iPhone shipments in China rebound strongly, suggest strong iPhone 13 sales

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A strong resurgence of iPhone shipments in China during the month of October suggests a robust iPhone 13 cycle, according to investment bank JP Morgan.

In a note to investors seen by AppleInsider, JP Morgans Samik Chatterjee analyzed the latest data revealed by China Academy of Information and Communications Technology (CAICT). The data bodes well for Apple’s new iPhone 13 and iPhone 13 Pro models.

During the month of October, CAICT said that international smartphone shipments in China – which mostly consist of Apple devices – reached 10.8 million units. It is much higher than the historical average of 6.1 million shipments, and it signals a departure from weaker iPhone shipments in the country in the previous months.

In addition, Chatterjee writes that October 2021 marked the highest monthly shipments of international smartphones in China since November 2014.

The increase in international sales represents an increase of 882% month-on-month as well as an increase of 83% year-on-year.

Smartphone shipments as a whole have also increased by 57% month-over-month, which is significantly higher than the average seasonal decline of -1%.

In China, 5G-equipped devices increased 76% over the previous month, accounting for 79% of total shipments. On an annual basis, shipments of 5G devices increased 58%.

Chatterjee maintains that he raised his overweight rating for Apple and the 12-month price target of $ 180, based on a price-to-earnings multiple of around 30x on JP Morgan’s 2022 Apple earnings estimate of $ 6.

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