Apple(US:AAPL) HTSC·2025-08-11 14:09Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of $273.00 [1][5][7] Core Views - The company has reached an agreement with the U.S. government to invest an additional $100 billion, totaling $600 billion over four years, to bring more of its supply chain and cash manufacturing to the U.S. to seek tariff reductions [1] - The establishment of a domestic "end-to-end" silicon supply chain is a key goal, with collaborations with various partners to enhance local production capabilities [2] - The company is expected to benefit from potential tariff exemptions, which could improve its cost structure compared to competitors [3] Summary by Sections Investment Rating - The company is rated "Buy" with a target price of $273.00, reflecting a positive outlook based on expected growth and strategic investments [1][5][7] Strategic Developments - The CEO has committed to significant investments in the U.S. to enhance local manufacturing and potentially reduce tariffs [1] - Collaborations with companies like Samsung and Corning are aimed at developing innovative manufacturing technologies and increasing local production of key components [2] Market Position - The company holds significant market shares in various consumer electronics categories in the U.S., with 69% in smartphones and 24% in PCs, indicating strong competitive positioning [3] - The potential for tariff exemptions could further enhance the company's market share against competitors like Samsung and Lenovo [3] Financial Projections - The company’s projected net profits for FY2025, FY2026, and FY2027 are $113 billion, $123 billion, and $134 billion respectively, with expected growth rates of 20.5%, 9.1%, and 8.6% [5][10] - The estimated PE ratio for FY2025 is 36.6x, which is lower than the average of comparable companies at 53x, suggesting a favorable valuation [5][12]