Apple(US:AAPL) EBSCN·2025-09-11 05:12Investment Rating - The report maintains a "Buy" rating for Apple Inc. (AAPL.O) with a current price of $234.35 [1]. Core Insights - The report highlights the launch of the thinnest iPhone to date, the iPhone Air, and emphasizes the importance of new product sales and AI-driven internal growth as key areas for future tracking [1][10]. - The report notes that external risks that previously suppressed Apple's stock price have gradually diminished, leading to a more optimistic outlook for the company's stock [10]. Summary by Sections New Product Launch - Apple held its fall event on September 10, 2025, unveiling four new iPhone models (iPhone 17 series and iPhone Air), a new AirPods Pro 3, and three new Apple Watch models [4][5]. - The iPhone Air is positioned as the thinnest iPhone ever at 5.6mm, featuring significant upgrades in hardware and AI integration [6][7]. Financial Performance - The report projects revenue growth for Apple, with estimated revenues of $416.06 billion for FY2025, reflecting a 6.4% increase from the previous year [13]. - GAAP net profit is expected to reach $110.51 billion in FY2025, representing a 17.9% growth [13]. AI Strategy - The integration of AI features into products is highlighted, with expectations for further development of Apple Intelligence, which is anticipated to enhance user experience and ecosystem stickiness [10][12]. - Potential AI collaborations and acquisitions, such as discussions around acquiring Perplexity AI and partnerships with Google for AI integration, are noted as catalysts for growth [11]. Pricing and Market Strategy - The pricing strategy for new iPhone models includes an increase in storage capacity options, with the iPhone 17 Pro starting at $1,099 for 256GB, up from the previous model's 128GB starting point [7][14]. - The report suggests that the new pricing structure and product differentiation could drive higher average selling prices (ASP) and stimulate upgrade demand among existing users [10][12]. Financial Projections - The report provides a detailed financial forecast, projecting a gradual increase in revenue and net profit over the next few years, with a focus on hardware and services as key revenue drivers [16][17].