{
  "title": "蘋果漲價100美元，毛利還是守不住",
  "date": "2026-10-29",
  "url": "https://valueledger.co/notes/2026-10-29-research-apple-iphone18-price-hike-margin.html",
  "md_url": "https://valueledger.co/notes/2026-10-29-research-apple-iphone18-price-hike-margin.md",
  "summary": "7 月 30 日，庫克（Tim Cook）主持他最後一場執行長身分的財報會。毛利率 50.1%，扣掉關稅退款只剩 48.1%。",
  "key_numbers": [
    {
      "number": "50.1%",
      "sentence": "毛利率 50.1%，扣掉關稅退款只剩 48.1%。"
    },
    {
      "number": "48.1%",
      "sentence": "毛利率 50.1%，扣掉關稅退款只剩 48.1%。"
    },
    {
      "number": "1,199 美元",
      "sentence": "9 月 9 日發表的 iPhone 18 Pro 起價 1,199 美元，比上一代貴 100 美元，記憶體還是 12GB（MacRumors，2026-10-09）。"
    },
    {
      "number": "100 美元",
      "sentence": "9 月 9 日發表的 iPhone 18 Pro 起價 1,199 美元，比上一代貴 100 美元，記憶體還是 12GB（MacRumors，2026-10-09）。"
    },
    {
      "number": "100 美元",
      "sentence": "*漲了 100 美元，記憶體還在漲，貨卻沒有多拉。"
    },
    {
      "number": "1.2 個百分點",
      "sentence": "Apple 財務長帕瑞克（Kevan Parekh）在 7 月的法說會上算過帳：第二季到第三季，扣除關稅退款的毛利率掉了 1.2 個百分點，記憶體一項就解釋了全部（Tom's Hardware，2026-07-30）。"
    },
    {
      "number": "47%",
      "sentence": "他給 9 月季的毛利率指引是 47% 到 48%，裡面還含約 1 個百分點的關稅退款（9to5Mac、Tom's Hardware，2026-07-30）。"
    },
    {
      "number": "48%",
      "sentence": "他給 9 月季的毛利率指引是 47% 到 48%，裡面還含約 1 個百分點的關稅退款（9to5Mac、Tom's Hardware，2026-07-30）。"
    },
    {
      "number": "1 個百分點",
      "sentence": "他給 9 月季的毛利率指引是 47% 到 48%，裡面還含約 1 個百分點的關稅退款（9to5Mac、Tom's Hardware，2026-07-30）。"
    },
    {
      "number": "46.5%",
      "sentence": "扣掉這筆，中點大約 46.5%。"
    }
  ],
  "companies": [
    {
      "code": "3008",
      "name": "大立光"
    },
    {
      "code": "2317",
      "name": "鴻海"
    },
    {
      "code": "3406",
      "name": "玉晶光"
    },
    {
      "code": "4958",
      "name": "臻鼎-KY"
    },
    {
      "code": "6176",
      "name": "瑞儀"
    }
  ],
  "sources": [
    "https://www.sec.gov/Archives/edgar/data/0000320193/000032019326000018/a8-kex991q3202606272026.htm",
    "https://www.macrumors.com/2026/07/30/tim-cook-on-apple-price-increases/",
    "https://www.tomshardware.com/tech-industry/apple-nearly-doubled-its-inventory-to-11-09-billion-as-memory-costs-ate-its-gross-margin",
    "https://9to5mac.com/?p=1062924",
    "https://fortune.com/2026/07/30/tim-cook-signed-off-on-his-final-apple-earnings-call-with-a-warning-about-a-hundred-year-flood-in-memory-chip-pricing/",
    "https://www.macrumors.com/2026/10/09/apple-cuts-iphone-18-pro-orders-price-demand/",
    "https://www.macrumors.com/2026/10/09/apple-shares-fall-after-iphone-18-pro-order-cuts/",
    "https://www.macrumors.com/2026/09/09/iphone-18-pro-preorders-release-date-announced/",
    "https://gadgets.beebom.com/news/apple-confirms-q4-2026-earnings-call-date",
    "https://www.benzinga.com/trading-ideas/movers/26/10/62557439/can-apple-top-nvidia-iphone-duo-and-nov-2-earnings-hold-the-key",
    "https://www.macrumors.com/2026/01/29/apple-1q-2026-earnings",
    "https://www.trendforce.com/presscenter/news/20260930-13258.html",
    "https://technews.tw/2026/10/08/largan-2026-q3-financial-report/",
    "https://money.udn.com/money/story/5710/9795876",
    "https://openapi.twse.com.tw/v1/opendata/t187ap05_L",
    "https://www.sec.gov/Archives/edgar/data/320193/000032019319000002/a8-kexhibit991122019.htm"
  ]
}