Although Apple’s (AAPL-US) autumn conference was considered by the market to have no surprises, which caused the stock price to fall in response, Chinese consumers are quite enthusiastic about the newly launched iPhone 13, and they think it is a good product with “increased volume and reduced prices”. Wall Street analysts are optimistic. iPhone 13 will continue to grow in the Greater China market.
According to data on the JD.com platform, as of the 16th, more than 2 million consumers pre-ordered iPhone 13 through JD.com, surpassing the 1.5 million pre-orders of iPhone 12 last year. At the same time, the number of pre-orders through Tmall’s official flagship store of Apple Store also exceeded 3 million, showing that the demand for iPhone 13 is quite enthusiastic.
With the rising cost of raw materials and electronic components, the latest iPhone is priced similar to iPhone 12, and even lower than expected, which attracts consumers’ attention. The iPhone 13 mini is priced at US$699, 128GB is equipped with a 5.4-inch screen, and the price is the same as the 64GB iPhone 12 mini launched a year ago.
“The Wall Street Journal” reported that Chinese consumers believe that the new iPhone does not increase the price after increasing the volume, or that the price is reduced when the volume is increased, which attracts him. On the social media platform Weibo, the topic “iPhone 13 price” received more than 1 billion page views. Netizens also used a Chinese condiment brand to play tricks, jokingly calling the new product “Thirteen Fragrance.”
Market analysis pointed out that despite the relative lack of new features, the sales of the iPhone 13 series in the Greater China region may be as good as the previous generation, which means that sales in this region will not only not slow down, but it is also expected to gain a lot of upside. One of the main reasons is that at a time when the global supply chain is tight and the price of semiconductors remains high, the price of all the national version of the iPhone 13 has been reduced by RMB 300-800.
China is one of Apple’s most important markets, but limited local supply and competition from local brands are still challenges for Apple. However, according to Apple’s latest financial report released in July, the company’s third-quarter revenue in Greater China increased by 58% annually to 14.76 billion US dollars. At that time, Apple stated that Chinese consumers had a particularly strong response to the iPhone 12 Pro, so they were very optimistic about the iPhone’s prospects.
UBS pointed out that the battery life of the new iPhone may be improved, which may benefit Apple; Citi analysts said in a research report that Apple’s release of new products such as the iPhone 13 and Apple Watch 7 is basically in line with expectations, maintaining a buy rating and giving a goal of 170 US dollars Price; Piper Sandler analysts also reiterated their overweight rating on Apple, with a target price of $175.
