苹果FY25Q3财报超预期，果链有望迎来反弹行情

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - Apple's FY25Q3 financial report exceeded expectations, with revenue of $94.04 billion, a year-on-year increase of 10%, and net profit of $23.43 billion, a year-on-year increase of 9%. The gross margin for the quarter was 46.5%, a decrease of 0.6 percentage points, primarily due to increased tariff-related costs [2][6] - For FY2025Q4, Apple expects revenue growth in the mid-to-high single digits and a gross margin of 46%-47%, which includes an impact of $1.1 billion from tariff-related costs. Operating expenses are projected to be between $15.6 billion and $15.8 billion [2][6] Summary by Sections Revenue Breakdown - In FY25Q3, Apple's revenue by product segment was as follows: iPhone revenue was $44.582 billion, up 13.5%, accounting for 47.4% of total revenue; Mac revenue was $8.046 billion, up 14.8%, accounting for 8.6%; iPad revenue was $6.581 billion, down 8%, accounting for 7.0%; accessory revenue (including AirPods, Watch, etc.) was $7.404 billion, down 8.6%, accounting for 7.9%; and services revenue was $27.423 billion, up 13%, accounting for 29.2% [8] Regional Revenue Breakdown - Revenue by region in FY25Q3 was as follows: Americas revenue was $41.198 billion, up 9.3%, accounting for 43.8%; Europe revenue was $24.014 billion, up 9.7%, accounting for 25.5%; China revenue was $15.369 billion, up 4.4%, accounting for 16.3%; Japan revenue was $5.782 billion, up 13.4%, accounting for 6.1%; and Asia-Pacific (excluding China and Japan) revenue was $7.673 billion, up 20.1%, accounting for 8.2% [8] Cost Impact from Tariffs - The cost impact from tariffs in FY25Q3 was $800 million, with an expected impact of $1.1 billion in FY25Q4. Apple has absorbed tariff costs to avoid passing them on to consumers, resulting in a decline in gross margin, but the end-user prices have not seen widespread increases, and supply chain procurement prices remain stable [8] AI Strategy and Growth Opportunities - The report indicates that Apple's revenue and AI strategy announcements exceeded expectations, alleviating previous market concerns about Apple's lag in AI development. The company emphasized its commitment to increasing investments in AI and is open to accelerating its AI roadmap through acquisitions. In 2025, Apple completed seven acquisitions, which are expected to enhance its hardware growth in the global market and provide accelerated growth opportunities for the Apple supply chain [8]