【招商电子】苹果季报及产业链跟踪：25Q4业绩及展望超预期，把握苹果AI创新下优质供应链

Core Viewpoint - Apple's Q1 FY26 earnings report exceeded expectations, driven by strong iPhone demand and impressive performance in the Chinese market [2][3] Financial Performance - Apple's revenue for the December quarter reached $143.76 billion, a record high, surpassing market expectations of $138.52 billion, with a year-over-year increase of 15.7% and a quarter-over-quarter increase of 40.3% [3] - Net profit was $42.1 billion, up 15.9% year-over-year and 53.3% quarter-over-quarter, with diluted EPS at $2.84, also a record high [3] - Revenue breakdown by segment: - iPhone: $85.27 billion, up 23.3% year-over-year, exceeding expectations [3] - Mac: $8.39 billion, down 6.7% year-over-year, below expectations [3] - iPad: $8.6 billion, up 6.3% year-over-year, above expectations [3] - Wearables/Home/Accessories: $11.49 billion, down 2.2% year-over-year, below expectations [3] - Services: $30.01 billion, up 13.9% year-over-year, slightly below expectations [3] Regional Performance - Revenue growth by region: - Americas: +11.2% - Europe: +12.7% - Greater China: +37.9% - Japan: +4.7% - Asia Pacific (Other): +18.0% [3] Gross Margin and Profitability - Overall gross margin was 48.2%, up 1.3 percentage points year-over-year and 1.0 percentage point quarter-over-quarter, exceeding guidance [3] - Net profit margin was 29.3%, up 0.1 percentage points year-over-year and 2.5 percentage points quarter-over-quarter [3] Q2 FY26 Outlook - Apple expects total revenue for the March quarter to grow 13%-16% year-over-year, considering iPhone supply constraints [4] - Gross margin is projected to be between 48%-49%, with some impact from storage costs anticipated [4] Investment Recommendations - Despite storage headwinds, Apple is expected to expand its market share, particularly in the AI sector, with a focus on high-quality supply chains [5]