Apple(US:AAPL) GUOTAI HAITONG SECURITIES·2026-02-10 07:50Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The report highlights record growth in iPhone sales leading to new performance highs, with Apple expected to capture market share through supply chain capabilities despite rising storage costs. High premium rates and ancillary service revenues provide a solid profit cushion [3][11] - The company has adjusted its revenue forecasts for FY2026E, FY2027E, and FY2028E to $460.4 billion, $498.4 billion, and $523.4 billion respectively, with GAAP net profits projected at $123.4 billion, $136.3 billion, and $143.0 billion [11] Financial Summary - Revenue (in million USD): - 2023: 383,285 - 2024: 391,035 - 2025: 416,161 - 2026E: 460,409 - 2027E: 498,428 - 2028E: 523,360 - Year-on-year growth: - 2023: -2.8% - 2024: 2.0% - 2025: 6.4% - 2026E: 10.6% - 2027E: 8.3% - 2028E: 5.0% [5] - Gross profit (in million USD): - 2023: 169,148 - 2024: 180,683 - 2025: 195,201 - 2026E: 214,416 - 2027E: 232,340 - 2028E: 244,051 - Gross margin: - 2023: 44.1% - 2024: 46.2% - 2025: 46.9% - 2026E: 46.6% - 2027E: 46.6% - 2028E: 46.6% [5] Earnings Forecast and Investment Recommendations - The report indicates that Apple is expected to leverage its supply chain advantages to expand market share, with a long-term positive outlook based on its data ecosystem and self-developed hardware and software collaboration. The target price for Apple has been adjusted to $321, maintaining a "Buy" rating [11]