【招银国际】Technology:Apple FY4Q25 read-through: Resilient iPhone/Services momentum; Upbeat 1Q guidance on strong iPhone demand-251103（4页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 3 Nov 2025 CMB International Global Markets|Equity Research|Sector Update Technology Technology-Apple FY4Q25 read-through:Resilient iPhone/Services momentum;Apple FY4Q25

2、 read-through:Resilient iPhone/Services momentum;Upbeat 1Q guidance on strong iPhone demand Apples(AAPL US,NR)FY4Q25(CY3Q25)results were solid,with revenue growth of 8%YoY and adjusted EPS growth of 13%YoY,driven by iPhone/Mac sales(+6%/13%YoY)and record Service revenue(+15%YoY),offsetting weakness

3、in Greater China(-4%YoY)due to supply constraints on strong iPhone 16/17 demand.For FY1Q26E(CY4Q25E),mgmt.guided for 10-12%YoY revenue growth,double-digit iPhone revenue growth and resilient GPM of 47-48%,which includes US$1.4bn tariff impact(vs US$1.1bn in 4Q).We believe this set of robust guidance

4、 should alleviate market concerns,especially given ongoing supply constraints for iPhone 17 and reduction in channel inventories QoQ.Overall,we remain constructive on high-end smartphone demand and upcoming upgrade cycle(foldable iPhone/smart home/AI glasses)heading into 2026.For stocks,we remain se

5、lective and prefer content/share gainers such as Luxshare,AAC Tech,FIT Hon Teng and BYDE.FY4Q25 results in-line;Strong iPhone/Mac/Services offset China weakness.By segment,iPhone revenue grew 6%YoY driven by record quarter revenue in key markets(e.g.US,Canada,Latin America,West Europe,Middle East,Ja

6、pan,Korea,South Asia)despite supply constraints on iPhone 16/17 and reduction in channel inventories QoQ.Mac revenue climbed 13%YoY backed by MacBook Air strength,while iPad/Wearables&Home were flattish YoY.Services revenue reached all-time record with 15%rise YoY,driven by double-digit growth in bo