Apple's high-end machine demand is strong spot general premium, the industry chain or will add a single iPhone 14 Pro

21st Century Business Herald reporter Zhang Sainan reported from Shanghai

The polarization of iPhone 14 series sales for the standard and Pro editions continues.

On September 20, 21st Century Business Herald reporters searched on a second-hand platform and found that the iPhone 14 Pro series generally premium 300-400 yuan, and most of them reached thousands of yuan. The iPhone 14 has a "break" in the second-hand market, and the resale price is 100-200 yuan lower than the official price, and most of them are sold at a loss of 400 yuan.

In the Jingdong mall, the iPhone 14 Pro series is still in the "sold out" or "reserved" state, and the iPhone 14 is in stock.

Last week, it was reported that because the iPhone 14 high-end model sales were better than expected, Apple urgently added 20 million orders, and mainly based on the iPhone 14 Pro Max.

Only this past weekend, Tianfeng Securities well-known Apple analyst Guo Mingxi recently posted that due to the strong demand for the iPhone 14 Pro, Apple has asked Hon Hai to switch the production line of the iPhone 14 to the iPhone 14 Pro model, which is equivalent to increasing the iPhone 14 Pro shipment forecast in the fourth quarter by about 10%.

The strong demand for the iPhone 14 Pro and iPhone 14 Pro Max is undoubtedly good news for the sluggish Apple industry chain.

Spot premiums narrowed

At about 4 p.m. on September 20, the 21st Century Business Herald reporter checked on Apple's official website and found that the iPhone 14 Pro delivery time was 5-6 weeks, that is, November to ship; Pro Max models ship in 6-7 weeks; The iPhone 14 is still in stock.

Due to the popularity of bookings, the iPhone 14 series is actively traded second-hand. On the first day of the release of Apple's iPhone 14 series on September 16, the 21st Century Business Herald reporter pointed out that the iPhone 14 Pro series appeared premium on the second-hand platform, and the price increase ranged from 1000-2000 yuan. The current premium still exists, but the markup is relatively narrowed, and the price increase of the iPhone 14 Pro small-capacity version is generally reduced to less than 500 yuan.

In some Apple licensing stores, the spot premium of the iPhone 14 Pro version is still as high as 1,000 yuan, and the price increase of the iPhone 14 Pro Max large memory version is even as high as 2,000 yuan. The clerk of an Apple authorized store introduced to the 21st Century Business Herald reporter, "Because the official website delivery has been scheduled after November, there are only a small amount of spot in the store, and some models have a premium, especially the high-end version of the dark purple model with a higher premium." ”

However, in many authorized stores, the price of the iPhone 14 is basically the same as the official website. On a second-hand platform, the standard version price even appeared "broken", which was 100-200 yuan lower than the official website price.

The iPhone 14 was cold, and the market had long expected it. Compared with the iPhone 13, the iPhone 14 has almost no upgrade, the chip still uses the A15, the appearance has not changed significantly, and the small upgrade is obviously difficult to meet the consumer experience, which is considered by the market to be "clear inventory".

The user experience of the Pro series is better, the series is equipped with a new A16 bionic chip, using a "pill screen" design; Added Smart Island feature; The camera features are upgraded in all directions, and the telephoto camera is increased up to twice as much.

Guo Mingxi said earlier that the pre-order results of the iPhone 14 and iPhone 14 Plus in the first weekend were not as good as the iPhone SE 3 and iPhone 13 mini, and there was a possibility of cutting orders, and the possibility of cutting orders was increasing. The iPhone 14 Pro and iPhone 14 Pro Max, compared with the iPhone 13 Pro and iPhone 13 Pro Max, the pre-order results show a "neutral" and "good" trend.

High-end machine shipments improve the good industrial chain

The high proportion of shipments of high-end iPhone models has become the norm. Previously, due to the strong sales of the iPhone 13 Pro series, Apple also reported plans to significantly increase the production of the iPhone 13 Pro series models.

Last week, there were media reports that Apple increased orders for two high-end versions of the iPhone 14, urgently adding 20 million units, and mainly based on the iPhone 14 Pro Max. According to the previous forecast of 90 million units this year, the order will increase to 110 million units after adding 20 million units.

The news has not been confirmed by Apple, but the news on the supply chain side supports the above rumors. Related reports show that Samsung has received a notice from Apple to add about 20 million iPhone 14 Pro series panel orders, equivalent to more than 22% increment.

Supply chains are constantly changing. Guo Mingxi's latest article pointed out that due to the strong demand for the iPhone 14 Pro, Apple has asked Hon Hai to switch the production line of the iPhone 14 to the iPhone 14 Pro model, which is equivalent to increasing the iPhone 14 Pro shipment forecast in the fourth quarter by about 10%.

He said that at present, only a few parts suppliers such as Samsung Display have changed their orders to reflect Hon Hai's production line conversion, and he expects that most suppliers will also receive requests from Apple's Pro series in the next few weeks.

In the A-share market where Apple suppliers are everywhere, chips, cameras, panels and other links are involved in the company. On September 20, the 21st Century Business Herald reporter contacted a number of fruit chain companies to ask whether the order had changed, and the other party had refused to interview on the grounds that it was inconvenient to comment on specific customers.

But investors still smell the opportunity of the industry chain. The reporter noted that on the interactive platform, there has been a surge in questions related to Apple's supply chain in recent days, and investors have asked about the additional orders related to listed companies. Industry insiders believe that core component manufacturers will benefit from Apple's additional orders.

Xu Tao, an electronics researcher at CITIC Securities, said that it is expected that the stocking volume of the iPhone 14 series in the second half of 2022 is expected to reach the order of 80-90 million units, which is basically the same as the 13 series in 2021. "Based on the current reservation situation and delivery cycle, it is expected that the follow-up Apple or adjust the stock structure, is expected to increase the proportion of Pro series stocking, related supply chain companies, such as optical, display, structural parts, soft boards, etc. are expected to benefit."

Taking the camera as an example, considering that the iPhone 14 Pro and iPhone 14 Pro Max are both rear triple cameras, the addition of a single will obviously benefit high-end camera parts suppliers. Guo Mingxi revealed that the main high-end component suppliers of the iPhone 14 rear camera include: Sony (CIS), Minebea (voice coil motor for one supply), Daliguang (lens, voice coil motor two supply), Alps (VCM/OIS) and LG Innotek (camera module) and so on.

In terms of A shares, the reporter from Crystal Optoelectronics (002273. SZ) learned that the company supplies a series of optical components for the front and rear cameras, face recognition modules, camera covers, etc. of Apple smartphones.

In terms of screen, according to previous reports, there are three iPhone 14 series panel suppliers, namely Samsung, BOE (000725. SZ) and LG Display. Among them, Samsung panels have an 82% share, LG Display panels account for 12%, and the remaining 6% are provided by BOE.

In addition, from Anjie Technology (002635. SZ) news shows that it provides Apple with related precision functional devices, precision structural parts and other products. Ultrasonic Electronics (000823. SZ) also recently replied on the interactive platform that it is Apple's PCB supplier.

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