苹果：端侧AI有望驱动销量与服务变现

Investment Rating - The report maintains an "Overweight" rating for the company [1][2]. Core Views - The company's FY24Q4 performance met expectations, with revenue of $94.93 billion, reflecting a year-over-year increase of 6.1% and a quarter-over-quarter increase of 10.7%. Hardware revenue was $69.96 billion, up 4.1% YoY, while service revenue reached $24.97 billion, up 11.9% YoY [1]. - The introduction of Apple Intelligence has seen a significant uptake, with the adoption rate of iOS 18.1 in the first three days being double that of iOS 17.1 from the previous year, indicating strong user interest in Apple's AI applications [1]. - The company expects revenue growth in FY25Q1 to be in the low single digits year-over-year [1]. Financial Summary - FY24Q4 net profit was $14.74 billion, down 35.8% YoY, primarily due to a one-time tax expense of $10.2 billion from the EU ruling. Adjusted net profit, excluding this expense, was $24.98 billion, up 8.8% YoY [1]. - The company forecasts revenues of $391.04 billion for FY2024, with a projected growth rate of 2.0% [3][8]. - Non-GAAP net profit is expected to be $103.98 billion for FY2024, with a growth rate of 7.2% [3][8]. Product Performance - iPhone revenue for FY24Q4 was $46.22 billion, showing a 6% increase YoY, with a shipment of 56 million units, up 3.5% YoY [1]. - iPad revenue was $6.95 billion, up 8% YoY, while Mac revenue was $7.74 billion, up 2% YoY [2]. - The company plans to introduce more AI features across its hardware platforms in December 2024 and April 2025 [1]. Market Data - As of November 4, 2024, the closing price was $222.01, with a total share capital of 151.16 million shares [4]. - The company's total assets are reported at $364.98 billion, with a net asset value of $56.95 billion [4][5]. Future Projections - Revenue projections for 2025, 2026, and 2027 are $423.14 billion, $449.76 billion, and $478.18 billion respectively, with corresponding Non-GAAP net profits of $114.63 billion, $122.89 billion, and $132.12 billion [3][8]. - The company anticipates a continued expansion in iPhone pricing and models, driven by AI enhancements [2].