--- title: "Service business cooling cannot hide hardware strength! Morgan Stanley: Apple's iPhone production increases significantly, shipments may exceed market expectations" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/279967335.md" description: "Apple's service business growth has shown slight signs of slowing down, but overall demand remains strong. Morgan Stanley and Sensor Tower data indicate that App Store revenue growth slowed in March, while iPhone production increased by 12% year-on-year, reaching 52 million units, with shipments expected to be between 57 million and 58 million units, exceeding market expectations. Despite pressures in some mature markets, Apple's hardware business remains robust, demonstrating the company's ability to balance between hardware and ecosystem" datetime: "2026-03-20T15:31:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279967335.md) - [en](https://longbridge.com/en/news/279967335.md) - [zh-HK](https://longbridge.com/zh-HK/news/279967335.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/279967335.md) | [English](https://longbridge.com/en/news/279967335.md) # Service business cooling cannot hide hardware strength! Morgan Stanley: Apple's iPhone production increases significantly, shipments may exceed market expectations According to Zhitong Finance APP, while the growth of service business has slightly slowed down, Apple's (AAPL.US) overall demand still shows strong resilience. According to the latest statistics from Morgan Stanley and data agency Sensor Tower, the growth rate of Apple's App Store revenue declined in March, but iPhone production saw a significant year-on-year increase, indicating that hardware demand remains robust. Morgan Stanley analysts pointed out that as of March 18, the net revenue of the App Store grew approximately 6% year-on-year within the month, a slowdown of about 3.1 percentage points compared to February, also affected by a high base from the same period last year. From a quarterly perspective, the App Store revenue has grown about 7% year-on-year so far, slightly lower than the bank's previous expectation of 8% growth for the March quarter. From a regional performance perspective, App Store revenue shows a divergent trend. The Chinese market grew approximately 4% year-on-year, while the U.S. and Japanese markets declined by 2% and 5%, respectively, indicating that some mature markets are facing certain pressures. Despite the short-term slowdown in service business, Apple's core hardware business performed well. Data shows that iPhone production reached approximately 52 million units this quarter, a year-on-year increase of 12%. Analysts believe that this production scale corresponds to a shipment volume of about 57 to 58 million units, which is basically in line with Morgan Stanley's previous expectation of 58 million units and significantly higher than the market's general expectation of 50 million units. Analysts stated that the strong growth in iPhone production reflects that end demand remains solid, especially in the context of limited capacity for 3-nanometer chips, making this performance even more valuable. Apple's previous strategy of increasing wafer orders is expected to support shipment performance in the first half of 2026 across two quarters and bring potential upward performance space. Overall, although the growth of App Store revenue is under short-term pressure, the continued strong demand for iPhones provides important support for Apple's performance and highlights the company's ability to balance between hardware and ecosystem ### 相關股票 - [Apple (AAPL.US)](https://longbridge.com/zh-HK/quote/AAPL.US.md) - [GraniteShares 2x Long AAPL Daily ETF (AAPB.US)](https://longbridge.com/zh-HK/quote/AAPB.US.md) - [Direxion Daily AAPL Bull 2X Shares (AAPU.US)](https://longbridge.com/zh-HK/quote/AAPU.US.md) - [T-Rex 2X Long Apple Daily Target ETF (AAPX.US)](https://longbridge.com/zh-HK/quote/AAPX.US.md) - [Direxion Daily AAPL Bear 1x Shares (AAPD.US)](https://longbridge.com/zh-HK/quote/AAPD.US.md) - [Kurv Yield Premium Strategy Apple Aapl ETF (AAPY.US)](https://longbridge.com/zh-HK/quote/AAPY.US.md) - [YieldMax AAPL Option Income Strategy ETF (APLY.US)](https://longbridge.com/zh-HK/quote/APLY.US.md) ## 相關資訊與研究 - [Apple Just Announced the AirPods Max 2. Can That Move the Needle for AAPL Stock?](https://longbridge.com/zh-HK/news/279475247.md) - [Apple's Tim Cook Rejects Retirement Chatter](https://longbridge.com/zh-HK/news/279472281.md) - [China's commerce minister meets Apple CEO](https://longbridge.com/zh-HK/news/279913192.md) - [Apple (AAPL) CEO Tim Cook Visits China as iPhone Sales Surge in the Asian Nation](https://longbridge.com/zh-HK/news/279988539.md) - [Steve Jobs Was No Straight A Student, But Having The Perfect Grades Isn't The Only Path To Build A $3.76 Trillion Company Like Apple](https://longbridge.com/zh-HK/news/279132395.md)