Apple(US:AAPL) 硬AI·2025-10-31 14:05Core Viewpoint - The article discusses Apple's financial performance in the third quarter, highlighting significant growth in revenue and net profit, driven by strong service revenue and iPhone sales, while also addressing challenges in specific markets like Greater China [14][15]. Financial Data Summary - Revenue: In Q3, net sales reached $102.466 billion, a year-on-year increase of 7.9%, surpassing analyst expectations of $102.137 billion [3]. - EPS: The diluted earnings per share (EPS) for Q3 was $1.85, up 90.7% year-on-year, exceeding analyst expectations of $1.77 [5]. - Net Profit: Q3 net profit was $27.47 billion, reflecting an 86.4% year-on-year increase [6]. - Operating Expenses: Operating expenses in Q3 were $15.91 billion, up 11.4% year-on-year [7]. - Gross Margin: Q3 gross margin was 47.2%, compared to 46.5% in Q2, with gross profit of $48.34 billion, also up 10.2% year-on-year [7]. Segment Performance - Product Sales: Total product sales in Q3 were $73.72 billion, a 5.4% increase year-on-year [8]. - iPhone Sales: iPhone sales reached $49.025 billion, a 6.1% year-on-year increase, slightly below analyst expectations [8]. - Mac Sales: Mac sales were $8.726 billion, up 12.7% year-on-year, exceeding expectations [9]. - iPad Sales: iPad sales were $6.952 billion, showing minimal growth of 0.03% year-on-year [10]. - Wearables, Home, and Accessories: Sales in this category were $9.013 billion, down 0.3% year-on-year [10]. - Services: Service revenue was $28.75 billion, a 15.1% year-on-year increase, surpassing analyst expectations [10]. Market Performance - Americas: Q3 sales in the Americas were $44.19 billion, up 6.1% year-on-year [11]. - Europe: Sales in Europe reached $28.7 billion, a 15.2% increase year-on-year [11]. - Greater China: Sales in Greater China were $14.49 billion, down 3.6% year-on-year, contrary to analyst expectations [11]. - Japan: Sales in Japan were $6.64 billion, up 12% year-on-year [12]. - Other Asia-Pacific: Sales in this region were $8.44 billion, a 14.3% increase year-on-year [13]. Strategic Insights - Service Revenue Growth: Apple's service revenue has consistently reached new quarterly highs, with a 13.5% year-on-year increase to $109.16 billion, indicating strong performance despite hardware profit margin pressures [14]. - Future Guidance: Apple expects Q4 revenue growth of 10%-12%, with potential for significant sales driven by new product launches [15]. - iPhone Sales Trends: iPhone sales growth slowed in Q3 but is expected to rebound in Q4, with positive consumer response to the iPhone 17 series [16][17]. Cost and Investment - Tariff Costs: Apple reported an increase in tariff-related costs to $1.1 billion in Q3, up from $800 million in Q2 [19]. - AI Investment: The company is expanding investments in artificial intelligence, with progress on the new Siri expected to be released next year [20]. Analyst Ratings - Multiple analysts maintain a "Buy" rating on Apple, with target prices ranging from $279 to $320, reflecting confidence in the company's growth prospects [21][22].