苹果（AAPL）：WWDC25: 市场忽视了AI战略与进展

Rating (Maintain):BUYTarget price (USD):254.00 Huatai Research Company Update 16 June 2025│US Consumer Electronics AnalystXIE ChunshengSAC No. S0570519080006SFC No. BQZ938xiechunsheng@htsc.com+(86) 21 2987 2036 Mostinvestors interpreted Apple’s WWDC25 as“low expectations,lowdisappointment,”as reflected in the slight post-event dip in Apple’s share price.However, we believe the event’s substance outweighed market perception—itmarked Apple’s attempt to maximize the application of existing AI technologies ondevices,serving as a potential bridge between past efforts and futuredevelopments in AI. 1) Apple continued its AI deployment by opening up tothird-party cooperation(foundation model framework),exploring on-deviceapplications (calls, translation, screen-based visual intelligence), and building anearly prototype of a system-levelAgent (upgrades to Shortcuts and Spotlight onmacOS). 2) Apple maintained its pursuit of platform standardization and seamlesshardware integration. Management emphasized that Apple would not follow theconventional chatbot path in its AI strategy, but rather focus on system integration,with a possible launch of AI-powered Siri in 2026. We are optimistic that Appleshouldmaintain its competitiveness through AI enablement.MaintainBUY. AnalystHUANG LiyueSAC No. S0570523070007SFC No. BRH099andrewhuang@htsc.com+(86)21 2897 2228 Key data WWDC features: to maximize existing AI technology on-device1) The newly released developer framework allows the use of Apple’s on-device foundation models via Swift, enabling AI capabilitiesto be integrated into apps forspecificscenariosandautomaticallymergedwithSwiftappdatastructures—empowering third parties to build intelligent features on the platform.2) Apple shifted away from an all-encompassing system in favor of fine-tunedfunctionalities, enhancing user experience through AI-powered upgrades in callrecognition,translation,and screen-based visual intelligence.3)On macOS,upgrades to Shortcuts and Spotlight aim to form a prototype of a tool-like operatingsystemAgent. Webelieve the market’s focus remains concentrated on whetherApple launchesa comprehensive AI assistant like Siri, overlooking Apple’s currenteffortsto maximize the utility of existing AI technology on mobiledevices—consistent with Apple’s longstandingstrategy of leveraging late-moveradvantage and optimizing user experience. Source:S&P Management: Apple’s AI strategytofocus on system integrationDuring WWDC, Apple executives Craig and Greg spoke with outlets including The Wall Street Journal and emphasized: 1)Comparedwith those of itscompetitors,Apple’s AI strategy centers on deeply integrating AI across all Apple platformsrather than launching standalone chatbots. The company does not intend to“reinvent the wheel”by simply copying features. 2) Apple is to combine localmodels with private cloud computing to balance data privacy and robust AIcapabilities. 3) Siri is not just a chat tool, but an indispensable part of daily useroperations, providing a deeply integrated, private, and personalized experience.Siri-V1 was not released due to subpar quality, but Siri-V2 is set for launch in 2026withanewend-to-end architecture designedtoenhancecontextualunderstanding, conversational fluency, and functionality. Earnings forecasts and valuationWemaintain our forecasts for Apple’s FY25/FY26/FY27 attributable net profit at USD113.0/123.3/133.9bn (+20.5/+9.1/+8.6% yoy), mainly supported by AI-drivenhardware demand and software business growth. Given uncertainty around thelaunch pace and consumer adoption of AI Agents, we value the stock at 34xFY25E PE, a discount to itspeers’average of45x on Wind consensus. Our targetprice remains USD254.MaintainBUY. Risks:product&technology upgrades/demand recovery falling short of ourexpectations; intensifiedmarketcompetition; tariff policy fluctuations. Source:S&P,Huatai Research Source:S&P,Huatai Research Full financials Disclaimers Analyst Certification I/We, XIE Chunsheng, HUANG Liyue, hereby certify that the views expressed in this report accurately reflect the personal viewsof the analyst(s) about the subject securities orissuers; and no part of the compensation of the analyst(s) was, is, or will be,directly or indirectly, related to the inclusion of specific recommendations or views in this report. General Disclaimers and Disclosures This research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to as“HFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall notbe deemed a client of the Company merely from his or her receipt of this report. This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter“Huatai”)makes no guarantee as to the accuracy or completeness of such information. The opinions, ass