Apple Inc.
AAPL 6Price and target zones价格与目标区间
What the company does公司做什么
Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple Vision Pro, Apple TV, Apple Watch, Beats products, and HomePod, as well as Apple branded and third-party accessories.
Read the full description查看完整介绍
Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple Vision Pro, Apple TV, Apple Watch, Beats products, and HomePod, as well as Apple branded and third-party accessories. It also provides AppleCare support and cloud services; and operates various platforms, including the App Store that allows customers to discover and download applications and digital content, such as books, music, video, games, and podcasts, as well as advertising services include third-party licensing arrangements and its own advertising platforms. In addition, the company offers various subscription-based services, such as Apple Arcade, a game subscription service; Apple Fitness+, a personalized fitness service; Apple Music, which offers users a curated listening experience with on-demand radio stations; Apple News+, a subscription news and magazine service; Apple TV, which offers original content and live sports; Apple Card, a co-branded credit card; and Apple Pay, a cashless payment service, as well as licenses its intellectual property. The company serves consumers, and small and mid-sized businesses; and the education, enterprise, and government markets. It distributes third-party applications for its products through the App Store. The company also sells its products through its retail and online stores, and direct sales force; and third-party cellular network carriers and resellers. The company was formerly known as Apple Computer, Inc. and changed its name to Apple Inc. in January 2007. Apple Inc. was founded in 1976 and is headquartered in Cupertino, California.
Products and services产品与服务 from the vendor summary — not yet written up来自供应商简介——尚未整理成文
- It also provides AppleCare support and cloud services
- Apple Fitness+, a personalized fitness service
- Apple Music, which offers users a curated listening experience with on-demand radio stations
- Apple News+, a subscription news and magazine service
- Apple TV, which offers original content and live sports
- Apple Card, a co-branded credit card
- Apple Pay, a cashless payment service, as well as licenses its intellectual property The company serves consumers, and small and mid-sized businesses
- Third-party cellular network carriers and resellers The company was formerly known as Apple Computer, Inc. and changed its name to Apple Inc. in January 2007
Company facts公司资料
- Founded成立时间
- 1976
- Headquarters总部
- Cupertino, California
- Employees员工人数
- 150,000
- Industry行业
- Consumer Electronics
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
🔄 A2026-09-10 — Cook→Ternus CEO change (Sep 1): WATCH [6.5]→[6.0]. Clean, already-priced non-event; 100% thesis persistence; conviction down only on price running ahead (37x, above consensus target, 5.4% under trim). Above the $259-278 entry → no action. FV $259-307, trim 36x fwd. —— 📋 Analyzed 8/27 — WATCH, first score. Elite economics — ROIC ~60% and rising, buyback shrinking the count ~3%/yr, Services now 28% of revenue at 75.6% GM (42% of gross profit), the structural margin engine.
Watch
- But genuinely expensive (~35.6x current-year, above its own band; DYT rich at 0.34% yield), Q3 leaned partly on a one-off tariff refund, and the one real threat is regulatory (EU DMA + the Google TAC payment) hitting Services — its best line. FV $258-305. Entry $255-280. Trim 36x fwd (~$343)
🔄 A2026-09-10 —— 库克交棒 Ternus 出任 CEO（9 月 1 日生效）：观察 [6.5]→[6.0]。 这是一次干净、已被市场消化的非事件；原有论点 100% 保持不变；信念下调纯粹因为股价走在前面（当年市盈率 37x，高于分析师共识目标价，距减持点位仅差 5.4%）。 现价高于 $259-278 入场区间→不采取行动。 公允价值 $259-307，减持 36x fwd。 —— 📋 8/27 分析——观察，首次评分。 顶级经济性——ROIC 约 60% 且上升，回购每年缩股约 3%，服务业务现占营收 28%、毛利率 75.6%（占毛利 42%），是结构性利润引擎。 ⚠️ 但确实偏贵（约 35.6x 当年，高于自身区间；0.34% 收益率使 DYT 偏贵），第三季度部分依赖一次性关税退款，唯一真实威胁是监管（欧盟数字市场法案 + 谷歌 TAC 付款）冲击服务业务这条最优业务线。 公允价值 $258-305。 入场 $255-280，减持 36x fwd（约 $343）。 A2026-08-27
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 149%
- Revenue growth营收增长
- +16%
- Dividend yield股息率
- 0.32%
Competitive advantages竞争优势 from the thesis and the reports来自投资逻辑和报告
- ROIC (59.8%, rising), the Services mix shift, the buyback engine, and the ecosystem moat are all exactly as strong as the baseline found them — this pass found no new information on the business itself, only on the price and the person in the corner office. 2.
- Moat & Competitive Advantage Quantitative base - ROIC (roic.ai return_on_inv_capital ): 59.8% (FY2025), up from 50.3% (FY2024) — exceptionally high and rising.
- ROE (roic.ai return_com_eqy ): 171% (FY2025) , up from 157% (FY2024) — flag this explicitly: this figure is not a clean read on moat width.
- Adversarial stress-test "You are a well-funded rival — how easily do you disrupt this?" Hardware alone: easily matched or beaten on paper spec-for-spec by Android OEMs (Samsung, Huawei) — that is not where the moat lives.
- The real moat is switching costs baked into the ecosystem : iMessage's blue-bubble social effect, Family Sharing, AirDrop, Apple Watch/AirPods pairing convenience, iCloud lock-in, and the accumulated cost of re-buying an app library.