苹果：随着特纳斯时代的开启

April Li+1 917 344 8339april.li@bernsteinsg.com Phoebe Sun+1 917 344 8481phoebe.sun@bernsteinsg.com Price Target AAPL 340.00 USD Apple: As the World Ternus... After the Monday market close, Apple announced its well anticipated leadership transition. Apple confirmed that its SVP of Hardware Engineering, John Ternus, will becomeits next CEO effective September 1, 2026.This ends months of speculation over theleadership transition and should be a sigh of relief. Ternus has 25 years experience at Appleand has owned the product slate most investors care about — iPhone, iPad and AirPods. Weunderstand Ternus was also central in the successful Intel-to-Apple silicon transition. End of an era?Although Tim Cook will transition away from the CEO role, he will becomethe Executive Chairman. We view this as positive to ensure a longer-term smooth transitionand most effective hand-off. Cook has been CEO since 2011, has overseen a 20x rise in thestock (with a 24x total return), and is widely credited with Apple’s expansion into wearablesand audio as well as the company’s successful pivot to Services. Tim Cook also introducedcapital-return discipline. Despite the huge cash flow generation (and unlike many of its megacap tech peers), Apple under Cook decided not to pour hundreds of billions of shareholderreturns into building its own foundation models and instead decided to partner. In short, Cookinherited a great product company and hands over an unrivaled platform. Ternus, over toyou… A sigh of relief, and possible opportunity for more product innovation?We view thisnews as positive for the stock for three key reasons:1.It ends months of uncertainty on theleadership transition due to recent speculation;2.Cook isn’t going anywhere, he is stayingon as Executive Chairman to help ensure a smooth transition; and3.Given Ternus’ role inhardware innovation, could we see a bit more of an acceleration in product innovation suchas smart glasses etc.? What to look forward to?Apple reports its FQ2’26 on April 30thafter market close. We arealso looking forward to seeing improvements in Apple Intelligence with a new and improvedSiri this year as well as the launch of the iPhone 18 series and a foldable phone. See ourrecent deep dive here. INVESTMENT IMPLICATIONS Add Investment Implications text here BERNSTEIN TICKER TABLE I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY Apple Inc We reiterate Outperform TP $340 on 33x FY27 EPS or 30.2x EV/FCF. RISKS Apple Inc The biggest risks to the downside on Apple and to our price target are that: 1) Apple falls too far behind in Gen AI, and ultimatelysees its ecosystem disrupted by AI native competitors; 2) Emergence of new form factors cause the smartphone to decline inrelevance, eroding Apple’s moat and ecosystem as a consequence; 3) Escalation in US-China tensions disrupts Apple’s accessto both supply and demand from China and 4) Regulatory challenges prevent Apple from effectively monetizing its ecosystem,cutting off high margin revenues streams - although this risk is significantly mitigated by the fact that the most important challenge(the Google DOJ case) has largely passed RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japaneseexchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian(ex-Japan) exchanges -unless otherwise specified. The Bernstein brand has three categories of ratings: •Outperform: Stock will outpace