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Morgan Stanley: Wall Street did not understand the Chinese market iPhone was not left out

via:博客园     time:2017/8/30 9:01:32     readed:612

BI Chinese station reported on August 29

At present, the eyes of the world are focused on Apple's body.

Apple will be held on September 12 autumn conference, is expected to release iPhone 7s, iPhone 7s Plus and iPhone 8 three new phones.

Morgan Stanley analyst Katie & middot; Hubert (Katy Huberty) said that this conference will make Apple into the so-called "super cycle" and "mdash; & mdash; which the Chinese market will drive the majority of growth."

Hubert recently told Business Insider that Wall Street had fundamentally misunderstood the Chinese market. Hubert is expected by the Chinese market to promote the next fiscal year Apple iPhone sales will grow 23%, much higher than Wall Street expected 13%.

Chinese Consumers:

Hubert said: "The market misread the Chinese market." If you look at Apple's performance last year, the Chinese market is disappointing. Many investors believe that Apple's competitive advantage is being Vivo or Lenovo and other local brands eroded. But we do not think so. & Rdquo;

"In the Chinese market, Mac computer to double-digit growth, iPad to double-digit growth, service business gains also double-digit, only the iPhone for the growth." In this regard, a reasonable explanation is: consumers are willing to buy Apple's products, but the appearance of the iPhone three years basically unchanged. We believe that Chinese consumers are just waiting. & Rdquo;

Data Misreading:

Wall Street looks at shipments data. Based on shipments, the share of Chinese smartphone makers is improving. But we believe that shipments data is misleading Wall Street. A mobile phone manufacturers to enter the channel after the product, whether or not sold or activated, are regarded as shipments. We have seen, for relatively cheap mobile phone brands to provide chip chip manufacturers appeared in the doldrums, because the phone inventory is larger. & Rdquo;

In addition, the quality of these cheap phones can not be comparable with the iPhone, so the service life is shorter. Usually, these phones will be upgraded every 18 months, and the iPhone can last 2 to 3 years. This means to have the same market share, Apple needs to sell more iPhone. As a result, shipments data are misleading. Wall Street only look at the volume, and then say that Apple is losing competitiveness. The truth is that iPhone demand is just being suppressed. & Rdquo;

China Competitors:

In China and other emerging countries, the mobile phone market is more diverse. For example, price-sensitive, low-end mobile phone share and so on. In the Chinese market, almost every 1 to 2 years there will be a new winner. The company has developed rapidly, shipments quickly doubled, and won market share. But 1 to 2 years later began to slow down, and then another rise. For China's local brands, there is little long-term competitive advantage. Of course, in Vivo, Oppo, millet and Huawei four major manufacturers, Huawei is evergreen. But recently, its gains are not as Vivo or Lenovo. & Rdquo; (compiled / Tan burning)

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