According to a research report by Guosheng Securities, Apple's (AAPL) products and services saw steady growth in the fourth quarter of the 2024 fiscal year. In the fourth quarter of fiscal year 2024, Apple's revenue was $94.9 billion, of which revenue from its product/service business was $70/25 billion. 1) Hardware products: iPhone revenue returns to positive growth. Product side: 2) iPhone's revenue in the fourth quarter of fiscal year 2024 (corresponding to the third quarter of 2024) was $46.2 billion. 3) Service business: A new high in paid subscriptions. Apple's service business revenue for this quarter was $25 billion, with double-digit growth and new highs in revenue across multiple service segments. The number of paid accounts has grown at a double-digit rate, reaching a new high. 4) The first batch of Apple Intelligence features has been officially launched, and the layout of end-to-end AI has been launched. On October 28th, Apple released the first batch of features for Apple Intelligence with free updates for iOS 18.1, iPad OS 18.1, and Mac OS Sequoia 15.1. 5) Recently, there has been a continuous stream of new AI products on the industry side, from Apple Intelligence to Google Gemini Live, from AutoGLM to Honor AI intelligent smartphones. The iteration of AI agents on the industry side is expected to not only drive hardware upgrades and replacements, but also have a positive impact on the monetization of service related products for whole machine brands. Apple Inc. (AAPL) has a reasonable stock price of $240 and reiterates its "overweight" rating. In the future, the potential wave of device upgrades brought by "Apple Intelligence" and the changes and monetization of Apple's service business model may become important factors driving the company's performance and valuation.