Who benefits most from iPhone 12? Do A-share partners have a chance?

category:Finance
 Who benefits most from iPhone 12? Do A-share partners have a chance?


On November 25, Guo Mingmin, an analyst with Tianfeng international, said that the demand for iPhone, iPad, applewatch and MAC in 4q20 and the outlook for 2021 were better than expected, and the shares of key suppliers of the above products deserve investors attention.

Apple supply chain: Chinese mainland accounts for less than South Korea

In the context of the US ban on HUAWEI and the technology war, whether Apple Corp really drives the development of mobile phone parts industry in mainland China has become a topic of market controversy.

But different from the traditional impression, Chinese companies seem to play a role in Apples supply chain. Fomalhaut technology solutions, a Japanese research firm, has released an investigation into the dismantling of the iPhone 12. The survey shows that the share of all components supplied by mainland China accounts for less than 5% of the iPhone12 material cost value ratio.

According to the calculation of the disassembled terminal, the cost of Apples iPhone 12 is 373 US dollars, about 2454 yuan. Among them, Korean parts suppliers accounted for 27.3%, while the proportion of the United States was 25.6%, which was 0.2 percentage points lower than that of the previous generation. Japan accounted for 13.2%. Parts from Taiwan accounted for 12.1%.

Although Apple Corps iPhone12 products are assembled in factories in mainland China, Chinas components account for only 4.7% of the cost of iPhone12.

It is worth mentioning that, compared with the iPhone 11, South Koreas share of the cost value of the iPhone 12 has increased by 9.1 percentage points, while the value of parts and components supplied by Japan has decreased by 0.6 percentage points. The proportion of the United States has also decreased, which is 0.2% lower than that of the previous model.

The improvement of Korean companies in the value share of iphone12 is largely due to the overall change of the iPhone 12 series from LCD to OLED with clearer images. Samsung Electronics, which is in the leading position in the field of OLED panel, has benefited most from the demand of Apples iPhone 12.

It is worth mentioning that the technical threshold of products provided by Korean parts suppliers is relatively high. Specifically, among the two Korean suppliers of iphone12, Samsungs OLED display costs as high as $70, Samsungs flash memory chip costs $19.2, and SK Hynixs DRAM chip costs $12.8, totaling $102. The two Korean giants account for 27.3% of the total cost of the iPhone 12.

Samsung Electronics rose 4.33% on Monday and SK Hynix rose 3.31% on the news, pushing the South Korea composite stock index up 1.92% to 2602.59, a new high.

Chinese Taiwanese suppliers nearly matched Japan in Apples iPhone value. Market analysts believe that parts such as the iphone12pro, the laser ranging module (TOF) and VCSEL light source carried by promax may come from Taiwan technology companies in China.

It is worth mentioning that the Taiwan stock market is also the third largest margin of QDII fund managers in mainland China, especially in the investment of technology stocks. Taiwans technology stocks and Koreas technology stocks become the first choice for many QDII funds to invest in the sea. When explaining the rapid rise in fund returns, the fund manager of Shanghai Investment Morgan Asia Pacific Advantage Fund said that due to the oversupply of the technology sectors in Taiwan and South Korea, it exceeded the performance benchmark. Looking forward to the future, he still optimistic about the whole Northeast Asian market, especially the technology sector, which will benefit from the rise of Chinas semiconductor industry in the future.

In addition, an earlier report issued by Guoming, an analyst at Tianfeng international, predicted that Taiwan daliguang company and Alps (ALPS Alpine) would upgrade VCM (new voice coil motor) suppliers of ultra wide angle camera for the new iPhone in 2021, and expected that daliguang would obtain about 70% of the order proportion of the upgraded 6p ultra wide angle lens of 2h21 new high-order iPhone under the vertical integration of lens production and VCM.

What are the opportunities for Apple concept stocks?

According to the information previously disclosed, mainland China enterprises that provide parts and OEM for iPhone12 include blue technology, BYD electronics, Peng Ding holdings, Dongshan precision, leading intelligent manufacturing, Rui Sheng technology, etc., including cover glass, PCB, FPC, precision structural parts and acoustic devices.

Although the Chinese companies have already entered the apple supply chain, the value of spare parts supplied by these companies is small, and the total price of the components supplied by Chinese mainland suppliers is even less than that of Samsung Electronicss flash chip, Chinas $19.2.

Based on this, A-share listed companies are also actively laying out high-value products. For example, the price of SK Hynixs DRAM chip reaches $12.8 in each iPhone 12 phone. In the DRAM chip field, Zhaoyi innovation, A-share listed company, issued a fixed increase announcement in June this year.

Zhaoyi innovation disclosed the results of its DRAM chip fixed increase project in June. At the price of 203.78 yuan per share, Zhaoyi innova issued 21.2191 million shares to five issuers of Singapore Government Investment Co., Ltd. (GIC), Ge Weidong, Bi Yongsheng, Boshi fund and Qingdao Urban Investment Technology Development Co., Ltd., with a total amount of raised funds of 4.324 billion yuan. It mainly invested in DRAM chip R & D and industrialization projects, DRAM and other general-purpose products in memory chip field The product market scale is large, has the pivotal position.

The global sales of the iPhone 12 have also significantly boosted the share prices of the tech giants that supply apple. Wall Street analysts expect the iPhone 12s super update cycle to come and raise initial shipment expectations. In a report to investors, Daniel ives, an analyst at Wade Bush securities, said in a report to investors that recent surveys in Asia showed that Chinese and American consumers demand for the iPhone 12 was growing, and he now expects suppliers to come out early 80 million iphone12.

In this context, the stock prices of TSMC, micron technology, Samsung Electronics, SK Hynix and other giants in the past two months have shown a strong trend, and the above companies account for a large share of the material cost of each iPhone 12. Meguiar rose from around $46 on October 1 to $64 on November 25, up 40% in two months. In addition, TSMC increased by about 17% over the same period, while Samsung Electronics increased by 14%.

In contrast, the share prices of Chinese companies that supply apple have been sluggish recently, offering products with low prices and low technical barriers. However, domestic analysts are still optimistic about the stock investment opportunities in Apples supply chain. On November 25, Guo Mingmin of Tianfeng International said that the demand of iPhone, iPad, applewatch and MAC in 4q20 and the outlook of 2021 were better than expected, and the stocks of key suppliers of the above products deserve investors attention. The shipment of airpods is lower than expected. It is judged that most of the stocks of relevant suppliers have reflected this negative factor. Therefore, if the suppliers of airpods meet the conditions of having a positive trend of non airpods products in 2021 or providing better than expected financial forecast in the near future, the stock price will be revised to provide buying point instead. This article is from China Securities Company Author: promise editor: Zhong Qiming_ NF5619

In contrast, the share prices of Chinese companies that supply apple have been sluggish recently, offering products with low prices and low technical barriers.

However, domestic analysts are still optimistic about the stock investment opportunities in Apples supply chain. On November 25, Guo Mingmin of Tianfeng International said that the demand of iPhone, iPad, applewatch and MAC in 4q20 and the outlook of 2021 were better than expected, and the stocks of key suppliers of the above products deserve investors attention. The shipment of airpods is lower than expected. It is judged that most of the stocks of relevant suppliers have reflected this negative factor. Therefore, if the suppliers of airpods meet the conditions of having a positive trend of non airpods products in 2021 or providing better than expected financial forecast in the near future, the stock price will be revised to provide buying point instead.