????摩根士丹利(Morgan Stanley)看到了中國市場的光明前景:衣著考究的中國男女人手一部iPhone。 ????凱蒂?休伯蒂在周日致客戶的一份報告中援引摩根士丹利的AlphaWise調查,描繪了蘋果(Apple)不負眾望,最終與中國移動(China Mobile)和中國電信(China Telecom)達成交易后,中國大陸智能手機市場的“錢途”。AlphaWise的調查反映了中國迅速壯大的中產階層的購買模式。 ????休伯蒂的觀點如下: ????? 目前中國大約有1.5億高端移動用戶,其每月話費至少為100人民幣(16美元)。 ????? 目前,蘋果在中國的唯一官方運營商、中國聯(lián)通(China Unicom)擁有1,500萬高端用戶,約占中國高端用戶總數(shù)的十分之一。 ???? 今年年底或明年初,蘋果將開始通過中國移動(擁有1.2億高端用戶)和中國電信(擁有1,500萬高端用戶)銷售新一代iPhone。 ????? 五分之一的中國聯(lián)通高端用戶購買了iPhone,而其它兩家運營商的用戶預計也會步他們的后塵。(8%的中國移動高端用戶已經在使用iPhone,雖然他們僅僅只能使用2G業(yè)務。) ????? 假設市場滲透率為20%,那么到2013年,蘋果至少能多賣出2,400萬部iPhone,使該公司的每股收益增長6.5美元。 ????? 隨著iPhone日益流行和(中國)中產階級隊伍的不斷壯大,到明年,蘋果iPhone的銷售增量有望繼續(xù)上升,達到近4,000萬部,為其每股收益再添磚加瓦10美元。 |
????Morgan Stanley has seen the future and it's a well-heeled Chinese man (or woman) with an iPhone. ????In a note to clients Sunday, Katy Huberty drew on Morgan Stanley's proprietary AlphaWise survey of buying patterns among China's rapidly growing middle class to paint a picture of the smartphone market on the mainland after Apple (AAPL), as widely expected, finally signs deals with China Mobile (CHL) and China Telecom (CHA). ????She assumes: ????? That there are roughly 150 million high-end subscribers in China currently paying at least RMB 100 ($16) per month for mobile phone service. ????? That China Unicom (CHU), currently Apple's only official carrier, has 15 million of those subscribers, or roughly 10%. ????? That late this year or early next, Apple will begin selling next-generation iPhones through China Mobile (120 million high-end subscribers) and China Telecom (15 million). ????? That because 20% of China Unicom's high-end subscribers buy iPhones, the other two carriers' subscribers will follow suit. (8% China Mobile's high-end customers already use iPhones, even though they get only 2G service.) ????? Assuming 20% penetration, Apple should see, at a minimum, 24 million addition iPhone sales in 2013, adding $6.5o per share to the company's bottom line. ????? As the iPhone catches on and the middle class expands, that number could grow to nearly 40 million next year, adding $10 to Apple's earnings per share. |
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