The report pointed out that with the market for the first quarter of 2018 Apple iPhone X will have a 20% growth to flatten the different expected first quarter of 2018 Apple iPhone X will have 10% of the reason for the decline in shipments is based on the survey, the supply The chain was still optimistic about shipments in the first quarter of 2018 in early November 2018. However, by the end of November, in addition to the news that some Apple suppliers cut orders, it is expected that the first quarter of 2018 iPhone X Shipments will be downsized risk.
The key to lower volume is in the high pricing, especially in the mainland China market, so it is estimated that the first quarter of 2018 Apple iPhone X shipments of 30 million, compared to 2017 4 Quarter drop of 10% in the case of an estimated 33 million sticks, and half of the 30 million sticks are stockpiles prepared on the way, with a real demand of only 15 million. In that case, Making the second quarter of 2018 shipments even more weak.
The legal person does not hold too high expectations for Apple's upcoming new iPhone in 2018. This is mainly due to the launch of three new iPhones to be launched in 2018, including the 6.5-inch OLED version, the 5.8-inch OLED version and the 6-inch LCD version So these three models will be very similar with the current iPhone X, coupled with OLED models may still be high price, therefore, Apple's loyal users may delay the replacement, fear of impact on the second half of 2018 iPhone sales momentum .
As far as regional pricing is concerned, iPhone pricing in China is higher than RMB8,388, which will make it difficult for Apple to continue to increase its market share in China after the launch of iPhone X. The market is regaining its grip with iOS stickiness The market share of the argument may not stand. Because China's main software has 'App on App' features (such as WeChat), so iOS compatibility is not necessarily better than Android.On the other hand, 6-inch LCD The models are similar in design to other models, but the selling price will be lower due to the panel cost, so the sales performance will be superior to other models, leading to weaker product mix of most suppliers. However, .
However, the legal entity reiterated its continued optimism about the theme of Augmented Reality (AR) that the AR / 3D sensing supply chain will continue to benefit from the multi-year adoption cycle set by Apple, so it is expected that in the second half of 2018, the iPhone will fully adopt the preposition 3D sensing module, but it will not enter the stronger AR cycle at least until 2019 because the rear-facing 3D sensing lens and MR (mixed reality) glasses may come out to meet more needs.
Therefore, based on the above considerations, the legal person's capital adequacy ratio has been reduced to "hold" and maintained a conservative view of Hon Hai, Heshuo, Yicheng, Chen Hong, Cheung Chung and Kaisheng-KY. However, , But reiterated its comment on Kenting's Buy rating due to the expansion of market share of the two companies. In addition, it also reaffirmed AAC's "Buy" rating because of the strong optical outlook and the iPhone And Android camp will use more high average selling price of acoustic products.