What To Expect From Apple's FQ4 Earnings?
What To Expect From Apple's FQ4 Earnings?
JP Morgan analyst Samik Chatterjee maintained an Overweight rating on Apple Inc (NASDAQ:AAPL) with a price target of $265.
摩根大通分析師Samik Chatterjee維持對蘋果公司（納斯達克:AAPL）的股票評級爲超配，目標價爲265美元。
The rerating reflects Chatterjee's favorable outlook on the iPhone cycle, led by AI upsides and resilience in Services revenues relative to investor expectations.
重新評級反映出Chatterjee對iPhone週期的樂觀前景，主要受益於人工智能的增長和服務營收相對於投資者預期的韌性。
The analyst noted upside in several aspects of the business, namely the company's transformation to Services, growth in the installed base, technology leadership, and optionality around capital deployment.
該分析師指出業務的幾個方面存在上行空間，尤其是公司向服務的轉型，安裝基數增長，技術領先地位以及資本配置的多樣性。
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The price target is based on applying a P/E multiple of ~27 times on Chatterjee's calendar 2026 earnings estimate, which embeds upside from a stronger hardware refresh relative to AI iPhones.
目標價基於Chatterjee對2026年日曆營業收入的市盈率倍數約爲27倍，這包含了相對於人工智能iPhone更強勁的硬件更新的上行空間。
The analyst noted that the multiple is justified as it is more in line with the average multiple the shares have traded at in recent years. However, an upside opportunity with a longer AI-led replacement cycle would likely bolster the earnings multiple investors are willing to ascribe.
分析師指出這一倍數是合理的，因爲這更符合股價近年來交易的平均倍數。然而，由於更長的人工智能驅動的更換週期可能會提升投資者賦予的盈利倍數。
Apple will likely post strong September quarter results, surpassing consensus estimates. However, guidance for the December quarter may fall slightly short, a trend consistent with Apple's typical practice of conservative projections.
蘋果可能將在9月季度取得強勁業績，超過共識預期。然而，對12月季度的指導可能略微不及，這一趨勢符合蘋果保守預測的慣例。
Chatterjee projects solid iPhone shipments in the September quarter due to a smoother iPhone 16 supply ramp, helping to fill channel inventory before the holiday season.
Chatterjee預計由於更順暢的iPhone 16供貨逐漸增長，9月季度iPhone出貨量將穩健增長，有助於在假日季節之前填補渠道庫存。
While iPhone 16 sell-through began slower than last year's model, recent momentum shows improvement, though volumes remain modestly below previous figures.
雖然iPhone 16的銷售速度比去年的型號慢，但最近的勢頭顯示有所改善，儘管成交量仍略低於以前的數字。
The analyst anticipates iPhone revenue in the December quarter to lag behind consensus due to a lower year-over-year volume. However, Apple Intelligence's release may boost demand, with steady annual iPhone shipments expected to reach 245 million units in 2025.
分析師預計12月份的iPhone營業收入會落後於一致預期，由於同比成交量較低。然而，蘋果智能的發佈可能會提振需求，預計每年穩定的iPhone出貨量將在2025年達到24500萬台。
He revised the estimates for September forecasted revenue of $95.9 billion and EPS of $1.63, with both expected to exceed consensus. In contrast, December's quarter revenue is projected at $125.9 billion, trailing behind consensus, but EPS is likely meeting expectations due to favorable gross margins.
他修訂了對9月預測營業收入爲959億美元和每股收益爲1.63美元的估算，預計兩者都將超過一致預期。相比之下，預計12月季度的營業收入將達到1259億美元，落後於一致預期，但由於有利的毛利，每股收益可能符合預期。
The company's recent developments and the anticipated AI-led iPhone upgrade cycle keep the analyst's December 2025 price target unchanged.
公司最近的發展和預計的人工智能引領的iPhone升級週期使分析師對2025年12月的股價目標保持不變。
Price Action: AAPL stock is up 1.42% at $234.69 at last check Monday.
價格走勢：AAPL股票在上週一最新價格爲234.69美元，上漲1.42%。
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還閱讀：
- Apple's AI-Powered Future: iPhone Growth Surge By 2026 With New iPhone 17, AI Integration, Analyst Says
- 蘋果AI 動力未來：分析師稱到2026年iPhone的增長將會激增，帶有新的iPhone 17，人工智能整合。
Photo courtesy of Apple
照片提供：蘋果
譯文內容由第三人軟體翻譯。
