Apple's Services And Silicon Strategy To Fuel Margins, Justify High Valuation: Analyst
Apple's Services And Silicon Strategy To Fuel Margins, Justify High Valuation: Analyst
BofA Securities analyst Wamsi Mohan maintained a Buy rating on Apple Inc (NASDAQ:AAPL) with a price target of $256.
美國銀行證券分析師Wamsi Mohan維持蘋果公司（納斯達克：AAPL）的買入評級，目標價爲256美元。
The rerating reflects the expected strong iPhone upgrade cycle in fiscal 2025 and 2026, driven by the need for the latest hardware to enable Gen AI features, higher growth in Services revenue, higher margins from more internally developed silicon, continuing capital returns, and AI features that can drive higher institutional ownership.
這一重新定價反映了對2025年和2026年財年預期強勁的iPhone升級週期，由最新硬件需要推動Gen人工智能功能，服務收入增長更快，從更多內部研發的硅片獲得更高的利潤率，持續的資本回報，以及可以提高機構持股的人工智能功能。
The price target is based on approximately 30 times Mohan's calendar 2026 EPS of $8.47.
目標價基於Moham預測2026年日曆EPS 8.47美元的約30倍。
Also Read: Apple's Q3 Smartphone Sales Slip Despite Strong iPhone 16 Demand, Market Share Dropped Slightly
也可閱讀：儘管iPhone 16需求強勁，市場份額略有下降，但蘋果Q3智能手機銷量下滑。
The target multiple compares to the 5-year historical range of 16-34 times (median 27 times). He noted that a multiple at the higher end of the historical range is justified given a multi-year upgrade cycle, large cash balance, and opportunity to diversify into new end markets and increase the mix and diversity of services.
目標多個比較了16-34倍（中位數27倍）的5年曆史區間。他指出，考慮到多年的升級週期，龐大的現金餘額以及進入新終端市場和增加服務組合和多樣性的機會，將歷史區間的高端多個視爲合理。
The analyst cited SensorTower data, App Store revenues in the first quarter (after 33 days) rose to $2.9 billion (up 14.5% Y/Y), with total iPhone + iPad downloads up 7.6% to 3.1 billion during the same period.
分析師援引SensorTower數據，指出第一季度（33天后）應用商店的營收增至29億美元（同比增長14.5%），同期iPhone+iPad總下載量增長7.6%至31億。
October alone saw global App Store revenue growth of 15.1%, with a 6.7% rise in China. Average revenue per download grew by 6.4% year-over-year, supporting the "Buy" rating. Mohan anticipates a multi-year iPhone upgrade cycle, expanding gross margins, and steady cash flows.
僅10月全球應用商店營收增長15.1%，中國增長6.7%。每款下載的平均收入同比增長6.4%，支持"買入"評級。Mohan預計多年的iPhone升級週期，擴大毛利率和穩定現金流。
In App Store categories, entertainment revenue grew by 37% year-over-year, marking it as the second-largest and one of the fastest-growing categories. Gaming revenue reached $1.4 billion, making up 47% of total App Store revenue compared to 53% the previous year, reflecting diversification as non-gaming apps increase monetization. Notably, categories such as Entertainment (16%), Photo & Video (7%), Social Networking (4%), and Productivity (3%) continue to grow, suggesting a broadening of revenue sources beyond gaming.
在應用商店的分類中，娛樂收入同比增長37%，成爲第二大和增長最快的分類之一。遊戲收入達到14億美元，佔應用商店總營收的47%，而上一年爲53%，反映出非遊戲應用增加變現。娛樂（16%）、照片與視頻（7%）、社交網絡（4%）和生產力（3%）等類別繼續增長，表明遊戲之外的收入來源在擴大。
Mohan also noted the minimal impact of the EU Digital Markets Act (DMA) on Apple's App Store downloads.
莫漢還指出，歐盟數字市場法（DMA）對蘋果應用商店的下載量影響微乎其微。
Although Google Chrome downloads in the EU rose by 123% year-over-year, totaling 15 million, this is a small portion of Apple's EU device base. Overall, App Store downloads in the EU grew by 9%, while revenue increased by 28% year-over-year, indicating that consumer behavior remains steady post-DMA compliance.
雖然歐盟地區谷歌Chrome下載量同比增長123%，達到1500萬，但這隻佔了蘋果歐盟設備用戶基數的一小部分。總體而言，歐盟的App Store下載量增長了9%，營業收入同比增長28%，表明消費者行爲在DMA合規後仍保持穩定。
For Apple's total services revenue in the first fiscal quarter, Mohan anticipates 13% year-over-year growth, maintaining this outlook into the second quarter, highlighting the enduring strength of Apple's Services segment as a positive long-term sign.
對於蘋果第一財季的總服務收入，莫漢預計同比增長13%，並將這一預期延續到第二季度，突顯出蘋果服務領域的持續實力，是一個積極的長期信號。
Price Action: AAPL stock is down 0.64% at $221.49 at last check Monday.
股價表現：AAPL股價在週一最後一次檢查時下跌了0.64%，至221.49美元。
Photo: Andrey Bayda via Shutterstock
圖片：Andrey Bayda通過shutterstock
Also Read:
還閱讀：
- Apple iPhone 16 Sees 20% Sales Surge in China, But AI Absence Prompts Early Price Cuts
- 蘋果iPhone 16在中國銷量激增20%，但缺乏人工智能導致早期降價。
譯文內容由第三人軟體翻譯。
