中国硬件_从苹果 2025 年 9 月季度财报电话会议及生产计划更新推导关联影响

Summary of Key Points from the Conference Call Company and Industry Overview - Company: Apple Inc. - Industry: Technology, specifically focusing on consumer electronics and smartphones Core Insights and Arguments 1. Financial Performance: Apple reported a strong September quarter with revenue and net profit up 8% and 86% year-over-year respectively, and guidance for December quarter revenue growth of 10-12% year-over-year [1][2][3] 2. Product Performance: - iPhone sales growth of 6% year-over-year driven by strong demand for iPhone 16 and iPhone 17, with expectations for double-digit growth in December quarter [2][3] - Greater China revenue declined 4% year-over-year in September quarter, but is expected to return to growth in December quarter due to favorable subsidies [2][3] - Supply constraints were attributed to allocation issues rather than manufacturing capacity [2] 3. Tariff Impact: Apple estimated tariff costs of US$1.1 billion in September quarter and US$1.4 billion in December quarter, with tariffs decreasing from 20% to 10% in China [2][3] 4. Investment in the US: Apple announced a US$600 billion investment over the next four years focusing on advanced manufacturing, silicon engineering, and artificial intelligence [2] 5. iPhone Build Plan: - Upward revisions in iPhone 17 production due to strong demand, with total builds for 2H25 reaching 95 million units [1][5] - Changes in product mix affecting EMS share allocation, with Luxshare expected to benefit the most [5] Additional Important Insights 1. Market Trends: The China smartphone market's decline narrowed to 0.6% in CY3Q25, with iPhone shipments growing 0.6% year-over-year [3] 2. Sales Dynamics: iPhone sell-out shipments in China showed a 24% year-over-year growth since the launch of the iPhone 17 family, supporting the positive outlook for sales in CY4Q25 [3] 3. Supply Chain Observations: Certain supply-chain participants reported delayed delivery impacts, which may support better-than-seasonal performance in the fourth quarter [5] Companies Mentioned - Apple Inc. (AAPL.O) - BYD Electronic (0285.HK) - Dongshan Precision (002384.SZ) - Foxconn Industrial Internet (601138.SS) - Lens Technology (6613.HK) - Luxshare Precision Industry (002475.SZ) - Pegatron (4938.TW) [7]