苹果产业链框架报告：定义产品，也定义效率

Investment Rating - The investment rating for the industry is "Outperform" [1] Core Insights - Apple has a strong product definition capability across various consumer electronics, including smartphones, tablets, and wearables, leading the global market [2][3] - The company's service segment is growing rapidly, with revenue expected to reach 25% of total income by 2024, highlighting a shift towards higher-margin services [2][9] - Apple's supply chain is highly integrated and globalized, involving over 200 core suppliers and 800 factories across 27 countries, significantly impacting the global electronics supply chain [2][60] Summary by Sections Company Overview - Apple, founded in 1976, transformed from a personal computer manufacturer to a leader in mobile devices with the launch of the iPhone in 2007, which redefined the smartphone market [7][9] - The company has maintained a strong market position, with iPhone sales projected to account for 18% of global smartphone sales from 2022 to 2024 [29] Supply Chain Structure - Apple's supply chain consists of multiple tiers, with core suppliers including Foxconn and TSMC, and a significant portion of production occurring in China [60][62] - The company has adopted a "China +1" strategy to mitigate risks associated with supply chain concentration, expanding production to countries like India and Vietnam [72] New Technology Developments - Apple is expected to launch its first foldable smartphone in 2026, which could drive growth in the foldable device market [3] - The company is also focusing on AI integration in its products, with the Apple Intelligence strategy aiming to enhance user experience through seamless interaction [2][3] Market Position and Financial Performance - Apple's service revenue has been growing, with a projected 2024 revenue of $96.17 billion, representing a 12.87% year-over-year increase [54] - The company's hardware gross margin is 28.04%, significantly higher than competitors, reflecting its premium market positioning [41] Product Sales and Market Share - Apple maintains a dominant position in the TWS (True Wireless Stereo) earphone market, with a 23% market share in 2024, despite a slight decline in sales [42][46] - The iPhone continues to lead the high-end smartphone market, with a significant share of sales in the $800+ price segment [41][35]