苹果：收入利润创新高，Apple Intelligence获得正向反馈

Investment Rating - The report maintains a "Buy" rating for Apple Inc. (AAPL.O) [3][4][6] Core Insights - In Q1 FY2025, Apple achieved record revenue and profit, with total revenue reaching $124.3 billion, a year-over-year increase of 4%. However, revenue from China declined by 11% to $18.5 billion [1] - The gross profit for the quarter was $58.28 billion, resulting in a gross margin of 46.9%. Net profit was $36.33 billion, marking a 7.1% year-over-year increase [1] - Hardware product performance showed mixed results: iPhone revenue slightly decreased by 0.8% to $69.14 billion, while Mac and iPad revenues grew significantly by 15.5% and 15.2%, respectively [1] - Service revenue grew by 13.9% year-over-year, totaling $26.34 billion, with subscription users surpassing 1 billion [1][2] Financial Projections - Revenue projections for FY2025-2027 are estimated at $408.76 billion, $439.42 billion, and $470.74 billion, representing year-over-year growth rates of 4.5%, 7.5%, and 7.1% respectively. Net profit is projected to be $111.67 billion, $122.80 billion, and $133.04 billion, with growth rates of 19%, 10%, and 8% [4][5][12] - The report anticipates a gross margin between 46.5% and 47.5% for the upcoming quarter, with operating expenses expected to be between $15.1 billion and $15.3 billion [3] Product and Service Insights - The introduction of Apple Intelligence is expected to positively impact hardware upgrades and long-term profit margins. Features like Writing Tools and Image Playground have received positive feedback, and markets with Apple Intelligence have seen better iPhone 16 sales [2][3] - The service revenue is expected to continue growing, driven by advertising, app store commissions, and subscriptions, with the potential for Apple Intelligence to enhance monetization opportunities [2][3]