Industry Investment Rating - The report maintains a "Recommend" rating for the computer industry, specifically highlighting Apple's performance and its AI-driven advancements [4] Core Viewpoints - The global consumer electronics market is expected to grow steadily, with a projected revenue of $950 billion in 2024 and a CAGR of 2.9% from 2024 to 2029 [5] - The smartphone market continues to grow, with global shipments increasing by 4.0% YoY in Q3 2024, reaching 316.1 million units [5] - The tablet market shows strong recovery, with Q3 2024 shipments growing 20.4% YoY to 39.6 million units, driven by AI integration [5] - Traditional PC shipments declined by 2.4% YoY to 68.8 million units in Q3 2024, but AI integration is seen as a key driver for future success [5] Apple's Financial Performance - Apple's Q4 2024 revenue reached $949.3 billion, a 6% YoY increase, driven by the successful launch of the iPhone 16 series [7] - Net income was $147.4 billion, down 36% YoY due to a one-time tax payment of $102 billion, but adjusted net income was $250 billion [7] - iPhone revenue accounted for 48.7% of total revenue, reaching $462.2 billion, a 6% YoY increase, driven by strong demand for the iPhone 16 Pro and Pro Max [9] - Mac revenue grew 2% YoY to $77.4 billion, with the introduction of the M4 chip boosting performance [9] - iPad revenue increased 8% YoY to $69.5 billion, driven by strong sales in emerging markets [9] - Wearables, Home, and Accessories revenue declined 3% YoY to $90.4 billion, despite new product launches [10] - Services revenue reached a record $249.7 billion, a 12% YoY increase, with over 1 billion paid subscriptions [10] Apple Intelligence and AI Integration - Apple Intelligence is set to expand to the UK, Australia, and Canada in December 2024, with further language support and features planned for 2025 [13] - iOS 18.1, which includes Apple Intelligence, has an adoption rate twice that of iOS 17.1 in 2023 [13] - Apple plans to continue AI-related capital expenditure investments in 2025 [13] Investment Recommendations - Apple's strong performance in iPhone and services, along with AI integration, positions it for long-term growth in the consumer electronics market [14] - Other tech giants like Microsoft (MSFT.O) and Google (GOOGL.O) are also recommended for their leadership in AI and cloud computing [14] Market Performance - The computer industry (Shenwan) outperformed the CSI 300 index over the past 1M and 3M, with gains of 6.3% and 58.5%, respectively, but underperformed over the past 12M with a slight decline of 0.3% [2]
计算机行业点评：苹果（AAPL.O） ：Apple Intelligence持续推进，推动AI手机升级
Huaxin Securities·2024-11-20 08:12