立讯精密：苹果秋季发布会点评：iPhone16全系配备AI，中国于明年上线该功能

Investment Rating - The report maintains a "Buy" investment rating for the company [3][15]. Core Viewpoints - The iPhone 16 series, equipped with AI across all models, is expected to significantly boost sales, particularly compared to the iPhone 15 series, which only had the Pro Max model supporting AI [2][12]. - The report anticipates a production plan impact from the pre-order situation of the iPhone 16 series, which will be a key focus for the market in Q4 2024 and H1 2025 [2][12]. - The company is projected to achieve a net profit of 138 billion CNY in 2024 and 177 billion CNY in 2025, reflecting year-on-year growth of 26% and 29%, respectively [3][15]. Summary by Sections iPhone 16 Series Launch - The iPhone 16 series includes four models with starting prices of 5999 CNY for the base model and 9999 CNY for the Pro Max, with pre-orders starting on September 13 and sales beginning on September 20 [2][9]. - AI features will roll out in phases, with the U.S. receiving the first updates in October, followed by other regions including China in 2025 [2][9]. Sales Forecast - The report estimates that the iPhone 16 series could see sales of 255 million units in 2025, representing an 11.4% increase from 2024, driven by a 17% replacement rate from a base of 1.5 billion existing devices [2][12]. Financial Projections - The company is expected to generate revenues of 269 billion CNY in 2024 and 314 billion CNY in 2025, with corresponding net profits of 138 billion CNY and 177 billion CNY [3][20]. - Earnings per share (EPS) are projected to be 1.92 CNY in 2024 and 2.47 CNY in 2025 [3][20]. Market Positioning - The report highlights that the company is well-positioned within the Apple supply chain, particularly benefiting from the AI integration in new products [15][17]. - The company is also expected to see significant growth in its automotive and communication sectors, with a projected 50% growth in automotive revenue and 30% growth in communication revenue for 2024 [15][17].