Apple(US:AAPL) Changjiang Securities·2025-05-02 12:23Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - Apple's Q2 FY2025 report shows revenue of $95.4 billion, a year-on-year increase of 5.08%, and a net profit of $24.8 billion, up 4.84%. The gross margin for the quarter is 47.05%, slightly improved [2][6] - For Q3 FY2025, Apple expects revenue growth of 0%-5% and a gross margin of 45.5%-46.5%, which includes a $900 million impact from tariff-related costs [2][6] - Apple's revenue breakdown by product shows iPhone revenue at $46.841 billion (49% of total), Mac at $7.949 billion (8%), iPad at $6.402 billion (7%), accessories at $7.522 billion (8%), and services at $26.645 billion (28%) [12] - Revenue by region indicates the Americas at $40.315 billion (42%), Europe at $24.454 billion (26%), China at $16.002 billion (17%), Japan at $7.298 billion (8%), and the rest of Asia-Pacific at $7.29 billion (8%) [12] Summary by Sections Event Description - Apple's Q2 FY2025 report highlights a minor impact from U.S. tariffs, with a quarterly effect of approximately $900 million. Core products like iPhone, iPad, Mac, and Watch benefit from tariff exemptions, resulting in a limited exposure to tariffs from China [6][12] Event Commentary - The market's concern has shifted from short-term tariff impacts to the uncertainty of tariffs affecting sector valuations. Despite the uncertainty, Apple's strong global competitiveness and operational resilience suggest a favorable investment outlook, with opportunities outweighing risks [12]