---
title: "《大行》美银上调苹果目标价至 320 美元 料季度营收指引为高单位数增长"
description: "美银证券上调苹果公司目标价至 320 美元，预计季度营收指引为高单位数增长。报告指出，苹果的生态系统、品牌及庞大安装基础仍具竞争优势。分析师预测，苹果全年度营收将达到 4,180 亿美元，每股盈利 7.41 美元，iPhone 17 Pro 及 Pro Max 手机销售前景乐观，销量预估上调至 5,700 万及 8,000 万部。毛利率预测为 46.4% 及 46.3%。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/263438868.md"
published_at: "2025-10-30T06:36:36.000Z"
---

# 《大行》美银上调苹果目标价至 320 美元 料季度营收指引为高单位数增长

> 美银证券上调苹果公司目标价至 320 美元，预计季度营收指引为高单位数增长。报告指出，苹果的生态系统、品牌及庞大安装基础仍具竞争优势。分析师预测，苹果全年度营收将达到 4,180 亿美元，每股盈利 7.41 美元，iPhone 17 Pro 及 Pro Max 手机销售前景乐观，销量预估上调至 5,700 万及 8,000 万部。毛利率预测为 46.4% 及 46.3%。

美银证券报告指，苹果公司 (AAPL.US) 的生态系统、品牌及庞大安装基础仍构成竞争优势。该行以 5 年框架评估，预测其产品与服务营收走势，并考虑期间可能推出的新产品与新服务。该行分析人工智能 (AI) 对苹果营收的影响后，重申「买入」评级，基於强劲资本回报、最终在边缘 AI 胜出及新产品与新市场带来的选择权价值。该行上调对公司 9 月底止全年度营收及每股盈利预测至 4,180 亿美元及 7.41 美元，目标价由 270 美元上调至 320 美元，基於下财年预测市盈率 32 倍。

该行看好 iPhone 17 Pro 及 Pro Max 手机销售，上调上季及现季 iPhone 销量预估至分别 5,700 万及 8,000 万部，对比市场共识的 5,400 万及 7,800 万部。两季毛利率预测料分别为 46.4% 及 46.3%，预期公司现季营收按年增长指引为高单位数。

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