive Advantages - Apple's approach to robotics involves reusing legacy technologies from past projects, which helps mitigate the long R&D cycles typical in the robotics industry [8][9]. - The company benefits from a vast dataset derived from its 1.4 billion iPhone users, enhancing the training of its robotics models [9][10]. - Privacy is a key focus, with Apple implementing a unique "on-device processing" strategy to address user concerns about data security [10]. Group 4: Market Integration and User Experience - In future households, Apple robots are envisioned as integral companions, enhancing daily life through seamless integration with other Apple devices [11][12]. - The revenue model for Apple's robotics business will not only rely on hardware sales but also on AI subscription services and other ancillary services, following the successful "hardware to services" strategy [13][14]. Group 5: Competitive Strategy - Apple is not competing directly with Tesla's humanoid robots but is instead carving out a niche in the market by focusing on emotional interaction and ecosystem integration [16].