苹果（AAPL）：iPhone、服务业务增长强劲

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of $143.76 billion for FY26Q1, reflecting a year-on-year growth of 15.6%, with a gross margin of 48.1% and a net profit of $42.10 billion, also up by 15.9% year-on-year [2]. - For FY26Q2, the company anticipates revenue growth of 13% to 16% year-on-year, with gross margins expected to be between 48% and 49% [2]. - The strong demand for the iPhone 17 series has driven a record revenue of $85.3 billion from iPhone sales in FY26Q1, marking a 23% increase year-on-year [3]. - The Greater China region saw a remarkable revenue growth of 38%, primarily due to a surge in iPhone upgrade users [3]. - The company's service business generated $30 billion in revenue for FY26Q1, a 14% increase year-on-year, contributing to its robust profitability [3]. - The collaboration with Google on AI technology is expected to enhance the company's foundational models, particularly for personalized Siri [3]. Financial Projections - The company is projected to achieve net profits of $118.8 billion, $127.1 billion, and $135.8 billion for FY26, FY27, and FY28 respectively [4]. - Revenue forecasts for FY26, FY27, and FY28 are $454.85 billion, $487.42 billion, and $521.54 billion, with growth rates of 9.3%, 7.2%, and 7.0% respectively [9]. - The EBITDA for FY26 is estimated at $151.81 billion, with a gradual increase in subsequent years [9]. - The diluted earnings per share for FY26 is projected to be $8.21, increasing to $9.77 by FY28 [9].