Apple Track（2月）：iPhone销量同比增长26%，中国市场表现尤为强劲

APPLE TRACKER (February): iPhone strength continues withsales up 26% YoY, with particular strength in China The Apple Tracker breaks down the latest data on iPhone sales from Counterpoint andanalyzes what this means for Apple and the supply chain. For more on our Apple views seeour recentApple Deep Diveand recent follow onhere. Mark C. Newman+1 212 845 7822mark.newman@bernsteinsg.comMark Li+852 2123 2645mark.li@bernsteinsg.com Global iPhone sell-through revenue grew 26% YoY in February,supported by resilientdemand for the iPhone 17 series, as well as calendar-related tailwinds. This includesthe later timing of the Lunar New Year. On a YoY basis, Apple recorded growth across all Alex Wang, CFA+852 2123 2613alex.wang@bernsteinsg.com Strong iPhone 17 performance continues vs. previous two launches, except foriPhone Air.Overall, iPhone 17 series delivered a 20% increase in unit sales over the iPhone16 series based on combined sales from September to January (Exhibit 1). The base model Stacy A. Rasgon, Ph.D.+1 213 559 5917stacy.rasgon@bernsteinsg.com David Dai, CFA+852 2918 5704david.dai@bernsteinsg.com iPhone’s February ASP posted a significant 6.9% gain YoY, achieving the highestASP growth since 2024.Importantly, since the launch of iPhone 17 in Sep 25, iPhone ASPhas posted YoY gains in every month except October, with the growth trend inflecting upsignificantly (Exhibit 3). In particular, China was the main contributor to this large hike, with April Li+1 917 344 8339april.li@bernsteinsg.com iPhone revenue for January and February combined totaled $35.7B, or 63% ofconsensus and 61% of Bernstein’s estimate for FQ2’26, lower than historic levels. Phoebe Sun+1 917 344 8481phoebe.sun@bernsteinsg.com This indicates that the consensus and our estimates appear somewhat optimistic, however,considering thatchannel inventory is light and that sell through has recently been Edward Hou, CFA+852 2123 2623edward.hou@bernsteinsg.com For foundry/TSMC:the strength of iPhone 17 series has been helping TSMC’s NP3 enjoybetter demand than the prior generation, and Chinese New Year in Feb widened the lead Yipin Cai, CFA+852 2123 2669yipin.cai@bernsteinsg.com For Memory:the DRAM content YoY increase still hovered c. high 20s% in Feb, vs. 20%increase from 2024 to 2025 on full-year basis. We will monitor how recent memory price Shirley Yang, CFA+852 2123 2660shirley.yang@bernsteinsg.com Ethan Xu+852 2123 2634ethan.xu@bernsteinsg.com For the rest of Apple’s supply chain:Smartphone supply chain sentiment remains soft,but we expect suppliers to Apple will outperform Android’s this year, benefitingLuxshare,which derives over 50% of its revenue from Apple products. Supply chain checks suggestApple will continue its camera upgrade despite memory headwind, while many Androidprojects may be on hold. ForSony, however, there will likely be no upgrades in CIS thisyear, and we see higher risk of share loss to Samsung in 2027. ForQualcomm, strong Alrick Shaw+1 917 344 8454alrick.shaw@bernsteinsg.com Arpad von Nemes+1 917 344 8461arpad.vonnemes@bernsteinsg.com BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS Apple:As the gateway to the Intelligence revolution benefiting from stronger than expected iPhone 17 demand, we rate AAPLOutperform with a price target of $340. SanDisk:We rate SNDK Outperform with a price target of $1000.Samsung Electronics:We rate Samsung Electronics Outperform with price target of KRW225,000.SK hynix :We rate SK hynix Outperform with price target of KRW1,150,000.Micron:We rate Micron Outperform with price target of US$510.00.TSMC:We rate TSMC Outperform with price target of NT$2,200.00.MediaTek:We rate MediaTek Outperform with price target of NT$2,250.00.Sunny Optical: We rate Sunny Optical Outperform, with PT = HK$76.00.Luxshare: We rate Luxshare Outperform, with PT = RMB74.00.Largan: We rate Largan Market-Perform, with PT = HK$2,600.00.Sony: We rate Sony (6748.JP) Market-Perform, PT = JPY 3,400.00. QCOM (MP, $140):Memory headwinds appear likely to pressure smartphone builds and numbers appear high; cheap valuationmay not be enough to attract buyers. AVGO (OP, $525):A strong 2025 AI trajectory seems set to accelerate into 2026 and beyond, bolstered by software, cashdeployment, and superb margins & FCF. Table Of Contents 1. iPhone Sales Performance - MoM Slows, YoY remains strong (Feb)................................................................................................................42. How is FQ2’26 shaping up - early read from the first two months (Jan+Feb).............................................................................................. 93. Channel Inventory remained healthy............................................................................................................................................................................94. Foundry & Memory - Positive for demand and content.............................................................................