苹果季报及产业链跟踪：Q1优于预期，Q2预计收入同增个位数、关税导致成本增9亿

Investment Rating - The report maintains a positive investment outlook for the industry, suggesting to seize opportunities in high-quality companies with global layouts and excellent cost efficiency [3]. Core Insights - The report highlights that Apple's Q1 results exceeded expectations, with revenue of $95.4 billion and EPS of $1.65, driven by strong sales in iPhone, Mac, iPad, and services [1][2]. - The forecast for Q2 indicates a low to mid-single-digit revenue growth year-over-year, with tariffs expected to increase costs by $900 million [2][38]. - The report emphasizes the importance of Apple's global supply chain strategy in mitigating tariff impacts, with significant investments planned in the U.S. over the next four years [2][31]. Summary by Sections Financial Performance - Apple's Q1 revenue reached $95.4 billion, a 5.1% year-over-year increase, with net profit of $24.78 billion [1][33]. - iPhone revenue was $46.84 billion, up 1.9% year-over-year, driven by strong sales of the iPhone 16 series [2][34]. - Mac revenue was $7.95 billion, a 6.7% increase, attributed to demand for new MacBook models [2][25]. - iPad revenue grew by 15.2% to $6.4 billion, supported by the new M3 processor models [2][26]. - Services revenue reached a record $26.65 billion, up 11.6% year-over-year, driven by an increase in active devices and subscriptions [2][28]. Regional Performance - Revenue by region showed growth in the Americas (+8.2%) and Europe (+1.4%), while Greater China experienced a slight decline of 2.3% [2][17]. - The report notes that excluding currency effects, revenue in Greater China remained stable, indicating improved inventory management [2][38]. Future Outlook - The company anticipates a low to mid-single-digit revenue growth for Q2, with a gross margin forecast of 45.5% to 46.5% [2][38]. - Apple plans to invest $500 billion in the U.S. over the next four years, focusing on local production and supply chain optimization [2][31]. - The report highlights the potential for AI-driven innovations to drive future growth, particularly in hardware and services [2][30].