Jefferies Points to Resale Price Slump as Sign of Soft iPhone 18 Demand
Yahoo Finance ·
According to investment bank Jefferies, resale prices for Apple NASDAQ AAPL newest high-end smartphones in Hong Kong are trading below last year levels, potentially signaling softer consumer demand for the iPhone 18 Pro and Pro Max. Analysts noted that the iPhone 18 Pro traded at discounts across nearly all storage configurations, while resale premiums for the iPhone 18 Pro Max declined sharply on launch day. Only the 256GB version maintained a notable premium, trading roughly 8 percent above the official price. Higher-capacity variants underperformed, with the 2TB model priced HKD 1049 below its official rate as of September 27. Jefferies attributed the trend to recent price hikes and the adoption of QLC NAND in high-capacity models, which may misalign with consumer value perceptions. Furthermore, the brokerage highlighted potential eSIM constraints in China for the upcoming DUO device and maintained an Underperform rating on Apple, with shares quoted at 341.07 dollars.
AI 시장 분석
Investment bank Jefferies reported that resale prices for Apple's latest iPhone 18 Pro and Pro Max in the Hong Kong second-hand market fell below official launch prices or dropped compared to previous models. Weak demand signals were detected for high-capacity models, with the 2TB version trading HK$1,049 lower than the official price. This is analyzed to be due to price hikes and the adoption of QLC NAND negatively impacting consumers' perceived value. Consequently, investor sentiment toward Apple's stock and related supply chains may contract.
하락 영향
- Apple — Resale prices of iPhone 18 Pro and Pro Max falling below official launch prices and a sharp drop in premiums compared to predecessors raise concerns over sluggish demand, negatively impacting revenue and stock price
- Components — Apple's adoption of cheaper QLC NAND for high-capacity models and significant drops in high-end resale prices heighten concerns over reduced order volumes and margin pressures for related component suppliers
DYAX 전담 분석
Jefferies reported that resale premiums for all capacities of the iPhone 18 Pro Max, except the 256GB model, plummeted compared to the predecessor. The heavily discounted trading of the 2TB model and eSIM limitations in China directly stimulate concerns over a slowdown in high-end smartphone sales, acting downward pressure on Apple's stock price ($341.07).
The bullish scenario is when the DUO pre-orders starting October 16 and production expansion drive an unexpected sales rebound. The bearish scenario is when weak demand for high-capacity models and the persistence of China's eSIM regulatory limitations strike earnings, requiring close monitoring of delivery lead times and further pricing policy change indicators.
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