公众号记得加星标⭐️，第一时间看推送不会错过。 众所周知，苹果公司热衷于垂直整合，尽可能将关键技术节点保留在公司内部，其庞大的定制芯片设 计工作或许是这种模式最恰当的例证。 当然，推理芯片的架构与用于训练人工智能模型的芯片的架构有着根本的不同，前者更加注重延迟和 吞吐量。人工智能推理芯片还采用了精度较低的基于数学的架构，例如 INT8。 因此，鉴于此背景，我们可以合理推断，苹果和博通在推进 Baltra 的整体设计过程中，可能会重点 关注这些方面。 与此同时，苹果庞大的定制芯片产品线仍在不断扩展。除了广为人知的A系列和M系列芯片外，苹果 现在还使用其自主研发的C1调制解调器芯片。此外，这家库比蒂诺巨头可能还会推出一款基于其 Apple Watch专用S系列芯片的衍生产品，用于其计划于明年发布的AI智能眼镜中。 参考链接 https://wccftech.com/apples-ai-server-chip-baltra-likely-to-be-used-primarily-for-ai-inference/ （来源 ： 编译自wccftech ） 当然，这些定制人工智能芯片的实际部署预计将在 2027 年进行 ...

Core Viewpoint - Apple's acquisition of chip companies has significantly strengthened its position in the semiconductor industry, with a history of strategic purchases that enhance its technological capabilities and product offerings [2][4][14]. Group 1: Recent Acquisition - Apple has secretly acquired IC Mask Design Limited, a company specializing in IC layout design services and training, which has collaborated with over 250 tech companies globally [4][5]. - The acquisition is expected to provide Apple with expertise in VDSM technology nodes, potentially aiding in the optimization of its chips and enhancing energy efficiency [5][6]. Group 2: Historical Acquisitions - The acquisition of PA Semi in 2008 marked a turning point for Apple, laying the foundation for its future chip development across various devices [2]. - Subsequent acquisitions include Intrinsity in 2010, which improved microprocessor core development, and Anobit Technologies in 2012, enhancing NAND flash memory performance for Apple devices [8][9]. - Apple also acquired AuthenTec in 2012, which specialized in fingerprint scanning technology, and Passif in 2013, focusing on low-power communication chips [10][12]. - In 2018, Apple purchased Dialog Semiconductor's power management IC business, gaining control over PMIC development [11]. - The acquisition of Intel's smartphone modem business in 2019 added significant wireless technology patents to Apple's portfolio [12]. Group 3: Current Chip Development - Apple has developed multiple chip series, including A, C, H, M, N, S, and U series, showcasing its extensive capabilities in the semiconductor field [14]. - The company's aggressive patent filing strategy, averaging around 1,000 CPC G06F patents annually, reflects its commitment to innovation in chip technology [14]. - The competitive landscape in the semiconductor industry is intensifying, with other tech giants also increasing their capabilities through acquisitions, indicating a trend that Apple is likely to continue [14].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 119.79 CNY, based on a 33x PE ratio for 2026 [3][11][6]. Core Views - The company is expected to benefit from high-end product development and category expansion, which will drive growth [2][10]. - The company achieved record revenue in Q2 2025, with a total revenue of 3.33 billion CNY and a net profit growth of 37% year-on-year [10]. - The S and T series chips are advancing towards high-end markets, with significant sales growth anticipated [10]. - The company is seizing new market opportunities with rapid product launches, particularly in the Wi-Fi and smart home sectors [10]. Financial Summary - Revenue projections for 2025-2027 are 7,637 million CNY, 9,374 million CNY, and 11,294 million CNY, respectively, with year-on-year growth rates of 29%, 23%, and 20% [5]. - Operating profit is expected to grow from 1,194 million CNY in 2025 to 2,038 million CNY in 2027, with growth rates of 40%, 34%, and 27% [5]. - Net profit attributable to the parent company is projected to reach 1,140 million CNY in 2025, 1,530 million CNY in 2026, and 1,944 million CNY in 2027, with growth rates of 39%, 34%, and 27% [5]. - Earnings per share are forecasted to be 2.71 CNY in 2025, 3.63 CNY in 2026, and 4.62 CNY in 2027 [5][11].