《大行》高盛:蘋果(AAP.US)加快對AI投資步伐 關稅豁免或帶來成本優勢
高盛發表報告指,蘋果(AAP.US)承諾在未來四年內在美國投資6,000億美元,此前為5,000億美元。另外,蘋果獲得的關稅豁免應能緩解在最新宣布的100%半導體關稅實施前的關稅阻力擔憂。此外,該豁免還可能使蘋果相較於未獲得豁免的智能手機、個人電腦和平板電腦競爭對手具備潛在的成本優勢。
報告指,蘋果新承諾投資建設先進蘋果服務器設施,以支持Apple Intelligence和私有雲計算,這表明蘋果正在加快對AI的投資步伐。該行認為,這提高了蘋果AI軟件努力成功的可能性,並降低了進行AI相關併購的概率。
高盛予蘋果給予「買入」評級,目標價266美元,認為市場對產品收入增長放緩的關注掩蓋了蘋果生態系統的強大實力及其相關收入的持久性和可見性。蘋果的安裝基礎增長、服務業務的長期增長以及新產品創新應足以抵消產品收入的周期性阻力。
該行指,相較於蘋果的歷史估值倍數以及與主要科技同行相比,目前估值具有吸引力。未來五年內,大部分毛利增長應由服務業務驅動,這將標誌著服務投資故事的轉折點,並支持蘋果的溢價估值。
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