摩根士丹利：大屏iPhone 6 Plus最受中國消費(fèi)者青睞
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????新版iPhone的材料費(fèi)低于預(yù)期，其價(jià)位有利于推動(dòng)向上銷售，而且相比去年的版本，更大尺寸屏幕的確能讓蘋果公司（Apple）降低生產(chǎn)成本。因此，新版iPhone會(huì)提高iPhone的平均售價(jià)，并會(huì)因此額外產(chǎn)生數(shù)十億美元的收入。 ????這是摩根士丹利（Morgan Stanley）分析師凱蒂?赫伯蒂周二給客戶發(fā)布的一份研究報(bào)告的核心內(nèi)容。這份報(bào)告附有兩份頗有價(jià)值的圖表。 ????首先是一個(gè)餅形圖，該圖數(shù)據(jù)來自對(duì)中國購買者的專項(xiàng)調(diào)查。圖中顯示，中國購買者更加偏愛5.5寸的iPhone 6 Plus，從人數(shù)上看，是美國購買者的近兩倍（26%）。 ????第二個(gè)圖（見下文）是摩根士丹利對(duì)當(dāng)前iPhone版本的詳細(xì)分解，涵蓋從無鎖版價(jià)格到材料清單再到利潤空間等內(nèi)容。圖中顯示，128GB iPhone 6 Plus的毛利率高達(dá)48.8%。NAND閃存的漲價(jià)幅度尤其大。 ????“與16GBiPhone 6相比，”赫伯蒂寫道，“我們估計(jì)64GBiPhone 6的增量毛利率為61%，而128GBiPhone 6的增量毛利率為55%?！保ㄘ?cái)富中文網(wǎng)） ????譯者：鄒煥平/汪皓 |
????With a bill of materials that’s lower than expected, price tiers that strongly encourage up-selling and a larger screen that actually costs Apple less to manufacturer than last year’s model, the new line of iPhones should sweeten the iPhone average selling price and generate an extra couple billion dollars in revenue. ????That’s the thrust of a note to clients issued Tuesday by Morgan Stanley’s Katy Huberty. It was accompanied by a two useful charts. ????The first is a pie chart generated from that proprietary survey of Chinese buyers. It shows a preference for the 5.5-inch model that’s nearly double that of U.S. buyers (26%). ????The second, copied below, is Morgan Stanley’s breakdown of the current iPhone lineup, from unlocked price, through bill of materials, to profit margins. It shows gross margins reaching 48.8% on the 128GB iPhone 6 Plus. The mark-up for NAND memory is particularly rich. ????“Compared to the 16GB iPhone 6,,” writes Huberty, “we estimate 61% incremental margin for the 64 GB version and 55% for the 128 GB version.” |
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