【招商电子】苹果季报及产业链跟踪：Q3业绩及Q4展望超预期，重申优质果链低位布局

Core Viewpoint - Apple reported better-than-expected Q4 FY25 earnings, with strong demand for iPhones and positive AI developments, leading to a 2.35% increase in stock price after hours [2][3]. Financial Performance - Revenue for the September quarter reached $102.5 billion, with an EPS of $1.85, exceeding market expectations [3][27]. - Year-over-year revenue growth was 7.9%, driven by increases in iPhone, Mac, and services [3][27]. - Net profit was $27.47 billion, a significant increase of 86.4% year-over-year, with adjusted EPS growth of 13% [3][27]. Business Segment Performance - iPhone revenue was $49.03 billion, up 6.1% year-over-year, despite supply constraints for iPhone 16 and 17 models [4][20]. - Mac revenue reached $8.73 billion, a 12.7% increase, driven by strong demand for MacBook Air [4][21]. - Services revenue hit a record $28.75 billion, growing 15.1% year-over-year, with double-digit growth in both developed and emerging markets [4][24]. - Wearables, home, and accessories revenue was $9.01 billion, slightly down 0.32% year-over-year, but still above expectations [4][22]. Regional Performance - Revenue growth varied by region: Americas +6.1%, Europe +15.2%, Greater China -3.6%, Japan +12.0%, and Asia Pacific +14.3% [4][27]. - The decline in Greater China was attributed to delays in iPhone Air releases and supply constraints, with expectations for recovery in the December quarter [4][5]. Future Outlook - For the December quarter, Apple expects revenue growth of 10-12%, with iPhone revenue anticipated to grow in double digits [5][33]. - The company is significantly increasing investments in AI, with plans to launch personalized Siri features next year [5][19]. Investment Insights - Apple is entering a three-year cycle of accelerated hardware innovation, presenting opportunities for investment in the supply chain [5][6]. - The company continues to focus on AI-driven innovations, which are expected to enhance its product ecosystem and drive future growth [5][19].