Apple(US:AAPL) 华尔街见闻·2025-09-15 10:42Core Viewpoint - Citi's latest report on the first-day pre-sale tracking of the iPhone 17 reveals key signals regarding Apple's future performance, highlighting strong demand in specific markets and a continued trend towards high-end models [1] Group 1: Demand Trends - High-end models remain the most popular products for Apple, with the iPhone 17 Pro Max having the longest delivery times, followed by the Pro model [2][3] - There is a significant regional differentiation in market demand, with longer delivery times for the iPhone 17 series in China and India compared to shorter wait times in the US and UK [5] - The strong demand in the Chinese market is particularly noteworthy, with delivery times for the iPhone 17 series, especially the base model, significantly longer than last year [6] Group 2: Market Analysis - The high-end trend continues, as evidenced by the iPhone 17 Pro Max being the most sought-after model, indicating that high-end consumers are still pursuing top features and performance [4] - The new iPhone Air model is the least popular, attributed to its relatively high price, smaller battery capacity, and fewer camera features, making it less attractive in a competitive product lineup [4] Group 3: Pricing Strategy - The starting price of the iPhone 17 in China is set at 5,999 RMB, which aligns with the government subsidy cap of 6,000 RMB, suggesting that this pricing strategy may be a key driver for stimulating demand in the complex Chinese market [6] Group 4: Valuation and Price Target - Based on a comprehensive assessment of Apple's business, Citi analysts have set a target price of $245 for the company, reflecting an approximately 8% premium over Apple's historical valuation based on a 28x P/E ratio for the fiscal year 2027 [7] - As of the report, Apple's stock is priced at $234, indicating a potential upside of 4.7% to reach Citi's target price [9]