Key Takeaways Apple is set to host a Sept. 9 event to debut the latest iPhone, Watch, AirPod and software updates.Apple Intelligence features expand across devices, boosting adoption and driving double-digit growth.AAPL expects Q4 sales growth despite a $1.1B tariff hit, anticipating a gross margin of 46-47%.Apple (AAPL) is set to host a special event on Sept. 9 in which the company will likely launch the latest versions of iPhone. According to a report from Yahoo! Finance that cited Bloomberg analyst Mark ...

26 August 2025 | 3:39PM HKT Luxshare (002475.SZ): 3Q25 guidance / 2Q25 results in line; NM sequentially improved in 2Q25 with diversifying end markets; Buy We are positive on Luxshare given its market share gain in iPhones, and the upcoming form factor changes in two consecutive years to support the end market demand and supply chain. The company's diversification into non-smartphone market is also a solid support to its long term growth. 2Q25 revenues increased by 2% QoQ, while net income was up by 18% QoQ ...

Group 1 - The stock price of Hongteng Precision (06088) has dropped over 12%, marking a three-day decline, despite a month-to-date increase of nearly 85% [1] - As of the report, the stock is down 11.21%, trading at HKD 4.91, with a trading volume of HKD 751 million [1] - The company reported a mid-year revenue of USD 2.305 billion, an increase of 11.53% year-on-year, while net profit attributable to shareholders was USD 30 million, a decrease of 7.53% year-on-year [1] Group 2 - Minsheng Securities noted that while revenue growth was achieved, the decline in core business and rising costs compressed profit margins, resulting in a small increase in gross profit and a decrease in gross margin [1] - Increased income tax expenses contributed to the decline in net profit and earnings per share, indicating pressure on profitability [1] - CMB International released a report stating that despite the company lowering guidance for smartphones and consumer internet products due to tariffs and macro uncertainties, there is a positive outlook for the company's "3+3 strategy" driven by cloud and AI server products and accelerated production of AirPods [1] Group 3 - The brokerage downgraded the company's earnings per share forecast for 2023 to 2027 by 5% to 15%, reflecting the mid-year performance, new business guidance, and project acquisitions [1] - The target price was raised from HKD 3.48 to HKD 4.96, maintaining a "Buy" rating [1]

Core Viewpoint - Hongteng Precision (06088) experienced a significant decline of over 12% in stock price, marking three consecutive days of losses, despite a month-to-date increase of nearly 85% [1] Financial Performance - For the first half of the year, the company reported revenue of $2.305 billion, an increase of 11.53% year-on-year [1] - The net profit attributable to shareholders was $30 million, reflecting a year-on-year decrease of 7.53% [1] - The increase in revenue was overshadowed by a decline in core business performance and rising costs, which compressed profit margins, resulting in a small increase in gross profit and a decrease in gross margin [1] Analyst Insights - Minsheng Securities noted that the increase in income tax expenses contributed to the decline in net profit and earnings per share, indicating pressure on profitability [1] - CMB International adjusted its guidance for smartphones, consumer internet, and system products downward due to tariff and macro uncertainties, but maintained a positive outlook on the company's "3+3 strategy" for cloud and AI server products and AirPod production acceleration [1] - The firm revised its earnings per share forecast for the company down by 5% to 15% for the years 2023 to 2027, reflecting the first-half performance and new business guidance, while raising the target price from HKD 3.48 to HKD 4.96, maintaining a "Buy" rating [1]

招银国际发布研报称，鸿腾精密(06088)第二季业绩大致符合该行预期，收入及净利润同比升9%及 13%。该行下调公司今年至2027年每股盈利预测5%至15%，反映上半年业绩、新业务指引及取得项目， 目标价由3.48港元上调至4.96港元，相当于明年预测市盈率16倍，与八年平均水平一致，评级"买入"。 该行对管理层指出公司业务在第二季加快转型感到鼓舞，战略云及汽车部门占季度销售36%，两者各录 得28%及115%同比增长。该行指，纵使公司基于关税及宏观不确定性，下调智能手机、消费者互联及 系统产品指引，但基于云与人工智能服务器产品及AirPod生产提速，对公司3+3战略在明年及2027年表 现持正面观点。 ...

Core Viewpoint - 招银国际's report indicates that 鸿腾精密 (06088) achieved second-quarter results that largely met expectations, with revenue and net profit increasing by 9% and 13% year-on-year respectively [1] Financial Performance - The company has adjusted its earnings per share forecast for 2023 to 2027 down by 5% to 15%, reflecting the performance in the first half of the year, new business guidance, and project acquisitions [1] - The target price for the company has been raised from HKD 3.48 to HKD 4.96, which corresponds to a projected price-to-earnings ratio of 16 times for next year, aligning with the eight-year average [1] Business Strategy and Growth - The management's indication of accelerated business transformation in the second quarter is viewed positively, with the strategic cloud and automotive sectors accounting for 36% of quarterly sales, showing year-on-year growth of 28% and 115% respectively [1] - Despite a downward adjustment in guidance for smartphones, consumer internet, and system products due to tariffs and macro uncertainties, the outlook remains positive for the company's cloud and AI server products, as well as the accelerated production of AirPods, supporting the company's 3+3 strategy for performance through 2027 [1]

Core Viewpoint - 招银国际's report indicates that 鸿腾精密's Q2 performance aligns with expectations, with revenue and net profit increasing by 9% and 13% year-on-year respectively [1] Group 1: Financial Performance - 鸿腾精密's revenue and net profit for Q2 increased by 9% and 13% year-on-year [1] - The company's strategic cloud and automotive sectors accounted for 36% of quarterly sales, with year-on-year growth of 28% and 115% respectively [1] Group 2: Strategic Outlook - The management's acceleration in business transformation during Q2 is viewed positively [1] - Despite lowering guidance for smartphones, consumer internet, and system products due to tariffs and macro uncertainties, the outlook remains positive for cloud and AI server products and AirPod production [1] Group 3: Earnings Forecast and Target Price - The earnings per share forecast for the company has been reduced by 5% to 15% for the years 2023 to 2027, reflecting the performance in the first half of the year and new business guidance [1] - The target price has been raised from HKD 3.48 to HKD 4.96, corresponding to a projected P/E ratio of 16 times for next year, with a "buy" rating maintained [1]

Core Viewpoint - Apple is shifting its iPhone supply chain to India to mitigate the impact of US tariffs on Chinese imports, expecting a $900 million cost due to tariffs in the current quarter [3][4][5]. Group 1: Financial Performance - Apple reported a revenue of $95.4 billion and a profit of $24.8 billion for the recently ended quarter, primarily driven by iPhone sales [9]. - The company experienced a 3% decline in revenue from China, despite expectations for growth due to government subsidies aimed at stimulating demand [10]. Group 2: Supply Chain Adjustments - Tim Cook indicated that a majority of iPhones sold in the US will originate from India, as Apple seeks to reduce its exposure to future tariff risks [4][8]. - Production of iPads, Macs, Apple Watches, and AirPods for the US market is expected to shift to Vietnam, while China will remain the primary manufacturing location for products sold outside the US [8]. Group 3: Tariff Impact - The estimated impact of US tariffs on Apple is projected to add $900 million to costs, although the initial effects were described as "limited" [4][5]. - High-end tech goods, including smartphones, received temporary exemptions from tariffs, but not all components used in Apple devices are exempt, leading to increased costs [6]. Group 4: Strategic Insights - Apple has been building inventory ahead of tariff implementations, indicating proactive measures to manage supply chain disruptions [7]. - Analysts express concerns regarding the execution timeline, capacity limitations, and potential cost increases associated with the shift in manufacturing to India [11].

来源| 每日经济新闻 遭到特朗普的所谓"对等关税"当头一棒，苹果公司损失惨重。 自特朗普政府宣布实施所谓"对等关税"以来，苹果公司已连续三个交易日遭遇重挫，暴跌近20%，公司市值缩水6380亿美元（约合人民币4.68万亿 元）。 01 派飞机从印度抢运iPhone回美国 苹果供应链总监：与时间赛跑 4月8日，据《印度时报》报道，3月27日至29日期间，5架满载iPhone和其他产品的货机从印度起飞，直抵美国。 这是苹果为规避特朗普所谓"对等关税"而进行的紧急行动。苹果供应链总监在内部会议上直言："这是一场与时间的赛跑，每延迟一天，美国仓库就 会损失800万美元。"数据显示， 苹果美国仓库目前已储备超150亿美元的iPhone库存，相当于去年第四季度美国市场销量的3倍 。 而随着"对等关税"政策落地，美国还将于4月9日对印度实施26%的对等关税，印度产iPhone对美关税将大幅提高。 值得注意的是，在美国宣布关税政策之后，印度并未宣布对等反制，而是希望获得美国关税豁免。据《印度时报》透露，苹果仍在评估新关税对其全 球供应链的长期影响，而价格调整可能会在全球范围内实施，而不仅限于美国市场。 近年来，苹果不断加大在 ...

Core Viewpoint - Apple is taking urgent measures to transport iPhones and other products from India to the U.S. to avoid the impact of new tariffs, which could significantly increase import costs and affect pricing strategies [1][3]. Group 1: Tariff Impact - The U.S. will implement a 26% tariff on Indian-made iPhones, raising the import cost by $120 to $420 per unit, which is 15% to 26% of the retail price [1][3]. - Apple has already built up over $15 billion in iPhone inventory in the U.S., equivalent to three times the expected sales for Q4 2024 [1]. - Analysts predict that if Apple passes the tariff costs onto consumers, iPhone prices could rise by 30% to 40%, potentially increasing the price of the iPhone 16 from $799 to approximately $1,142 [3][4]. Group 2: Production and Supply Chain - Apple has increased its iPhone production capacity in India from 0% to 14% over the past five years, with a goal of reaching 25% by 2028 [3]. - However, India faces significant supply chain challenges, with local component sourcing below 30%, relying heavily on imports for critical parts like A-series chips and OLED screens from China and South Korea [3]. Group 3: Market Reaction - Following the announcement of the tariff policy, Apple's stock fell by 3.67%, with a total decline of 19% over three trading days, resulting in a market capitalization loss of $638 billion [4]. - Analysts suggest that without price increases, Apple's earnings per share could drop by 15% due to the tariff impacts [4].