According to reports, US investment bank JPMorgan Chase pointed out in a recent report that in October, Apple’s smartphone shipments to China showed a strong rebound, which could mean that the new iPhone 13 mobile phone will have a good product cycle performance in the Chinese market.
JPMorgan Chase analyst Samick Chatterjee analyzed the latest data released by the China Academy of Information and Communications Technology in a research report. This data shows that Apple’s latest iPhone 13 and iPhone 13 Pro mobile phones have good sales potential in the Chinese market.
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According to data from the Institute of Information and Communications Technology, in October, international brand mobile phones (mainly Apple mobile phones) sales in the Chinese market were 10.8 million units, far higher than the traditional historical average of 6.1. million units.
This data has improved significantly compared to the sluggish performance of Apple’s mobile phones in China over the past few months. Chatterjee pointed out in the report that in October, sales of international brand mobile phones in the Chinese market also hit a new high since November 2014.
Compared to September, international brand smartphone sales in China increased by 882% month-on-month and 83% year-on-year in October. In October, smartphone sales in China increased by 57% month-on-month, and this growth rate was also much higher than before.
In the Chinese market, 5G mobile phone sales grew 76% month-on-month in October, accounting for 79% of all mobile phone sales. 5G mobile phone sales increased by 58% compared to the same period last year.
For Apple stock, JPMorgan Chase analysts still maintain an overweight rating, and the target stock price for the next 12 months is set at $180. Currently, JPMorgan Chase predicts that Apple’s net profit per share will be $6 in 2022, and Chatterjee has set a 30-times price-to-earnings ratio for Apple’s stock.
