苹果的拐点或已到来

Core Viewpoint - Apple's revenue growth has accelerated to a multi-year high, driven by improvements in the Greater China region and iPhone sales, with a recent announcement of a $100 billion reinvestment in U.S. manufacturing alleviating market concerns [1][12]. Financial Performance - For Q3 FY2025, Apple reported total net sales of $94.036 billion, a year-over-year increase of 9.63%, significantly exceeding expectations by $4.87 billion [6]. - Service revenue led the growth with a 13.26% increase, while product sales also showed a solid growth of 8.20% [6]. - iPhone net sales reached $44.582 billion, up 13.45% year-over-year, marking a significant acceleration compared to the previous quarter's growth of only 1.91% [7]. Market Dynamics - The Greater China region, a crucial market for Apple, reported net sales of $15.369 billion, reflecting a 4.35% increase, a notable recovery from a 2.26% decline in the previous quarter [6]. - Despite the competitive landscape in the Chinese electronics market, the improvement in sales is a positive indicator for investors [6]. Profitability Metrics - Apple's gross margin increased slightly from 46.26% year-over-year, despite a 9.59% rise in product sales costs and a 6.39% increase in service sales costs [9]. - Operating profit margin also improved, with a year-over-year increase from 29.56% [9]. Investment and Future Outlook - R&D expenses grew by 10.74%, indicating ongoing investment in future growth, particularly in artificial intelligence [9]. - The company announced a commitment to increase U.S. investments to $600 billion over the next four years, which includes a new "American Manufacturing Plan" [12]. - Initial negotiations with Google regarding the Gemini platform to enhance Siri could further boost product demand [12]. Valuation Perspective - Following a significant drop earlier in the year, Apple's expected price-to-earnings ratio has recently rebounded, reflecting a reasonable valuation given the acceleration in revenue growth and improvements in profitability metrics [14]. - Despite the current valuation not being particularly cheap compared to industry averages, the overall outlook for Apple appears optimistic, justifying an upgrade to a "hold" rating [14].