单季业绩创新高 苹果却面临“甜蜜的烦恼”：芯片不够了

Core Insights - Apple reported a record high revenue of $143.76 billion for Q1 FY2026, a 16% increase year-over-year, with net profit reaching $42.10 billion, up 15.9% [1] - The strong demand for the iPhone 17 series significantly boosted the iPhone business revenue to $85.27 billion, a substantial 23% increase, contributing nearly 60% to total revenue [1] - The company faces potential supply constraints and rising costs due to chip production bottlenecks and increasing storage chip prices, which may impact future performance [1][6] Financial Performance - Total revenue for the quarter was $143.76 billion, compared to $124.30 billion in the same period last year [1] - Diluted earnings per share were $2.84, reflecting an 18.3% year-over-year increase [1] - Overall gross margin reached 48.2%, at the upper end of guidance, with product hardware gross margin improving to 40.7% [5] Regional Performance - Revenue from Greater China reached $25.53 billion, a 38% increase from $18.51 billion year-over-year, marking a strong recovery in this market [3] - Apple maintained its leading position in the Chinese smartphone market with 16 million units shipped, a 21.5% increase [4] - The company also saw double-digit revenue growth in India, indicating emerging markets as new growth engines [4] Supply Chain and Cost Pressures - Apple is currently facing supply chain limitations, particularly in advanced process chip production, which may restrict product availability in the upcoming quarter [7] - Rising prices of storage chips (DRAM and NAND Flash) are expected to exert pressure on profit margins, particularly in Q2 FY2026 [6][7] - Management is evaluating long-term strategies to address cost pressures, including leveraging supply chain bargaining power and potential adjustments in pricing strategies [8] Strategic Initiatives - Apple announced a strategic partnership with Google to advance next-generation foundational models, aiming to enhance Siri's personalization capabilities [9] - The company plans to maintain a balanced approach to capital expenditures, focusing on a mix of self-owned and third-party data center capacities [8] - For Q2 FY2026, Apple forecasts revenue growth of 13% to 16%, with service business revenue expected to continue double-digit growth [9]