20240208-安信国际证券-软件服务板块亮眼_大中华区收入下滑_7页_2mb

Apple Q1 2024 Financial Performance Summary

Total Revenue: Apple's Q1 2024 revenue reached $119.6 billion, representing a 21% year-over-year increase, which is the first positive同比增长 since Q1 2023 and slightly exceeded market expectations of +14%. This growth was primarily fueled by a 60% rise in iPhone revenue and a 36% increase in software services, although partially offset by significant declines in iPad (-253%) and wearables/home accessories (-11.3%).

Gross Margin Improvement: The gross margin for the quarter improved to 45.9%, up 0.7 percentage points from the previous quarter. Hardware margin rose by 25 points to 39.4%, while software services margin advanced by 19 points to 72.8%, both setting new records.

Regional Performance: Americas saw revenue growth of +23%, Europe +98%, and Japan +150%, driven by strong service and iPhone sales, with some regional currency effects. In contrast, Greater China experienced a 129% year-over-year decline in revenue to $20.8 billion, mainly due to weak sales of iPhone, iPad, and accessories.

iPhone Analysis: iPhone revenue increased by 60% to $69.7 billion in Q1 2024, contributing 58.3% of total hardware income, but the average selling price (ASP) dropped 48% to $866. This is attributed to competitive pressures in Greater China and product mix changes, despite a 33% year-over-year increase in iPhone shipments.

Software Services: Software services revenue surged 113% to $23.1 billion,创下历史新高, underscored by over 2.2 billion active devices and strong growth in areas like advertising, cloud, and payments. The margin of 72.8% supports higher net profitability.

Investment Recommendations: Recommend Apple due to strong iPhone performance and high-growth potential in software services, though caution is needed on ASP declines and Greater China sales. Vision Pro's impact is deemed limited. Focus on software services' resilience and market position.

Risks: Potential underperformance in hardware sales, regulatory changes affecting software services margins, and intensified competition are key risks highlighted in the report.