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分析師Harsh Kumar對蘋果公司（NASDAQ：AAPL）持中立，將目標價格從190美元上調至225美元。
BofA Securities analyst Wamsi Mohan reiterated a Buy rating on Apple with a price target of $230.
BofA證券分析師Wamsi Mohan重申蘋果的買入評級，目標價爲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.
該評級反映了預期的強勁iPhone升級週期，推動了需要最新硬件以啓用發生器人工智能功能，服務營收增長以及來自更多內部開發的硅芯片的較高利潤，持續的資本回報和可以推動更高機構所有權的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.
目標價格反映了Mohan的2025年日曆EPS預估值的30倍。該目標倍率與16-34倍（中位數27倍）的5年曆史範圍相比。Mohan指出，鑑於多年升級週期，龐大的現金餘額，多樣化到新的終端市場的機會以及服務的混合和多樣性日益增加，歷史範圍中較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.
根據SensorTower數據，第三財季App Store營收增至75億美元（與SensorTower公開的開發者收入相符），同比增長13%，在該期間，總下載量（iPhone + iPad）爲84億，同比增長3.2%。在第三季度，Mohan指出，每次下載的應用商店美元增長了+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遊戲收入增長7%，達到39億美元，佔總App Store收入的51%，而去年同期爲54%。在第三季度，中國遊戲板塊營收同比持平，而娛樂板塊同比增長17%。在第三季度，娛樂板塊將其在中國App Store營收中的份額增加了2個百分點，達到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預計第三季度總服務收入同比增長14%，第四季度同比增長15%。分析師指出，服務業的彈性是長期看好的指標。
Price Action: AAPL shares traded higher by 0.12% at $228.10 at the last check Tuesday.
股價走勢：AAPL股票在上週二最後一次檢查時以228.10美元的漲幅0.12%交易。
Image via Shutterstock
圖片來自shutterstock。