【中泰电子】AI全视角-科技大厂财报专题｜苹果FY24Q4点评：收入超预期，补缴税收影响利润表现

Investment Rating - The report indicates a positive investment outlook for the technology sector, particularly for Apple, following its FY24Q4 performance which exceeded revenue expectations [2][19]. Core Insights - Apple achieved FY24Q4 revenue of $94.93 billion, a year-over-year increase of 6.1% and a quarter-over-quarter increase of 10.7%, surpassing market expectations of $94.36 billion [2][5]. - The iPhone segment performed particularly well, with revenue of $46.22 billion, up 5.5% year-over-year and 17.6% quarter-over-quarter, exceeding market expectations [20][24]. - The report highlights the impact of a one-time tax payment of approximately $10.2 billion due to a European court ruling, which significantly affected net profit, resulting in a reported net profit of $14.74 billion, down 35.8% year-over-year [14][18]. Summary by Sections FY24Q4 Performance - Revenue exceeded expectations, driven by strong performance in the Americas, Europe, Japan, and other Asia-Pacific regions [7][19]. - The overall gross margin was 46.2%, consistent with market expectations, while the company anticipates a gross margin of 46%-47% for FY25Q1 [8][11]. Business Segments - iPhone: Revenue of $46.22 billion, exceeding expectations, with strong sales driven by the new iPhone models and the introduction of Apple Intelligence [20][24]. - Mac: Revenue of $7.74 billion, meeting expectations, with new M4 series products expected to boost future sales [24][26]. - iPad: Revenue of $6.95 billion, slightly below expectations, but showing strong growth in emerging markets [27][28]. - Wearables: Revenue of $9.04 billion, slightly below expectations, with new product launches anticipated to drive future growth [29][30]. - Services: Revenue of $24.97 billion, showing year-over-year growth of 11.9%, driven by strong performance in various service categories [32][34]. Apple Intelligence - The report discusses the launch of Apple Intelligence, which is expected to enhance product offerings and drive sales growth, with features gradually rolling out to more regions and languages [36][37].