高盛：苹果(AAPL.US)近期股价疲软带来买入良机，重申“买入”评级

Core Viewpoint - Goldman Sachs suggests that the recent decline in Apple's stock price, which has fallen for seven consecutive weeks, presents a "buying opportunity" ahead of the upcoming quarterly earnings report [1] Group 1: Earnings Expectations - Goldman Sachs analyst Michael Ng anticipates Apple's upcoming quarterly earnings per share to be $2.66, with iPhone revenue expected to grow by 13% year-over-year and shipment volume to increase by 5%, particularly with a notable 26% growth in the Chinese market [1] Group 2: Future Demand Drivers - Future demand for iPhones may benefit from the anticipated release of the iPhone Fold in fall 2026, with projected shipments of 4.5 million units in fiscal year 2026 and 25.4 million units in fiscal year 2027 [1] - The shift to a biannual iPhone release cycle, with the iPhone 18 series and iPhone Air 2 being delayed to spring 2027, is expected to further stimulate demand [1] - Software upgrades, including iOS and Siri 2.0, are also expected to contribute positively to future sales [1] Group 3: Service Revenue and Growth - Despite a slowdown in App Store spending, with a projected year-over-year growth of 7% in Q1 of fiscal year 2026, service revenue is expected to grow by 14% year-over-year, supported by growth in other categories such as TAC, iCloud+, and AppleCare+ [1] - New advertising formats in the App Store are anticipated to provide additional benefits in fiscal year 2026 [1] Group 4: Profitability and Market Position - The growth in product pricing and the product mix, along with a continued shift towards service-oriented business, is expected to enhance gross margins, even amid rising memory costs [1] - Collaboration with Google on Siri and sustained demand for iPhones are expected to position Apple as a preferred device for consumers accessing new AI tools, mitigating competitive risks [1]