China Hardware Sector: Don’t overlook iPhone suppliers
- Recent outperformance of Android suppliers should have largely priced in Huawei’s boost; expect iPhone suppliers to catch up, driven by solid shipment growth
- iPhone 15 shipment likely exceeds previous market expectations by 10%, based on promising presales data
- Huawei’s gain should be at the expense of other Android makers, except for Xiaomi which flagship sales have been robust
- Raised earnings and maintain BUY on Luxshare (002475CH)/ Xiaomi (1810 HK), with our FY24F forecast 12%/ 18% above consensus
