高盛、花旗评苹果财报：业绩超预期，25亿活跃用户有望支撑iPhone新周期

Core Viewpoint - Apple's Q1 FY2026 results exceeded expectations, driven by strong iPhone sales and record profit margins, leading to a post-market stock price increase of approximately 2% [1] Financial Performance - Quarterly revenue reached $143.8 billion, a 16% year-over-year increase, surpassing the company's previous growth guidance of 10-12% and market expectations of $138.4 billion [1] - Earnings per share were $2.84, exceeding market expectations of $2.67 [1] - iPhone revenue was $85.3 billion, a 23% year-over-year increase, significantly above market expectations of $78.2 billion [3] Regional Performance - Revenue from Greater China grew by 38% year-over-year, marking a historical high for upgraded users in the region [3] Product Line Performance - Mac revenue was $8.4 billion, below expectations of $9.1 billion, with a year-over-year decline of 7% [3] - iPad revenue was $8.6 billion, exceeding expectations of $8.1 billion, with a 6% year-over-year increase [3] - Wearables, home, and accessories revenue was $11.5 billion, below expectations of $12.1 billion, with a 2% year-over-year decline [3] Profit Margins - Overall gross margin reached a record 48.2%, exceeding expectations of 47.4% [4] - Product gross margin was 40.7%, surpassing expectations of 39.4% [4] - Service gross margin was 76.5%, exceeding expectations of 75.6% [4] User Base and Future Growth - Active device install base surpassed 2.5 billion, exceeding expectations of 2.45 billion, which supports future growth potential [6] - The large user base is expected to drive service revenue growth and new product launches [6] Analyst Ratings and Price Targets - Goldman Sachs maintained a buy rating with a target price of $320, based on a 34x P/E ratio of next twelve months earnings [7] - Citigroup also maintained a buy rating with a target price of $315, reflecting a premium due to expected margin expansion and service sales growth [7] AI Strategy Focus - The collaboration with Google Gemini and the upcoming personalized AI Siri launch are key focus areas for investors [10]