大行评级｜大和：苹果首财季营收及次季指引超预期，维持“跑赢大市”评级

Core Viewpoint - Daiwa's report indicates that Apple's revenue for the first fiscal quarter ending December 27 last year was $143.8 billion, representing a year-on-year increase of 15.7%, exceeding market expectations by $5 billion [1] Group 1: Financial Performance - iPhone revenue showed impressive growth, increasing by 23% year-on-year [1] - The services segment also performed well, contributing positively to overall revenue [1] - Apple's revenue growth guidance for the second fiscal quarter is projected to be between 13% and 16%, significantly higher than the market expectation of 10% [1] Group 2: Market Dynamics - Daiwa believes that the iPhone's performance this year has surpassed all expectations, attributing Apple's strength to its large ecosystem [1] - The current growth may primarily be explained by a replacement cycle following the pandemic-driven purchasing surge in the fiscal year 2021 [1] - Although an AI-driven replacement wave is anticipated in the future, it has not yet materialized [1] Group 3: Supply Chain Concerns - There are concerns regarding the impact of memory prices in the second half of the fiscal year 2026 [1] - If Apple has secured memory supply contracts for over 12 months, it could emerge as the biggest winner in market share; otherwise, performance may be affected in line with Daiwa's overall view on the consumer electronics industry [1] - Daiwa maintains an "outperform" rating on Apple [1]