苹果追踪（四月）：iPhone收入在萎缩市场中同比增长6%

APPLE TRACKER (April): iPhone revenue up 6% YoY in ashrinking market The Apple Tracker breaks down the latest data on iPhone sales and services fromCounterpoint and Sensor Tower, and analyzes what this means for Apple and the supplychain. For more on our Apple views see ourApple Deep Dive. Mark C. Newman+1 212 845 7822mark.newman@bernsteinsg.comMark Li+852 2123 2645mark.li@bernsteinsg.com Global iPhone April sell-through revenue grew 5.6% YoY, with unit volumes up 2.5%and ASP up 3%. Although YoY growth appears to slow this is somewhat due to toughcomps in April 2025 (tariff announcements), and is remarkable performance in a shrinkingmarket. Counterpoint estimates global smartphone sales will decline by 14% in 2026. Alex Wang, CFA+852 2123 2613alex.wang@bernsteinsg.com We do not expect Apple to hike price intra-cycle like peers, but rather to continuedriving ASP uplift through mix shift toward higher-end Pro, Pro Max models, and largerstorage configurations. In the US, April iPhone sales declined 7% YoY, with unit shipmentsdown 13% and ASP increasing 6%. The YoY weakness in US primarily reflects a toughcomp due to demand pull-forward in April 2025. In China, iPhone sales rose 5.6% YoY in Stacy A. Rasgon, Ph.D.+1 213 559 5917stacy.rasgon@bernsteinsg.com David Dai, CFA+852 2918 5704david.dai@bernsteinsg.com Despite a solid start, 17e demand has trailed 16e during the first seven weeks, partly due to less aggressive North American carrier promotions and a prepaid channel thatremains more concentrated around the 16e. However, when considering totaliPhone “e”-series sales (16e plus 17e), the last two months since the 17e launch are up vs. same April Li+1 917 344 8339april.li@bernsteinsg.com Phoebe Sun+1 917 344 8481phoebe.sun@bernsteinsg.comEdward Hou, CFA+852 2123 2623edward.hou@bernsteinsg.com Sell-in and sell-through units were up 3% YoY, reflecting a strong iPhone 17 cycle.Inventory units increased MoM due to sell-through units below sell-in, and we see a For foundry/TSMC:weaker performance of iPhone 17e dragged the momentum ofTSMC’s N3P, but we believe overall Apple still holds up better vs. its smartphone peers.Even if Apple or any mobile customers release leading-node capacity, the capacity will be Yipin Cai, CFA+852 2123 2669yipin.cai@bernsteinsg.com For Memory:the DRAM content YoY increase was 26% in April, vs. 20% increase from2024 to 2025 on full-year basis. We will monitor how recent memory price hike affects the Shirley Yang, CFA+852 2123 2660shirley.yang@bernsteinsg.com For the rest of Apple’s supply chain:channel check suggests the shipment of foldablephone is likely to be delayed, while the product launch is still targeted in Sep. Despite that,we still expect suppliers to Apple will outperform Android’s this year, benefitingLuxshare.ForSony, however, there will likely be no upgrades in CIS this year, and we see higher riskof share loss to Samsung in 2027. ForQualcomm, strong performance from iPhone 17base and pro models may be helpful in the near term, though Android performance appears Ethan Xu+852 2123 2634ethan.xu@bernsteinsg.com 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 $350. SanDisk:We rate SNDK Outperform with a price target of $1700. 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$2,780.00. MediaTek:We rate MediaTek Outperform with price target of NT$4,380.00. Sunny Optical: We rate Sunny Optical Outperform, with PT = HK$76.00. Luxshare: We rate Luxshare Outperform, with PT = RMB86.00. Largan: We rate Largan Market-Perform, with PT = HK$2,600.00. Sony: We rate Sony (6748.JP) Market-Perform, PT = JPY 3,500.00. 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 Performance remained solid: Global revenue rose 5.6% YoY, unit volumes Up 2.5% YoY, and ASP up 3%......................... 42. iPhone 17e’s performance is weakening vs iPhone 16e in YoY comparison.................................................................................................83. Channel Inventory elevated.......................................................................................................................................................................................... 104: Foundry &