许多业内人士也猜测，苹果在今年秋季发布最新的iPhone时，会提高其价格。而艾维斯在过去对iPhone 定价进行预测时也是相当准确的。 现在，苹果售价最高的iPhone 14 Pro Max的起售价格为1099美元，尺寸稍小的Pro起售价格为999美元。 但是，如果128G的存储空间可以满足你的要求，你可以用799美元买到最小的14英寸手机（将存储空间 翻倍要多花100美元）。因此，至于苹果是否会全面提价，还是只在其关键的799美元机型上提价，或者 根本不提价，我们需要在该公司宣布新iPhone时拭目以待，苹果通常情况下会在每年的秋季发布会上推 出新款iPhone。 据报道，尽管有一些迹象表明iPhone的销量上涨速度已经放缓，但一位苹果观察家预测，苹果智能手机 的销量即将反弹，并将继续推高其股票价值。 苹果公司在5月份发布的报告中称，在过去的6个月期间，iPhone创造的营收与去年同期相比下降了 4%。但是，华尔街分析师丹·艾维斯（Dan Ives）在一份研究报告中表示，当前消费者手中有着大约2.5 亿部老旧iPhone，这些消费者已经有至少4年没有升级过手机了。 艾维斯认为，iPhone 15将说服这些人 ...

Core Viewpoint - Apple reported a record revenue of $102.47 billion for Q4 of fiscal year 2025, reflecting an 8% year-over-year growth, with diluted earnings per share of $1.85, surpassing market expectations [1][2]. Revenue Breakdown - iPhone sales reached $49.03 billion, a 6.1% increase year-over-year, but fell short of the market expectation of $50.19 billion [2][3]. - Mac sales amounted to $8.73 billion, up 12.7% year-over-year, exceeding the market expectation of $8.59 billion [2][3]. - iPad sales were $6.95 billion, slightly above last year's $6.95 billion but below the market expectation of $6.98 billion [2][3]. - Wearables, Home, and Accessories generated $9.01 billion, a slight decrease from $9.04 billion year-over-year, but above the market expectation of $8.49 billion [2][3]. - Services revenue was $28.75 billion, reflecting a 15% year-over-year growth and surpassing the market expectation of $28.17 billion [2][3]. Future Outlook - The CEO expressed confidence in a 10% to 12% revenue growth for Q1 of fiscal year 2026, with iPhone sales expected to achieve double-digit growth [4]. - The positive reception of the newly launched iPhone 17 series is anticipated to drive sales, despite supply constraints for several models [5]. - The CFO indicated that the services segment is expected to maintain similar growth levels in the upcoming quarter [8]. Regional Performance - The company experienced year-over-year growth in most global markets, with the exception of Greater China, which saw a 4% decline. However, recovery is expected due to the positive response to the iPhone 17 series [8]. Cost and Pricing Strategy - The CFO noted an additional cost of $1.1 billion due to tariffs in Q4, with expectations of $1.4 billion in the next quarter, while maintaining a gross margin between 47% and 48% [8]. - The company has not adjusted product prices due to tariffs, absorbing the costs into gross margins [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's FY2Q25 performance slightly exceeded expectations, with revenue of $95.36 billion, a year-over-year increase of 5.1%, driven by strong sales in iPhone, Mac, iPad, and services [3][4] - The gross margin for the quarter was 47.1%, up 0.5 percentage points year-over-year, and net profit reached $24.78 billion, reflecting a 4.8% increase year-over-year [3][4] - The company announced a new $100 billion stock buyback authorization and a 4% increase in dividends to $0.26 per share, continuing its tradition of annual dividend growth for 13 consecutive years [5] Revenue Performance - iPhone revenue was $46.841 billion, a 1.9% year-over-year increase, with global shipments up 10% year-over-year [6] - iPad revenue grew by 15.2% year-over-year to $6.4 billion, benefiting from the launch of new models [7] - Mac revenue reached $7.95 billion, a 6.7% increase year-over-year, supported by new product launches [7] - Wearable device revenue declined by 5.0% year-over-year to $7.52 billion, falling short of market expectations [8] - Service revenue was $26.65 billion, an 11.6% year-over-year increase, marking the tenth consecutive quarter of record revenue [8] Cost and Guidance - The company anticipates an increase in costs due to tariffs, estimating an impact of $900 million in FY3Q25, but has no plans to raise product prices in the short term [4][9] - Guidance for FY3Q25 indicates low to mid-single-digit year-over-year revenue growth, with gross margins expected to decline to between 45.5% and 46.5% [4] Profitability Forecast - The report projects GAAP net profits for FY2025 to be $101.54 billion, reflecting an 8.3% growth year-over-year [13] - The company expects to maintain a strong cash position, with cash and securities reserves reaching $133 billion [5] Market Dynamics - The report highlights concerns regarding tariff pressures and their potential impact on the company's business model, which relies heavily on offshore manufacturing and global sales [9][10] - The company is also facing challenges related to AI feature rollouts and competition in the Chinese market, where iPhone sales have been declining for seven consecutive quarters [10][11]