苹果季报及产业链跟踪：Q3业绩及Q4展望超预期，重申优质果链低位布局

Investment Rating - The report maintains a positive investment rating for the Apple supply chain, emphasizing opportunities for low-position investments in high-quality companies within the fruit chain [4]. Core Insights - Apple's Q3 performance exceeded expectations, with revenue reaching $102.5 billion and a net profit of $27.47 billion, marking significant year-over-year growth [1][41]. - The company anticipates a strong Q4, projecting a revenue increase of 10-12% year-over-year, driven by robust iPhone sales and service growth [3][46]. - The report highlights the beginning of a three-year cycle of accelerated hardware innovation, particularly in AI, which is expected to enhance the value of the supply chain [4][32]. Summary by Sections Q3 Performance - Apple reported Q3 revenue of $102.5 billion, a 7.9% increase year-over-year, and an EPS of $1.85, surpassing market expectations [1][41]. - The net profit for the quarter was $27.47 billion, reflecting an 86.4% year-over-year increase [1]. Business Segment Performance - iPhone revenue was $49.03 billion, up 6.1% year-over-year, despite supply constraints for certain models [2][42]. - Mac revenue reached $8.73 billion, a 12.7% increase, driven by strong demand for MacBook Air [2][34]. - Service revenue hit a record $28.75 billion, growing 15.1% year-over-year, with significant contributions from various service categories [2][44]. Regional Performance - Revenue growth varied by region, with the Americas and Europe showing strong increases, while Greater China experienced a decline of 3.6% due to supply limitations [2][22]. Q4 Outlook - Management expects Q4 revenue to be the best in Apple's history, with iPhone revenue projected to grow in double digits [3][46]. - The anticipated gross margin for Q4 is between 47% and 48%, despite rising storage costs [3][46]. Investment Recommendations - The report suggests maintaining a focus on undervalued companies within the Apple supply chain, particularly those benefiting from AI innovations [4][8].