CICC International released research reports stating that Apple's revenue in the fourth quarter of this year increased by 6% year-on-year; earnings per share dropped by 34% year-on-year, excluding one-time costs, they increased by 12% year-on-year, both data exceeding market expectations, mainly due to improvements in smart phone sales and continued expansion of profit margins. Gross margin in the fourth quarter was 46.2%, within the upper limit of recent guidance, which is encouraging. CICC International cited Apple management as saying that the revenue growth rate for the first quarter of the 2025 fiscal year will be lower, with annual growth expected to be in the low single digits; service revenue will achieve double-digit growth, similar to the 2024 fiscal year (i.e. annual growth of 11% to 14% year-on-year).

CICC International holds a positive attitude towards Apple Intelligence and ChatGPT integration, expecting Apple's supply chain to benefit from a 'slower but longer' upgrade cycle. Therefore, the bank reaffirmed its "buy" rating for Luxshare Precision Industry, BYD Electronic, Fit Hon Teng, Sunny Optical, and AAC Tech.