2025 年 10 月 29 日 研 苹果 iPhone 17 系列首销告捷，核心渠道商业绩 有望借势持续改善 究 报 分析师：何鹏程 S1050525070002 hepc@cfsc.com.cn 联系人：石俊烨 S1050125060011 shijy@cfsc.com.cn | 基本数据 | 2025-10-28 | | --- | --- | | 当前股价（元） | 12.56 | | 总市值（亿元） | 156 | | 总股本（百万股） | 1239 | | 流通股本（百万股） | 1224 | | 52 周价格范围（元） | 10.87-21.41 | | 日均成交额（百万元） | 651.8 | 投资要点 ▌25Q3 业绩边际改善：公司积极拓展产业投资，促 进经营质量提升 资料来源：Wind，华鑫证券研究 1、《爱施德（002416）：苹果即将 发布新款 iPhone17 系列，经销售龙 头业绩有望环比提升》2025-09-01 2、《爱施德（002416）：苹果荣耀 国内经销龙头，布局 AI 算力业务开 启第二增长曲线》2025-05-28 3、《爱施德（002416）：上半年业 绩稳步增长， ...

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company is expected to benefit from the upcoming release of the iPhone 17 series, coinciding with the consumer electronics peak season, which may lead to a sequential improvement in performance [6][8] - The company has faced challenges in the first half of 2025, with a significant decline in revenue and net profit, attributed to a decrease in market share and adjustments in business structure [5][8] Financial Performance Summary - For the first half of 2025, the company reported revenue of 253.70 billion yuan, a year-on-year decrease of 34.69%, and a net profit of 2.22 million yuan, down 43.98% year-on-year [4] - In Q2 2025, revenue was 126.33 billion yuan, a year-on-year decline of 26.52%, and net profit was 0.95 billion yuan, down 58.06% year-on-year [5] - The company’s gross margin for Q2 2025 was 4.76%, showing a year-on-year increase of 0.8 percentage points [5] Strategic Partnerships and Market Position - The company maintains long-term strategic partnerships with major brands like Apple, Honor, and Samsung, and has the largest number of self-operated Apple APR stores in China [8] - As of the first half of 2025, the company added 36 self-operated Apple APR stores, bringing the total to 236, solidifying its leading position in the APR channel [8] Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 711.52 billion yuan, 782.67 billion yuan, and 853.12 billion yuan respectively, with corresponding EPS of 0.54 yuan, 0.66 yuan, and 0.71 yuan [9][11]