20240202-招银国际-Apple_FY1Q24_beat_on_better_margins_and_resilient_service_revenue,_but_China_sales_weakened_5页_480kb

报告摘要

Apple reported FY1Q24 revenue of $119.6 billion, a +2% year-over-year increase, beating consensus estimates.
Earnings per share (EPS) was $2.18, a +16% YoY gain and 4% above consensus, driven by better margins and strong service revenue.
Gross profit margin stood at 45.9%, exceeding analyst expectations of 43.3%.
Product segment performance: iPhone sales grew 6% YoY, Services revenue increased 11% YoY, but iPad and Wearables saw declines of 25% and 11% YoY, respectively. China regional sales weakened by 12.9% YoY.

For FY2Q24, management expects revenue to decline by approximately $5 billion (-5% YoY) due to a high base and supply constraints, with iPhone sales projected to drop $5 billion (-9.7% YoY).
Services and Vision Pro are expected to show strong growth; Vision Pro is available at US stores and will expand globally in FY24.
However, outlook is cautious due to macro challenges, Huawei's market share gains in China, and potential shipment issues.

BUY: Recommended for Luxshare, BYDE, and FIT Hon Teng, as they gain market share and benefit from Apple's spec upgrades in components like high-end iPhones, casings, and AirPods.
HOLD: Advised for Sunny Optical and AAC Tech, primarily due to their fair valuations.

Weaker iPhone sales amid intense competition from brands like Huawei, exacerbated by one less week of sales in CY4Q23 and foldable phone shortages in 2024.
Geopolitical challenges in China, including shifted shipments from 2023, could persist.

Referenced related analyses on stocks like Sunny Optical and BYDE.
Analyst certification confirms personal views and no compensation ties to recommendations.
Disclosures highlight conflicts of interest and liability limitations.

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