【招商电子】苹果季报及产业链跟踪：Q2业绩超预期，Q3指引收入同比增长高个位数，AI将加大投入

Core Viewpoint - Apple's Q3 FY25 revenue reached $94 billion, exceeding market expectations, driven by strong performance in iPhone, Mac, and services, with a year-over-year growth of 9.6% [2][3][30] Revenue Breakdown - iPhone revenue was $44.58 billion, a record for June quarter, with a year-over-year increase of 13.5%, significantly surpassing market expectations [3][31] - Mac revenue reached $8.05 billion, up 14.8% year-over-year, driven by strong sales of the M4 MacBook Air [3][31] - iPad revenue was $6.58 billion, down 8.1% year-over-year, attributed to a high base from last year's iPad launches [3][32] - Wearables, Home, and Accessories revenue was $7.4 billion, down 8.6% year-over-year, slightly below expectations [3][32] - Services revenue hit a record $27.42 billion, growing 13.3% year-over-year, benefiting from an increase in active devices and paid subscriptions [3][33] Regional Performance - Revenue from the Americas, Europe, Greater China, Japan, and other Asia-Pacific regions was $41.2 billion, $24.01 billion, $15.37 billion, $5.78 billion, and $7.67 billion respectively, with year-over-year growth rates of 9.3%, 9.7%, 4.4%, 13.4%, and 20.1% [3][30] Profitability Metrics - Gross margin was 46.5%, up 0.2 percentage points year-over-year, while net margin was 24.9%, down 0.1 percentage points year-over-year, impacted by $800 million in tariff costs [3][30] Future Outlook - For Q4 FY25, Apple expects revenue growth in the mid-high single digits year-over-year, with service revenue growth similar to Q3 [4][35] - The company plans to significantly increase capital expenditures for AI investments and has made seven acquisitions this year [4][35][53] Investment Recommendations - The company is viewed as having a favorable position for investment due to its innovative AI products and relatively low valuation in the supply chain [5]