苹果业绩预览观察：关注AI落地进程

Investment Rating - The report suggests a positive outlook for the technology sector, particularly for Apple, with expectations of revenue growth and market performance exceeding benchmarks [17]. Core Insights - Apple is expected to report revenues of $942.3 billion for FY4Q24, reflecting a year-over-year growth of 5.3%, with net profits projected at $242.4 billion, a 5.6% increase [2]. - The introduction of AI features in Apple's products is anticipated to enhance human-computer interaction, potentially driving a shift in consumer behavior and increasing demand for new devices [3]. - The report highlights a growing demand in regions such as India, Saudi Arabia, Indonesia, Turkey, and Mexico, indicating a narrowing gap with the Chinese market [1]. Summary by Sections Revenue Projections - For FY4Q24, hardware revenue is projected at $690.5 billion, a 2.8% increase year-over-year, with iPhone revenue expected to reach $449.7 billion, reflecting a 2.6% growth [2][4]. - Software and services revenue is anticipated to grow by 13.2% year-over-year, reaching $252.7 billion [4]. Regional Performance - Revenue from the Americas is expected to be $401.6 billion, showing a slight increase of 0.1% year-over-year, while Europe is projected to grow by 4.0% to $233.6 billion [2][4]. - The Greater China region is expected to see a revenue decline of 12.9%, while Japan is projected to grow by 15.0% [4]. Product Breakdown - iPhone sales are projected to reach 50.9 million units, with the iPhone 16 series accounting for 27.1 million units [2]. - iPad revenue is expected to grow by 9.9% to $70.8 billion, while Mac revenue is projected to increase by 1.8% to $77.5 billion [4]. AI Integration - The rollout of iOS 18.2 is expected to enhance AI functionalities, which may serve as a catalyst for device upgrades and increased sales [3].