Although the delivery cycle is expected to be longer due to supply chain issues, Apple’s iPhone 13 Pro is still the most popular model in the series.
In a report to investors, JP Morgan Chase analyst Samik Chatterjee analyzed delivery cycle data for the fifth week of the iPhone 13/Pro series. Lead time is the time it takes for customers to receive orders. The lead time for the iPhone 13 series in 2021 will be longer than ever.
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According to the report, in the United States, China, the United Kingdom, and Germany, delivery times for the iPhone 13 Pro and iPhone 13 Pro Max were slightly increased to 36 days in the fifth week, up from 35 days in the fourth week.
The iPhone 13 mini and iPhone 13 delivery cycles are actually a bit shorter, the two models of chase lead time are 13 days.
The iPhone 13/Pro series accounted for 35% of total sales in the United States, and the lead times for the iPhone 13 Mini, iPhone 13, iPhone 13 Pro, and iPhone 13 Pro Max slowed slightly to 11, 12, 33, and 33 days, respectively.
Chatterjee said that compared to the iPhone 12 series released by Apple in 2020, the overall distribution cycle of the iPhone 13/Pro series is still in an extended state. Talking about the reasons, apart from the more popular iPhone 13 Pro series, lack of supply is also an important reason.
Moreover, when asked whether the extended delivery cycle would prompt potential iPhone buyers to opt for non-Pro series models, Chatterjee said, “Based on specific preferences for the iPhone 13 Pro and 13 Pro Max, this is unlikely.”
According to JP Morgan Chase’s 2023 profit forecast of US$6.55, Chatterjee maintained Apple’s target price of US$180 and a P/E ratio of 28x.
