[China Merchants Electronics] Apple 26CQ2 Tracking: Q2 Results Beat Expectations, Q3 Outlook Slightly Affected by FX Headwinds and Supply Constraints, Grasp Quality Alpha Leaders in the Supply Chain

English summary

#1. 26Q2: Revenue and profit both beat expectations, driven mainly by iPhone and Mac. Apple's June quarter revenue was $109.42 billion, up 16.4% YoY, beating market expectations ($108.96 billion); net profit was $29.79 billion, up 27.1% YoY, beating market expectations ($27.68 billion). Revenue set a June quarter record, with double-digit growth in all regions despite supply constraints. By business: 1) iPhone: Revenue of $54.25 billion, beating market expectations ($53.86 billion), a June quarter record, up 21.7% YoY, driven by the iPhone 17 series, with double-digit growth in most markets. 2) Mac/iPad: Mac revenue of $10.35 billion, beating market expectations ($8.74 billion), up 28.7% YoY, a June quarter record, driven by MacBook Pro and new MacBook neo, achieving growth despite obvious supply constraints;…