研究报告全文：13Sep2023CMBInternationalGlobalMarketsEquityResearchSectorUpdateOUTPERFORMChinaTechnologyMaintainApplelauncheventiPhone15AppleWatchinlineOUTPERFORMMaintainCameraupgraderemainsthemajorfocusAppleintroducedfournewiPhone15models1515Plus15ProProMaxChinaTechnologySectorfeaturingmajorcameraupgradeperiscopelens3nmA17ProchipstitaniumalloycasingUSB-CsocketcustomizableactionbuttonandspatialvideosupportforVisionProdisplayApplealsoupdatedtwoAppleWatchSeries9AlexNGUltra2Webelievemostspecarein-linewithexpectationsandnopricehike85239000881alexngcmbicomhkforallmodelssamestoragewillbepositivetosharegainForstocksgivenmajorupgradesincameraUSB-Candmid-framecasingwepreferAppleClaudiaLIUsupplychainsuchasLuxshareforiPhoneWatchOEMsharegainBYDEforclaudialiucmbicomhktitaniumcasingupgradetrendJabilTongdaforstructuralcomponentupgradeFITHonTengforUSB-CadoptionandSunnyOpticalCowellforimprovedcameraperiscopeEventwasin-linewithourexpectationsNopricehikeforiPhonewillboostsharegainApplelaunchedanewgenofiPhone151515Plus15ProProMaxwithspecpricinglargelyin-linewithourexpectationsMostupgradesA17Prochiptitaniumcasingperiscopecamwillcometohigh-endPromodelsbut48MPrearcameraandUSB-Cconnectorwillalsobeintroducedto1515PlusmodelsWebelievenopriceincreaseforalliPhone15modelswillofferacompetitivepositioninthepremiumsegmenttogainmoreshareandreducedpriceforoldermodelsegiPhone1413willdrivevolumeupsideOverallweexpectiPhoneshipmentof223mninFY23E-1YoYvs-5YoYindustrybackedbysharegaininIndiaLATAMSEAandreplacementdemandfrombigiPhone12installedbaseFig5AppleWatchSeries9Ultra2bringmoreinnovationsTheAppleWatchSeries9featuresbetterscreennewS9SiPchipdoubletapgestureandprecisionfindingfunctionAppleWatchUltra2comeswithtitaniumdesignbiggerandbrighterscreennewactionbuttonandalsofeaturesnewdoubletapgesturefunctionThepricelevelofWatchUltra2maintainedstartingatUS799WebelieveastrongproductpipelinewillsolidifyAppleWatchspositioningwithintheecosystemAccumulateApplenamesonrecentweaknessToppicksLuxshareBYDEFITHonTengandTongdaAlthoughApplenamesunderperformedoverthepastmonthduetoHuaweiMate60ProlaunchandUS-ChinatensionswebelieveastrongAppleproductline-upshouldrevivepositivesentimentonthesupplychainin4Q23EWepreferApplenameswithspecupgradeandsharegainsuchasLuxshareforiPhoneWatchOEMBYDEfortitaniumcasingJabilTongdaforstructuralcomponentmaterialupgradeFITHonTengforUSB-CupgradeandSunnyOpticalCowellforimprovedcameraperiscopeValuationTableMktCapPriceTPUpDownPExPBxNameTickerRatingUSmnLCLC-sideFY23EFY24EFY23EFY24ELuxshare002475CHBUY284002901449551811442018BYDE285HKBUY10452363420162111712522FITHonTeng6088HKBUY969104219869560404Tongda698HKBUY1010080211045280101Goertek002241CHBUY72841551176133531651715SunnyOptical2382HKHOLD86766190783263342172624AACTech2018HKHOLD2141139814002461410706SourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk13Sep2023Figure1iPhone15series2023vsiPhone14series2022vsHuaweiMate60seriesiPhone15iPhone15PlusiPhone15ProiPhone15ProMaxiPhone14iPhone14PlusiPhone14ProiPhone14ProMaxHUAWEIMate60HUAWEIMate60ProStartingPrice79989999911997998999991099RMB5999RMB6999128GB799899999-7998999991099256GB8999991099119989999910991199512GB109911991299139910991199129913991TB--14991599--14991599128GB256GB128GB256GB128GB256GB128GB256GB128GB256GB128GB256GB128GB256GBStorage256GB512GB1TB512GB1TB512GB1TB512GB512GB512GB1TB512GB512GB512GB1TB512GB1TBScreenSize61inches67inches61inches67inches61inches67inches61inches67inches669inches682inchesResolution2532x11702778x12842556x11792796x12902688x12162720x1260AdaptiverefreshProMotion120HzProMotion120HzProMotion120HzProMotion120Hz300Hz300HzProcessorA164nmA164nmA17Pro3nmA17Pro3nmA15A155nmA155nmA164nmA164nmKirin9000s7nmKirin9000s7nmDualcamerasDualcamerasThreecamerasThreecamerasDualcamerasDualcamerasThreecamerasThreecameras50MPmainf14-4050MPmainf14-4048MPMainf1648MPMainf1648MPMainf17848MPMainf17812MPMainf1512MPMainf1548MPMainf17848MPMainf17812MPf22ultrawide12MPf22ultrawide12MPUltrawidef2412MPUltrawidef2412MPUltrawidef2212MPUltrawidef2212MPUltrawidef2412MPUltrawidef2412MPUltrawidef2212MPUltrawidef2212MPperiscope48MPtelephotof3012MP2xTelef1612MP2xTelef17812MP2xTelef1782xopticalzoom2xopticalzoom12MP2xTelef17812MP2xTelef178telephotof34Rearcamera2xopticalzoominout12MP2xTelef1612MP3xTelef2812MP5xTelef28Digitalzoom5xDigitalzoom5x12MP3xTelef2812MP3xTelef28Digitalzoom10x2xopticalzoominoutOpticalzoom3xin2xtetraprismdesignOpticalzoom3xOpticalzoom3xDigitalzoom10xoutOpticalzoom5xin2xDigitalzoom15xDigitalzoom15xDigitalzoom15xoutDigitalzoom25xPinkyellowgreenPinkyellowgreenNaturalblueblackNaturalblueblackMidnightpurpleMidnightpurpleSpaceblacksilverSpaceblacksilverGreenpurpleblackGreenpurpleblackColorsblueblackblueblackwhitewhitestarlightredbluestarlightredbluegolddeeppurplegolddeeppurplesilversilverBatterysizeUpto20hoursUpto26hoursUpto23hoursUpto29hoursUpto20hoursUpto26hoursUpto23hoursUpto29hours4750mAh5000mAhSize58x28x03inch63x31x03inch58x28x03inch63x31x03inch1614x76x795mm16365x79x81mmWeight607ounces716ounces727ounces847ounces209g225gRoadsideRoadsideRoadsideRoadsideRoadsideRoadsideRoadsideRoadsideYesYesSatellitecallAssistanceAssistanceAssistanceAssistanceAssistanceAssistanceAssistanceAssistanceEmergencySOSEmergencySOSEmergencySOSEmergencySOSEmergencySOSEmergencySOSEmergencySOSEmergencySOSOperatingsystemiOS17iOS17iOS17iOS17iOS16iOS16iOS16iOS16HarmonyOS4HarmonyOS4Type-CTitaniumType-CTitaniumType-CdynamicType-CdynamicOtherupgradesdesignSpatialvideosdesignSpatialvideosDynamicislandDynamicislandislandislandforVisionProActionforVisionProActionButtonButtonSourceAppleCMBIGMSourceTechInsightsFigure2AppleiPhone15ProseriesFigure3NewAppleWatchseries9andUltraSourceAppleCMBIGMSourceAppleCMBIGMFigure4Supplychainmappingandsalesmixexposure2023EOtherCNCompanyTickerAppleHuaweiSamsungOthersMajorproductsbrandsAACTech2018HK45525205AcousticshapticsopticscasingFITHonTeng6088HK40357ConnectorwirelesschargingaccessoriesSunnyOptical2382HK35156215CameramodulehandsetlenssetsautolensmoduleBYDE285HK405103015MetalglassplasticscasingODMOEMautomobileTongda698HK37223227MetalplasticcasingwaterproofhouseholdsportsQ-Tech1478HK58515CammodulelensfingerprintmodulesautocammoduleTKGroup2283HK298PlasticmoldingplasticprecisionTruly732HK56035CameramodulesfingerprintdisplaymodulesCowell1415HK9055CameraModuleLuxshare002475CN655327iPhoneAirPodsWatchOEMacousticshapticsautocommGoertek002241CN3555550AcousticsAirPodsWatchOEMARVRgamingconsoleSourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE213Sep2023Figure5ApplesiPhoneshipmentbyquarterCYiPhone6iPhone12iPhone7iPhone13Unit000ASP6875GmodelASP695iPhone8XiPhone15ASP79690000iPhone6siPhone11Pro60ASP691iPhone551iPhone14ASP642iPhoneXRXS80000464550iPhone5s404070000ASP637352926306000022232019171620500001377871053333400002122220-1-10-100-3-2-20-5-6-1030000-12-11-10-16-15-15-1820000-20-3010000-30--403Q134Q131Q152Q153Q164Q161Q172Q183Q184Q191Q202Q203Q214Q211Q232Q233Q234Q121Q132Q131Q142Q143Q144Q143Q154Q151Q162Q162Q173Q174Q171Q184Q181Q192Q193Q193Q204Q201Q212Q211Q222Q223Q224Q224Q24E4Q23E1Q24E2Q24E3Q24EiPhoneshipmentYoYSourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE313Sep2023Figure6PeersComparisonMktCapPriceTPUpDownPExPBxROECompanyTickerRatingUSmnLCLC-sideFY23EFY24EFY23EFY24EFY23EFY24EOpticsSunnyOptical2382HKHOLD8676619078326334217262478112QTech1478HKBUY445294362210555060659103Cowell1415HKNR15351414NANA2291343628152229Largan3008TTNR83872010NANA1531371716112115Genius3406TTNR1336379NANA1561382019133146Primax4915TTNR10347140NANA1191081817155160Lite-On2301TTNR918212400NANA1881563434185216O-Film002456CHNR2693602NANA--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-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE5