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Shares in Luxshare Precision Industry, Lingyi iTech Manufacturing and other Chinese iPhone suppliers surged by the daily limit on Thursday after an analyst known for his accurate Apple predictions said that the iPhone14 series will be priced 15% higher than that of the iPhone13 line-up.
Luxshare Precision’s share price jumped 10% to close the day at 38.16 yuan, Lingyi iTech soared 10% to finish at 5.79 yuan and contract phone maker Dbg Technology leapt 20% to 13.16 yuan. Stocks in the consumer electronic segments surged across the board.
The average price of handsets in the iPhone 14 series will be around $1,000 and $1,050, higher than than the previous series mainly due to inflation and higher shipping costs, forecast Ming-Chi Kuo, a tech analyst at Taiwan brokerage KGI Securities who focusses on Apple’s supply chain.
Hon Hai Precision Industry, also known as Foxconn and the world’s biggest original equipment manufacturer of California-based Apple’s handsets, will be one of the biggest winners from the price hike, Kuo said. No wonder the Taiwan-based firm raised its full-year performance to ‘growing’ from ‘roughly flat,’ he added.
The much-anticipated iPhone 14 series is set to be launched in September and should have four models, if Apple follows previous precedent. Prices for the iPhone 14 Pro will start from 8,999 yuan ($1,335) and that for the iPhone 14 Pro Max from 9,999 yuan, China Merchants Securities hadsaid earlier, citing industry sources. The prices are 1,000 yuan ($150) more than those of the iPhone 13.
The release of new iPhone models will be a big boost to the market and as supply chain issues are resolved following the recent outbreaks of Covid-19, there should be a big rebound in consumer electronics sales, Southwest Securities said in recent research note.