中泰证券：【中泰研究丨晨会聚焦】电子王芳：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-20241105

Core Insights - The report highlights that Apple's FY24Q4 revenue reached $94.93 billion, representing a year-over-year increase of 6.1% and a quarter-over-quarter increase of 10.7%, exceeding market expectations of $94.36 billion and the company's prior guidance of a 5% year-over-year growth [2] - The report notes that Apple's overall gross margin for FY24Q4 was 46.2%, which is a year-over-year increase of 1.1 percentage points and in line with market expectations, while net profit for the quarter was $14.74 billion, a significant year-over-year decline of 35.8% due to a one-time tax payment of approximately $10.2 billion resulting from a European court ruling [2][2] - The company provided guidance for the next quarter, expecting low single-digit year-over-year revenue growth, a gross margin between 46% and 47%, operating expenses of $15.3 to $15.5 billion, and a tax rate of 16% [2] Business Segment Analysis - The iPhone business performed better than expected, contributing significantly to the overall revenue growth [2] - Revenue growth was observed across all regions, including the Americas, Europe, Japan, and other Asia-Pacific regions, all surpassing market expectations [2] Product Development - The report mentions the launch of Apple Intelligence on October 28, which initially supports only U.S. English, with plans for updates in December to include features like Siri content awareness and integration with GPT-4o, as well as localization for other English-speaking countries [2]