苹果：iPhone收入恢复增长，Apple Intelligence正式推出

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company's revenue for FY2024Q4 reached $94.9 billion, representing a year-over-year increase of 6%. Product revenue was $70 billion, while service revenue was $25 billion, showing growth of 4% and 12% respectively [1]. - The net profit for FY2024Q4 was $14.7 billion, a decrease of 36% year-over-year. Excluding one-time expenses related to EU tax payments, the adjusted net profit would be approximately $25 billion [1]. - iPhone revenue showed a recovery with $46.2 billion in FY2024Q4, up 5.5% year-over-year, with a market share of 17.7% [2]. - The service segment achieved record revenue of $25 billion, reflecting a 12% year-over-year growth, with a significant increase in paid subscriptions [2][3]. - The launch of Apple Intelligence is expected to enhance user interaction and drive additional revenue through advertising and app store commissions [3]. Financial Summary - Revenue projections for FY2025-2027 are estimated at $415.5 billion, $451.1 billion, and $484.2 billion, with year-over-year growth rates of 6%, 9%, and 7% respectively [4]. - Net profit forecasts for FY2025-2027 are $115.2 billion, $127.5 billion, and $138.5 billion, with growth rates of 23%, 11%, and 9% respectively [4]. - The company’s reasonable stock price is estimated at $240, corresponding to a P/E ratio of 32x for FY2025 [4].