Apple's App Store Revenue Surge and iPhone Upgrades Set to Drive Growth in 2025: BofA Analyst
Apple's App Store Revenue Surge and iPhone Upgrades Set to Drive Growth in 2025: BofA Analyst
Piper Sandler analyst Harsh Kumar maintained Apple Inc (NASDAQ:AAPL) with a Neutral and raised the price target from $190 to $225.
Piper Sandler分析师Harsh Kumar对苹果公司（NASDAQ：AAPL）持中立，将目标价格从190美元上调至225美元。
BofA Securities analyst Wamsi Mohan reiterated a Buy rating on Apple with a price target of $230.
BofA证券分析师Wamsi Mohan重申苹果的买入评级，目标价为230美元。
The rating reflected the expected strong iPhone upgrade cycle in fiscal 2025 driven by the need for the latest hardware to enable generative artificial intelligence 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.
该评级反映了预期的强劲iPhone升级周期，推动了需要最新硬件以启用发生器人工智能功能，服务营收增长以及来自更多内部开发的硅芯片的较高利润，持续的资本回报和可以推动更高机构所有权的AI功能。
The price target reflects 30x Mohan's calendar 2025 EPS estimate. The target multiple compares to the 5-year historical range of 16-34x (median 27x). Mohan noted that a multiple at the higher end of the historical range is justified given a multi-year upgrade cycle, large cash balance, the opportunity to diversify into new end markets, and increasing mix and diversity of services.
目标价格反映了Mohan的2025年日历EPS预估值的30倍。该目标倍率与16-34倍（中位数27倍）的5年历史范围相比。Mohan指出，鉴于多年升级周期，庞大的现金余额，多样化到新的终端市场的机会以及服务的混合和多样性日益增加，历史范围中较高端的倍率是合理的。
According to SensorTower data, App Store revenues in the third quarter of fiscal 2024 increased to $7.5 billion (+13% year-on-year, according to developer revenues from SensorTower), with total downloads (iPhone + iPad) +3.2 Y/Y (8.4 billion) during the same period. In the third quarter, Mohan noted app store dollars per download increased by +9.5% Y/Y.
根据SensorTower数据，第三财季App Store营收增至75亿美元（与SensorTower公开的开发者收入相符），同比增长13%，在该期间，总下载量（iPhone + iPad）为84亿，同比增长3.2%。在第三季度，Mohan指出，每次下载的应用商店美元增长了+9.5%。
In the third quarter, App Store gaming revenue increased +7% Y/Y to $3.9 billion, accounting for only 51% of total App Store revenue vs. 54% a year ago. In the third quarter, the Chinese gaming segment revenue was flat Y/Y, while the entertainment segment increased +17% Y/Y. In the third quarter, the Entertainment segment increased its share of App store revenue in China by 2 points to 20%.
在第三季度，App Store游戏收入增长7%，达到39亿美元，占总App Store收入的51%，而去年同期为54%。在第三季度，中国游戏板块营收同比持平，而娱乐板块同比增长17%。在第三季度，娱乐板块将其在中国App Store营收中的份额增加了2个百分点，达到20%。
Mohan modeled services revenue growth of +14% Y/Y for total services revenue in the third quarter and +15% Y/Y in the fourth quarter. The analyst noted resiliency in Services as a long-term bullish indicator.
Mohan预计第三季度总服务收入同比增长14%，第四季度同比增长15%。分析师指出，服务业的弹性是长期看好的指标。
Price Action: AAPL shares traded higher by 0.12% at $228.10 at the last check Tuesday.
股价走势：AAPL股票在上周二最后一次检查时以228.10美元的涨幅0.12%交易。
Image via Shutterstock
图片来自shutterstock。