苹果不再是一艘火箭飞船，而仍然是一座堡垒

Core Viewpoint - The article emphasizes that despite a recent stock price increase, Apple remains a strong investment opportunity due to its resilient business model, ongoing growth in services, and strategic investments in the U.S. [1][2][15] Financial Performance - Apple's stock price has increased by over 18% since April, reaching a peak of $235.12, although it is still down approximately 7% year-to-date [1] - In the latest quarter, Apple reported a 10% increase in revenue, reaching $94.036 billion, with net income growing by 9% to $23.4 billion [4][10] - The services segment generated $27.423 billion in revenue, reflecting a 13% year-over-year growth, and now accounts for more than $100 billion annually [4][9] Business Model and Strategy - Apple is shifting its business model to reduce reliance on hardware, with services now contributing significantly to profitability, boasting a profit margin close to 75% [2][4] - The company plans to invest $100 billion in the U.S. to mitigate tariff risks and strengthen ties with the government, which is seen as a strategic move [2][5][15] - Apple's R&D spending increased by 11% to $8.9 billion, focusing on enhancing AI and spatial computing capabilities [5] Market Position and Competitive Advantage - Despite a stabilizing smartphone market, Apple maintains strong pricing power, with iPhone revenue rising to $44.582 billion, a 13% increase [8][9] - The company’s ecosystem, including AI and health-focused wearables, continues to open new revenue streams [8] Valuation and Future Outlook - The current P/E ratio is approximately 31, higher than its long-term average of 28, justified by a richer service business and risk mitigation strategies [12] - Analysts project revenue growth from $416 billion in FY2025 to around $462 billion by FY2027, with earnings expected to grow at a high single-digit rate [14][15] - The stock is viewed as a stable investment, with potential for growth if new products or AI developments exceed expectations [12][15]