高盛-蘋果深度-9月蘋果的系列更新

3September2024|5:57PMEDT

AppleInc.(AAPL)

Buy

Septembereventpreview:ExpectiPhone16,updatedWatches,&AirPods

AAPL12m。Price。Target:。$276.00Price:。$222.77Upside:。23.9%

Applewillhostaspecialevent,“It’sGlowtime,”onSeptember9,2024,whenitiswidelyexpectedtoannouncenewproductsfortheiPhone16,AppleWatchSeries10/Ultra3/SE,and4th-gen

AirPods.Inthepast5years,AAPLstockunderperformedtheS&P500byanaverageof70bpsonthedayoftheiPhone

announcement,andweexpectthisyear’seventtobesimilarlyimmaterialtothestockprice.Thatsaid,upsidesurprisescould

include(1)theannouncementofapriceincreaseoniPhones;(2)earlier-than-expectedAIfeaturesandapps;(3)newiPad

announcements;and(4)better-than-expectedcarrierpromotions.

WereiterateourBuyratingonAAPLandbelievethatnewproductinnovationfortheiPhone16(e.g.,continuedprocessorinnovation,largerdisplaysizes,improvedcamerafeatures)coupledwithnewAIfeatures(e.g.,AppleIntelligence)shoulddriveupgradesand

installedbasegrowth.WeforecastiPhonerevenuetobe-1%yoyinF2024EbutexpectiPhonerevenuegrowthtoaccelerateto9%in

bothF2025andF2026,catalyzedbyAIfeaturesandnewiPhonehardwareformfactors.

_

Expectedkeyannouncements

iPhone16:SizeincreasesonPro/ProMax,WiFi7functionality,additionalhardware&softwareinitiatives,potentialprice

increasesonPro/ProMax

AAPLlikelywillannouncethelaunchof4newiPhone16models:(1)iPhone16(6.1”);(2)iPhone16Plus(6.7”);(3)iPhone16Pro(6.3”v.6.1”foriPhone15Pro);and(4)iPhone16ProMax(6.9”v.6.7”foriPhone15ProMax).Givenhistoricalpatternsofreleasingnew

modelstheFridayoftheweekfollowinganiPhonelaunch

MichaelNg,CFA

+1(212)902-8618|michael.ng@GoldmanSachs&Co.LLC

KatherineCampagna

+1(212)902-1151|katherine.a.campagna@GoldmanSachs&Co.LLC

ZoraydaMontemayor

+1(212)357-6403|zorayda.montemayor@GoldmanSachs&Co.LLC

ShelbySpencer

+1(212)902-5535|shelby.spencer@GoldmanSachs&Co.LLC

KeyData

Marketcap:$3.4trEnterprisevalue:$3.4tr 3mADTV:$13.7bnunitedStates

AmericasHardware,Media,andSMlDFintechM&ARank:3

GSForecast

Revenue($mn)New

Revenue($mn)OldEBITDA($mn)

EBIT($mn)

EPS($)New

EPS($)OldP/E(X)

Dividendyield(%)

Netdebt/EBITDA(X)

EPS($)

9/23383,285.0

383,285.0125,820.0114,301.0

6.13

6.1326.4 0.6(0.4)

6/24

1.40

9/24E390,644.0

390,641.2134,440.8122,994.2

6.71

6.7133.2 0.4(0.3)

9/24E

1.60

9/25E422,040.3

423,350.0145,825.8133,888.0

7.50

7.5229.7 0.5(0.3)

12/24E

2.42

9/26E465,229.0

463,944.9163,320.1150,746.5

8.67

8.6425.7 0.5(0.3)

3/25E

1.71

GSFactorPro?le

Growth

FinancialReturns

Multiple

Integrated

Percentile20th40th60th80th100th

AAPLrelativetoAmericasCoverage

AAPLrelativetoAmericasHardware,Media,andSMIDFintech

Source:Companydata,GoldmanSachsResearchestimates.Seedisclosuresfordetails.

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,

investorsshouldbeawarethatthe?rmmayhaveacon?ictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaf?liatesarenotregistered/quali?edasresearchanalystswithFINRAintheU.S.

GoldmanSachs

AppleInc.(AAPL)

RatingsinceMar5,2023

阝uv

Ratios&Valuation

P/E(X)

EV/EBITDA(X)EV/sales(X)

FCFyield(%)EV/DACF(X)CROCI(%)

ROE(%)

Netdebt/EBITDA(X)Netdebt/equity(%)Interestcover(X)

InventorydaysReceivabledays

Dayspayableoutstanding

9/23

26.419.9 6.5 3.921.361.8171.9 (0.4)(82.1)29.1 9.627.5108.0

9/24E

33.225.2 8.7 2.927.271.5162.3 (0.3)(57.1)29.312.128.3103.8

9/25E

29.722.6 7.8 3.824.180.5166.9 (0.3)(64.2)31.9 13.028.797.9

9/26E

25.7 19.6 6.9 4.421.087.6176.3 (0.3)(69.0)35.913.329.1100.2

Growth&Margins(%)

9/239/24E9/25E9/26E

Totalrevenuegrowth

EBITDAgrowthEPSgrowth

DPSgrowthGrossmarginEBITmargin

8.08.511.64.146.031.7

10.212.015.73.946.132.4

1.9 6.99.54.346.231.5

(2.8)(3.6)0.34.444.129.8

PricePerformance

AAPL($)S&P500

2606,500

2406,000

2205,500

2005,000

1804,500

1604,000

Oct-23Jan-24Apr-24Jul-24

3m6m12m

Absolute14.8%24.0%17.6%

Rel.totheS&P5007.4%12.8%(6.0)%

Source:FactSet.Priceasof3Sep2024close.

IncomeStatement($mn)

Totalrevenue

costofgoodssoldSG&A

R&D

otheroperatinginc./(exp.)

EBITDA

Depreciation&amortization

EBIT

Netinterestinc./(exp.)

lncome/(loss)fromassociates

Pre-taxprofit

provisionfortaxesMinorityinterest

preferreddividends

Netinc.(pre-exceptionaIs)Netinc.(post-exceptionaIs)EPS(basicrpre-except)($)

EPS(diIutedrpre-except)($)EPS(ex-ESOexp.rdiI.)($)

DpS($)

Div.payoutratio(%)

wtdavgsharesout.(basic)(mn)wtdavgsharesout.(diluted)(mn)

9/23

383,285.0(214,137.0) (24,932.0)(29,915.0)

--

125r820.0

(11,519.0)

114r301.0

(565.0)

--

113r736.0

(16,741.0)

--

--

96r995.096r995.0 6.166.13

--

0.94 15.315,744.215,812.5

9/24E

390,644.0(210,144.7) (25,894.0)(31,611.0)

--

134r440.8

(11,446.6)

122r994.2

200.0

--

123r194.2

(19,712.7)

--

--

103r481.6103r481.6 6.746.71

--

0.98 14.515,349.915,411.7

9/25E

422,040.3(227,948.3) (26,230.0)(33,974.0)

--

145r825.8

(11,937.7)

133r888.0

178.2

--

134r066.2

(21,450.6)

--

--

112r615.6112r615.6 7.537.50

--

1.02 13.614,962.015,022.7

9/26E

465,229.0(250,878.5) (27,030.0)(36,574.0)

--

163r320.1

(12,573.7)

150r746.5

399.8

--

151r146.3

(24,183.4)

--

--

126r962.9126r962.9 8.718.67

--

1.06 12.214,576.114,636.7

AppleInc.(AAPL)

BalanceSheet($mn)

cash&cashequivalentsAccountsreceivable

Inventory

Othercurrentassets

Totalcurrentassets

NetPP&E

Netintangibles

Totalinvestments

Otherlong-termassets

Totalassets

Accountspayable

Short-termdebt

CurrentleaseliabilitiesOthercurrentliabilities

Totalcurrentliabilities

Long-termdebt

Non-currentleaseliabilitiesOtherlong-termliabilities

Totallong-termliabilitiesTotalliabilities

Preferredshares

Totalcommonequity

Minorityinterest

Totalliabilities&equity

BVPS($)

9/23

29,965.029,508.06,331.077,762.0

143,566.0

43,715.0 6,512.0100,544.058,246.0

352,583.0

62,611.015,807.0

--

66,890.0

145,308.0

95,281.0

--

49,848.0

145,129.0290,437.0

--

62,146.0

--

352,583.0

3.95

9/24E

31,149.331,170.07,558.681,553.9

151,431.9

44,872.06,512.076,240.063,923.0

342,978.9

56,945.015,108.0

--

72,264.4

144,317.3

86,196.0

--

47,084.0

133,280.0277,597.3

--

65,381.5

--

342,978.9

4.26

9/25E

46,495.435,220.8 8,672.585,822.0

176,210.7

47,031.1 6,512.070,240.063,923.0

363,916.8

65,336.615,108.0

--

80,650.7

161,095.4

86,196.0

--

47,084.0

133,280.0294,375.4

--

69,541.4

--

363,916.8

4.65

9/26E

61,179.639,010.99,605.290,901.0

200,696.7

49,915.26,512.064,240.063,923.0

385,287.0

72,363.415,108.0

-

90,070.4

177,541.8

86,196.0

--

47,084.0

133,280.0310,821.8

--

74,465.2

--

385,287.0

5.11

CashFlow($mn)

Netincome

D&Aadd-back

Minorityinterestadd-back

Net(inc)/decworkingcapitalOthers

Cashflowfromoperations

Capitalexpenditures

AcquisitionsDivestituresOthers

Cashflowfrominvesting

Dividendspaid

Shareissuance/(repurchase)

Inc/(dec)indebtOthers

CashflowfromfinancingTotalcashflow

Freecashflow

Freecashflowpershare(basic)($)

9/23

96,995.011,519.0

--

(6,577.0)8,606.0

110,543.0

(10,959.0)

--

--

--

3,705.0

(15,025.0)(82,981.0)(9,901.0)

--

(107,929.0)6,319.0

99,584.06.33

9/24E

103,481.611,446.6

--

(16,376.2)9,622.3

108,174.2

(9,121.5)

--

--

--

18,907.5

(15,244.3)(99,779.0)

--

--

(125,897.3)1,184.3

99,052.66.45

9/25E

112,615.611,937.7

--

2,545.312,165.6

139,264.2

(11,296.9)

--

--

--

(3,296.9)

(15,321.3)(105,300.0)

--

--

(120,621.3)15,346.0

127,967.38.55

9/26E

126,962.912,573.7

--

1,844.512,773.8

154,154.9

(12,657.8)

--

--

--

(4,657.8)

(15,513.0)(119,300.0)

--

--

(134,813.0)14,684.2

141,497.29.71

Source:Companydata,GoldmanSachsResearchestimates.

_

3September20242

GoldmanSachs

AppleInc.(AAPL)

announcement,weexpecttheiPhone16seriestobecomeavailableonFriday,September20thwithpreordersstartingonFriday,September13.

Pressreportsregardingpriceincreasesaremixed,withTechradarexpectingpricestoincrease+$100acrossallfourmodels,withthebaseandPlusstartingat$899(v.$799prior)and$999(v.$899prior),andProandProMaxmodelsat$1,099(v.$999prior)and$1,299(v.$1,199prior),respectively,whileForbesexpectspricestoremainunchangedfromtheiPhone15familyofphones.However,similartoits2023priceincreaseonthebasemodeloftheiPhone15ProMax,whereitraisedentrypricesby$100($1,099to

$1,199)byeliminatingthe128GBstorageoption,AAPLcouldpossiblyraiseentrypricesontheiPhone16/Plus/Promodelsbyeliminatingthe128GBentry-levelstorageoption.

WenotethattheiPhoneProhasnotseenapriceincreasesinceitwas?rstintroducedwiththeiPhone11ProinSeptember2019.Inourview,AAPL’sinvestmentsiniPhonehardwareandacrosstheAppleecosystem(e.g.,software,services)inrecentyears

haveprovidedconsumerswithadditionalvalueandshouldhelpwarrantthepriceincreases.

Modestformfactorchangesareexpected,perBloomberg.Pressexpectationsfor

hardwareupdatesinclude(1)displaysizeincreasesfortheiPhonePro(6.3”v.6.1”15Pro)andProMax(6.9”v.6.7”15ProMax);(2)theintroductionofA18chipseriesmadewith3nmprocesswhichimprovesspeedandpoweref?ciency(3-nmchipspreviously

onlyfeaturedwithintheiPhone15ProandProMaxwithA17Prochips);(3)the

expansionoftheActionbuttontoalliPhone16models(v.15Pro/ProMaxonlyprior);and(4)improvedcamerafeatures,withverticallenseson16/16Plusmodelsanda

“Capture”button.

iPhone16tolaunchwithiOS18,whichasoutlinedinour2024WWDCreview,hasupdatescenteredaround(1)personalization(e.g.,rearrangeapps/widgetson

Homescreen;texteffectsandformattinginiMessages;ControlCentercustomization

options;Genmojis;customized?tnessgoalsonwatchOS;SmartStackwidget

noti?cationsonwatchOS);(2)privacy(e.g.,lock/hideapps;limitedcontactsharing;

_

Passwordsapp);and(3)productivity(e.g.newCalculatorapponiPad;iPhoneMirroringonmacOS).IndustryreportsbelieveAIfeatureslikelywillbeafewweeksdelayedfromtheiPhone16’slaunchandwilllaunchaspartoftheiOS18.1updateratherthantheiOS18launch.iOS18.1willlikelyfeaturevariousAIfunctionspreviouslyannouncedaspartofAppleIntelligenceatWWDCinJune2024including(1)improvedSirifunctionalities

withcontextualunderstanding,abilitytointeractviatext,anda“glowing”appearance;(2)generativewritingfeaturesincludingWritingToolsandSmartReplies;and(3)PhotoinnovationsincludingimprovedPhotoLibrarysearchfunctionalityandthe“CleanUp”editingfeature.

3September20243

GoldmanSachs

AppleInc.(AAPL)

Exhibit1:SummaryofkeychangesexpectediniPhone16,16Plus,16Pro,and16ProMax

Summaryofexpectedchanges

Keychangesexpected

iPhone16and16Plus

iPhone16Proand16ProMax

A18chip(3-nm)

A18Prochip(3-nm)

Verticaldualcamera

TetraprismTelephoto5XOpticalZoomLens

Capturebutton

Largerdisplaysizes(6.3"&6.9")

Actionbutton

Capturebutton

8GBRAM

8GBRAM

WiFi7

Newcolor:Darkgold/bronze/rosegold(rumored)WiFi7

Source:Bloomberg,MacR,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

_

3September20244

GoldmanSachs

AppleInc.(AAPL)

Exhibit2:AlthoughweforecastiPhonerevenuetodecline1%yoyinF2024,iPhonerevenueshouldgrow9%yoyinF2025andF2026

iPhonerevenue,annual($,bn)

Exhibit3:PricingexpectationsfortheiPhone16familyaremixed.WhilemostpressreportsexpectpricingtoremainunchangedfromiPhone15,somereportmodestincreases(+$100onbasemodelofeachdevice)

SummaryofiPhonemodelspecs,keydates,andpricing

$250

iPhonerevenue($,bn)

$200

$150

$100

$50

_

$0

YoYchange,%

50%40%30%20%10%0%-10%-20%

iPhone

Model

iPhone12

iPhone12Mini

iPhone12Pro

iPhone12ProMax

iPhone13

iPhone13Mini

iPhone13Pro

iPhone13ProMax

iPhoneSE(3rd-gen)

iPhone14

iPhone14Plus

iPhone14Pro

iPhone14ProMax

iPhone15

iPhone15Plus

iPhone15Pro

iPhone15ProMax

iPhone16

iPhone16Plus

iPhone16Pro

iPhone16ProMax

Displaysize(in)

Announce

date

Releasedate10/23/2020

11/13/2020

10/23/2020

11/13/2020

9/24/2021

9/24/2021

9/24/2021

10/13/20

10/13/20

10/13/20

10/13/20

9/14/21

9/14/21

9/14/21

6.1

5.4

6.7

6.7

6.1

5.4

6.1

9/24/2021

9/14/21

6.7

3/18/2022

9/16/2022

10/7/2022

9/16/2022

3/8/22

9/7/22

9/7/22

9/7/22

4.7

6.1

6.7

6.1

9/7/22

9/16/2022

6.7

9/12/23

9/12/23

9/12/23

9/22/2023

9/22/2023

9/22/2023

6.1

6.7

6.1

9/22/2023

9/20/2024

9/20/2024

9/20/2024

9/12/23

9/9/24

9/9/24

9/9/24

6.7

Storage(GB) 64128256 6412825612825651212825651212825651212825651212825651210001282565121000 641282561282565121282565121282565121000128256512100012825651212825651212825651210002565121000

6.1

128

256

512

6.7

128

256

512

6.3

128

256

512

1000

9/20/2024

6.9

9/9/24

256

512

1000

Launchprice($)

$799 $849 $949 $699 $749 $849 $999$1,099$1,299$1,099$1,199$1,399 $799 $899$1,099 $699 $799 $999 $999$1,099$1,299$1,499$1,099$1,199$1,399$1,599 $429 $479 $579 $799 $899$1,099 $899 $999$1,199 $999$1,099$1,299$1,499$1,099$1,199$1,399$1,599 $799 $899$1,099 $899 $999$1,199 $999$1,099$1,299$1,499$1,199$1,399$1,599

$799 $899$1,099 $899 $999$1,199 $999$1,099$1,299$1,499$1,199$1,399$1,599

Source:Companydata,GoldmanSachsGlobalInvestmentResearchSource:Companydata,GoldmanSachsGlobalInvestmentResearch

3September20245

GoldmanSachs

AppleInc.(AAPL)

Exhibit4:TheiPhoneannouncementeventhasnothistoricallybeenacatalystforoutperformance/underperformance

AbsoluteandrelativeAAPLperformancev.S&P500aroundiPhoneannouncementdates

iPhonegeneration

iPhone11,Pro,ProMax

iPhone12,Mini,Pro,ProMaxiPhone13,Mini,Pro,ProMaxiPhone14,Plus,Pro,ProMaxiPhone15,Plus,Pro,ProMax

iPhonegeneration

iPhone11,Pro,ProMax

iPhone12,Mini,Pro,ProMaxiPhone13,Mini,Pro,ProMaxiPhone14,Plus,Pro,ProMaxiPhone15,Plus,Pro,ProMax

AnnouncementDate

9/10/201910/13/20209/14/2021 9/7/20229/12/2023

AnnouncementDate

9/10/201910/13/20209/14/2021 9/7/20229/12/2023

-30Days

7%11%0%-7%1%

-30Days5%5%0%-1%0%

AbsoluteAAPLreturnfromannoucementdate

-7Days

-1Day

+1Day

+7Days

3%7%-3%-3%-5%

0%6%0%-1%1%

3%0%1%-1%-1%

2%-3%-3%0%2%

Announceday1%-3%-1%1%-2%

AAPLperformancev.S&P500aroundiPhoneannouncementdates

-1Day

-7Days

+1Day

+7Days

1%3%-2%-1%-5%

0%5%0%0%0%

2%1%0%-2%-1%

1%-1%-1%0%2%

Announceday1%-2%0%-1%-1%

+30Days

6% -2% -3%-10%3%

+30Days8%-2%-3%-2%5%

Source:FactSet,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit5:Better-than-expectedcarrierpromotionsforiPhone16coulddriveoutperformance

SelectiPhonecarrierpromotionsforiPhone12,13,14,and15

iPhonelaunchpromotionsbycarrier

ModelDateApplepricingAT&TVerizonT-Mobile

iPhone12

iPhone13

iPhone14

_

iPhone15

Oct-20release

Sep-21release

Sep-22release

Sep-23release

12mini:$69912:$799

12Pro:$999

12ProMax:$1099

13mini:$69913:$799

13Pro:$999

13ProMax:$1099

14:$799

14Plus:$899

14Pro:$999

14ProMax:$1099

15:$799(unchanged)

15Plus:$899(unchanged)

15Pro:$999(unchanged)

15ProMax:$1199(+$100;basemodelnow256GBv.128

GBprior)

offeringtheiPhone12for'free'withcertain

devicetrade-ins

(andcommitmentperiods)

ThroughApple:Upto$1000offinUSwhenyoutradein

$1000offiPhone13ProwhenyoutradeiniPhoneXSMaxorbetter

$700offiPhone13whenyoutradeiniPhoneXorbetter

ThroughApple:Upto$799/$899/$1000trade-

inbillcreditsover36monthsforiPhone

14/Plus/Pro

ThroughApple:Upto$799/$999trade-inbill

creditsover36monthsforiPhone15/15Plus/15

Pro/15ProMax

offeringtheiPhone12for'free'withcertaindevicetrade-ins (andcommitmentperiods)

ThroughApple:Upto$700creditaftertradein

ThroughApple:Upto$800trade-incredit ($410instantcredit,$390billcreditover36months),forGetMoreorOneUnlimitedplans

Upto$450trade-incredit(instantcreditonly)forDoMoreorPlayMoreplans

ThroughApple:Upto$800trade-increditforbothiPhone15and15Pro($425instantcredit,

$374billcreditover36monthsfor15),forUnlimitedUltimate,UnlimitedPlus,One

Unlimited,5GGetMore,5GDoMore,and5GPlayMoreplans

Upto$430increditaftertradeinfor15(instant

credit),$470for15Plus,$570mnfor15Pro,

and$650forUnlimitedWelcomeand5GStart

plans

twoiPhone12Prosfor$100

eachtonewcustomerswithtrade-ins

ThroughApple:$700ormoreincreditaftertradein.Includesadditional$500creditfromT-

Mobile/Sprint

Frompressrelease:freeiPhone13now,lock

in$800offintrade-invalueeverytwoyears,

forever

ThroughApple:Upto$850increditaftertrade

in.Includes$200creditfromSprint,$650

instantcredit)

ThroughApple:Upto$799increditaftertrade

infor15and15Plus($425instantcredit,$374

billcreditover24months);;Upto$999incredit

aftertradeinfor15Pro($555instantcredit,

$444billcreditover24months)forGo5GPlus

plan

Upto$430increditaftertradeinfor15(instantcredit),$470for15Plus,$570mnfor15Pro,and$650forProMaxforGo5G,TMOOne,

TMOOnePlus,MagentaMAX,orMagenaMAXPlusplan

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

Wearablesannouncements:AppleWatchSeries10,Ultra3,SE3,&newAirPods4th-gen

AppleWatchreleases

WeexpectAAPLtoannouncetheAppleWatchSeries10,AppleWatchUltra3,and

3September20246

GoldmanSachs

AppleInc.(AAPL)

AppleWatchSE3.TheAppleWatchSeries10&Ultra3willreportedlyincludeanew

S10processorthatimprovesperformance(thoughwillnotsupportAppleIntelligence).Inadditiontothenewprocessor,theAppleWatchSeries10modelsshouldfeature

largerdisplays(smallersizetogrowfrom41mmto45mm,largersizetogrowfrom45mmto49mm),andthemodelsshouldbeslightlythinnerrelativetotheSeries9.PressreportsindicatethattheAppleWatchSE3willalsoinclude(1)displayscreensize

increases(41mmv.40mmprior;45mmv.44mmprior),and(2)haveaplasticcase(v.aluminumprior).

WedonotexpectsubstantialpricechangesforAppleWatchmodelsversuspriorreleases.

_

3September20247

GoldmanSachs

AppleInc.(AAPL)

Exhibit6:WeexpecttheAppleWatchSeries10,AppleWatchUltra3,andSE3pricestobesimilarasthepreviousgeneration

AppleWatchproductsbykeyspecs,announcementdate,releasedate,andlaunchprice

AppleWatch

Model

AppleWatchSeries0

AppleWatchSeries1

AppleWatchSeries2

AppleWatchSeries3

AppleWatchSeries4

AppleWatchSeries5

AppleWatchSE(1st-gen)

AppleWatchSeries6

AppleWatchSeries7

AppleWatchSE(2nd-gen)

_

AppleWatchSeries8

AppleWatchUltra

AppleWatchSeries9

AppleWatchUltra2

AppleWatchSeries10

AppleWatchUltra3

AppleWatchSE(3rd-gen)

Otherspecs

GPSGPSGPSGPSGPSGPSGPSGPS

GPS+CellularGPS+CellularGPS

GPS

GPS+CellularGPS+Cellular

GPSGPS

GPS+CellularGPS+CellularGPS

GPS

GPS+CellularGPS+Cellular

GPSGPS

GPS+CellularGPS+CellularGPS

GPS

GPS+CellularGPS+Cellular

GPSGPS

GPS+CellularGPS+CellularGPS

GPS

GPS+CellularGPS+CellularGPS+CellularGPS

GPS

GPS+CellularGPS+CellularGPS+Cellular

GPSGPS

GPS+CellularGPS+CellularGPS+CellularGPS

GPS

GPS+CellularGPS+Cellular

DisplaySize(mm)

38

42

38

42

38

42

38

42

38

42

40

44

40

44

40

44

40

44

40

44

40

44

40

44

40

44

41

45

41

45

40

44

40

44

41

45

41

45

49

41

45

41

45

49

45

49

45

49

49

41

45

41

45

Announce

Date

9/9/2014

9/7/2016

9/8/2016

9/12/20179/12/20179/12/20179/12/20179/12/20189/12/20189/12/20189/12/20189/10/20199/10/20199/10/20199/10/20199/15/20209/15/20209/15/20209/15/20209/15/20209/15/20209/15/20209/15/20209/14/20219/14/20219/14/20219/14/2021 9/7/2022 9/7/2022 9/7/2022 9/7/2022 9/7/2022 9/7/2022 9/7/2022 9/7/2022 9/7/20229/12/20239/12/20239/12/20239/12/20239/12/2023

9/9/20249/9/20249/9/20249/9/20249/9/20249/9/20249/9/20249/9/20249/9/2024

ReleaseDate4/24/2015

9/12/2016

9/16/2016

9/22/20179/22/20179/22/20179/22/20179/21/20189/21/20189/21/20189/21/20189/20/20199/20/20199/20/20199/20/20199/18/20209/18/20209/18/20209/18/20209/18/20209/18/20209/18/20209/18/202010/15/202110/15/202110/15/202110/15/20219/16/20229/16/20229/16/20229/16/20229/16/20229/16/20229/16/20229/16/20229/23/20229/22/20239/22/20239/22/20239/22/20239/22/2023

9/20/20249/20/20249/20/20249/20/20249/20/20249/20/20249/20/20249/20/20249/20/2024

LaunchPrice($)

$349$399$269$299$369$399$329$359$399$429$399$429$499$529$399$429$499$529$279$309$329$359$379$429$499$529$399$429$499$529$249$279$299$329$399$429$499$529$799$399$429$499$529$799

$399$429$499$529$799$249$279$299$329

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

3September20248

GoldmanSachs

AppleInc.(AAPL)

AirPodsreleases

WeexpectAAPLtoannouncethe4thgenerationofAirPods.Accordingtopressreports,

the4thgenerationofAirPodswillreportedlyfeaturetwomodels,withthehigherpricedmodelhavingNoiseCancellationfunctionalityaswellasaspeakerinthecasefor

locationtracking.4thGenAirpodsareexpectedtohaveUSB-Cchargingports.

iPad:potentialannouncementsfornewiPadandiPadMini

SeveralpressreportsexpectthepotentialannouncementsofanewiPadandiPadMini,roundingouttheremainingiPadupdatesthisyearfollowingthepreviouslyannouncedupdatestotheiPadAirandiPadProinMay2024.Thatsaid,thenextiPadMiniwill

reportedlyfeatureanOLEDdisplay,whichcouldpushthelaunchofthenext-geniPadMinito2026.Accordingly,weviewthelikelihoodofnewiPadannouncementsatthisevent-particularlythatoftheiPadMi