DBS: China Technology Hardware – Xiaomi (1810.HK), Luxshare (002475.CH)
alanyeo
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
