苹果公司-2025 年第四季度前瞻：尽管 App Store 增速放缓，仍预计 iPhone 驱动业绩超预期

Equity Research 21 October 2025 | 12:01AM EDT Apple Inc. (AAPL) F4Q25 preview: Expect iPhone-driven beat despite App Store deceleration AAPL 12m Price Target: $279.00 Price: $262.24 Upside: 6.4% Apple should deliver a F4Q25E revenue and EPS beat, driven by (1) Product revenue, particularly within iPhone (+10% yoy Gse v. +8% FactSet consensus) on iPhone 17 family strength, as well as in Mac (+12% yoy GSe v. +13% yoy FactSet consensus) on continued PC refresh; and (3) gross margins of 46.5% (reflecting guided ...