20260304-招银国际-iPhone_17e_and_M4_iPad_Air_debut_with_aggressive_value_proposition_is_positive_to_Apple_supply_chain_5页_619kb

> **来源：[研报客](https://pc.yanbaoke.cn)** # Technology # iPhone 17e and M4 iPad Air debut with aggressive value proposition is positive to Apple supply chain Apple announced the iPhone 17e and the M4 iPad Air, with spec/features largely in-line with market expectations. That said, we have identified several major positives: 1) iPhone 17e: the same starting price at US $599 while doubling base storage to 256GB (vs. 128GB starting iPhone 16e storage); 2) M4 iPad Air: massive performance leap with M4 chip, an increased 12GB of RAM and N1/C1X connectivity chips at unchanged starting prices (US$ 599 for 11 inch, US$799 for 13 inch); 3) Vertical integration: the debut of Apple's C1X modem and N1 networking chip will accelerate transition from third-party silicon, and increasing adoption of in-house components will be positive to gross margin and supply chain management. Overall, we believe updates to iPhone 17e and M4 iPad Air should strengthen Apple's position in mid-end smartphone and tablet segments, particularly in the midst of industry memory cost pressure. Holding stable prices and product updates with latest spec should attract more consumers to Apple ecosystem, compared to competitors' price hike, de-spec or product launch delays amid memory cost pressure. For supply chain, we prefer content/share gainers with high Apple sales exposure, such as Luxshare (iPhone/Watch OEM/acoustics/haptics), FIT Hon Teng (connectors/AirPods), and AAC Tech (acoustics/haptics/VC). Key spec/features in-line; Aggressive value proposition for iPhone 17e. Apple launched iPhone 17e with 3nm A19 chip, a single 48MP Fusion rear camera with 2x optical-quality zoom, Ceramic Shield 2, and MagSafe support. We believe maintaining US$599 price point while doubling the base storage to 256GB is a highly aggressive move that is better than feared and will be positive to replacement demand among budget-conscious users. The inclusion of the new C1X cellular modem - up to 2x faster in speed and 30% better power efficiency than prior generation - is a key highlight. The device will start pre-orders on 4 March with availability on 11 March. M4 iPad Air brings Pro-level performance to the mainstream. The new M4 iPad Air offers a significant performance boost over prior generation, featuring M4 chip and a $50\%$ jump in unified memory to 12GB. This memory upgrade is strategically designed to run complex Apple Intelligence models faster on-device. The addition of Apple's N1 wireless chip for Wi-Fi 7 and C1X modem further enhances connectivity. We believe this new line-up is poised to boost replacement demand for users seeking powerful AI and creative capabilities without iPad Pro price tag. ■ Recommend to accumulate on recent weakness. Top picks: Luxshare, FIT Hon Teng, AAC Tech. We expect restocking and market share gains with this budget iPhone and mid-tier iPad will be positive to Apple supply chain in 1H26E, and product launches in 2H26E (iPhone Fold, iPhone 18 upgrade Siri) will drive stronger upgrade cycles in 2026-27. We prefer Apple names with content/share gains, such as Luxshare (iPhone/Watch OEM/ acoustics/haptics), AAC Tech (acoustics/haptics/VC), and FIT Hon Teng (connectors/AirPods). Valuation Table Name Ticker Mkt Cap (US$ mn) TP (LC) Upside/ Downside P/E (x) P/B (x) ROE (%) FY26E FY27E FY26E FY27E FY26E FY27E AAC Tech 2018 HK BUY 4,977 60.55 86% 10.4 8.9 1.2 1.1 7.8 BYDE 285 HK BUY 8,560 43.54 46% 10.7 8.5 1.5 1.3 13.1 FIT Hon Teng 6088 HK BUY 5,415 7.33 26% 17.0 12.2 1.8 1.6 6.2 Luxshare 002475 CH BUY 48,866 75.55 59% 15.7 12.2 2.7 2.2 15.6 Sunny Optical 2382 HK BUY 7,467 91.38 72% 13.0 10.8 1.7 1.6 11.1 Source: Company data, CMBIGM estimates # OUTPERFORM (Maintain) # China Technology Sector Alex NG (852) 3900 0881 alexng@cmbi.com.hk Hanqing LI lihanqing@cmbi.com.hk # Focus Charts Figure 1: iPhone 17e (2026) vs iPhone 16e (2025) Feature iPhone 17e iPhone 16e Launch / Release Mar 2026 Feb 2025 Starting Price US$599 US$599 Storage 256GB: $599 512GB: $799 128GB: $599 256GB: $699 512GB: $899 Screen Size / Refresh 6.1 inches 6.1 inches 60Hz 60Hz Processor A19 (3nm) 4-core GPU A18 (3nm) 4-core GPU Modem / Connectivity C1X modem & N1 wireless chip C1 modem Charging MagSafe (15W), Qi2 (15W), USB-C Qi (7.5W) - No MagSafe, USB-C Rear camera 48MP Fusion Main (f/1.6) 48MP Fusion Main (f/1.6) Front camera 12MP TrueDepth 12MP TrueDepth Colors Black, White, Soft Pink Black, White Battery life Up to 26 hours (video playback) Up to 26 hours (video playback) Front Glass Ceramic Shield 2 (w/ anti-reflective coating) Ceramic Shield Biometrics / Controls Face ID, Action Button Face ID, Action Button Source:Apple,CMBIGM Figure 2: Apple iPhone 17e Source:Apple,CMBIGM Figure 3: Apple M4 iPad Air Source:Apple,CMBIGM Figure 4: Supply chain mapping and sales mix exposure (2026E) Company Stock code Apple Huawei Samsung Other brands Others Main products AAC Tech 2018 HK 34% 10% 10% 33% 12% Acoustics, haptics, optics, casing, auto acoustics, VC FIT Hon Teng 6088 HK 25% - - - 75% Connectors, AirPods, accessories, EVs, servers Sunny Optical 2382 HK 5% 5% 15% 60% 15% Camera modules, lens, auto lenses/modules, AR/VR BYDE 285 HK 60% 5% 5% 15% 15% Casings, ODM/OEM, auto components, servers Luxshare 002475 CH 60% 10% 3% - 27% Wireless, iPhone/AirPods/watch OEM, acoustic/haptics Lens Tech 6613 HK 50% 25% 7% 18% Glass/metal/sapphire/ceramic cover, structural components, functional modules, ODM, servers FII 601138 CH 13% 87% Precision structural components, server ODM Cowell 1415 HK 95% - 3% - 2% Camera module Tongda 698 HK - 5% 5% 40% 50% Metal/plastic casing, home appliances Q-Tech 1478 HK - 5% - 85% 15% Camera module/lens, fingerprint module, auto CCM TK Group 2283 HK - - - 10% 90% Plastic molding, plastic precision Truly 732 HK - - 3% 62% 35% Camera module, fingerprint, display module Source: Company data, CMBIGM estimates Figure 5: Apple's iPhone shipment by quarter (CY) Source: Company data, IDC, CMBIGM Figure 6: Apple new products timeline (2026-2028) 1H26 2H26 1H27 2H27 1H28 2H28 Smartphone iPhone 17e iPhone 18 Pro/Max iPhone Fold iPhone 18 iPhone 18e iPhone 19 (20th Anniversary) iPhone Fold 2 iPhone 19 Air/Pro/Max iPhone 20 Series PC/NB MacBook Air/Pro (M5 chip) Mac miniStudio (M5 chip) Brand new MacBook Pro New Mac Studio (M5 Ultra chip) MacBook Air (15-inch OLED) Mac Pro (Modular ARM) Tablet iPad Air (M4 chip) Entry-level iPad (A18 chip) New iPad mini iPad mini (A19 chip) iPad Pro (OLED) Foldable iPad (1st-gen) Wearables Apple Watch 12 AirPod Pro 3 (camera) AirPods 5 Apple Watch X (10th Anniversary) Apple Watch 14 Smart home New Apple TV 4K HomePod mini 2 Display HomePod Home camera Video doorbell Desktop robot AR/VR Apple Vision Pro 2 Apple Glasses (AR glasses prototype) Source: CMBIGM estimates Figure 7: Peers valuation Company Ticker Mkt Cap (US$ mn) Price (LC) P/E (x) P/B (x) ROE (%) Perf YTD (%) FY26E FY27E FY26E FY27E FY26E FY27E Brand Apple AAPL US 3,886,391 264.7 31.1 28.3 43.8 34.2 144.6 127.5 (2.6) Xiaomi 1810 HK 105,734 31.6 17.2 13.5 2.7 2.3 14.4 14.9 (19.6) Transion 688036 CH 9,022 54.1 13.6 10.7 2.6 2.2 19.2 21.0 (18.3) Samsung 005930 KS 756,114 188,600 8.1 6.7 2.3 1.8 30.4 29.1 56.7 LG 066570 KS 13,323 120,800 11.2 9.6 0.9 0.8 7.8 8.4 31.5 TCL Electronics 1070 HK 3,687 11.4 10.1 8.7 1.4 1.3 14.2 15.0 10.0 Average 15.2 12.9 8.9 7.1 38.4 36.0 9.6 ODM/EMS BYDE 285 HK 8,575 29.7 10.9 7.9 1.7 1.5 13.1 12.2 (11.7) Luxshare 002475 CH 50,039 47.4 15.7 12.7 3.3 2.7 15.6 16.7 (16.4) Lens Tech 6613 HK 24,376 24.0 16.5 13.3 1.7 1.5 12.0 13.7 (5.0) Hon Hai Precision 2317 TT 101,104 229.0 12.9 11.3 1.7 1.5 13.2 13.8 (0.7) Average 14.0 11.3 2.1 1.8 13.5 14.1 (8.4) Optics Sunny Optical 2382 HK 7,358 53.3 13.3 10.9 1.9 1.8 11.1 17.0 (18.8) Q Tech 1478 HK 1,225 8.0 9.6 7.7 1.6 1.2 5.6 29.1 (4.5) Truly 732 HK 370 1.0 - - - - - - (10.2) Cowell 1415 HK 2,802 25.2 11.4 8.9 3.0 2.3 29.0 28.0 (8.6) Largan 3008 TT 10,339 2,450 13.6 13.0 1.6 1.5 12.1 11.6 (1.8) Genius 3406 TT 1,502 421.5 11.8 10.6 1.6 1.5 14.8 14.9 (6.2) O-Film 002456 CH 4,378 9.0 78.2 54.5 5.4 4.8 8.1 10.8 (15.3) Lg Innotek 011070 KS 4,459 278,000 11.1 9.6 1.1 1.0 10.0 10.5 2.8 Average 21.3 16.5 2.3 2.0 12.9 17.4 (7.8) Acoustics/Haptics AAC Tech 2018 HK 4,857 32.5 10.6 9.9 1.3 1.2 7.8 10.0 (16.7) Luxshare 002475 CH 50,039 47.4 15.7 12.7 3.3 2.7 15.6 16.7 (16.4) Merry 2439 TT 705 87.8 11.6 9.7 1.2 1.2 9.8 10.7 (10.1) Knowles KN US 2,344 27.6 22.3 18.4 - - - - 28.8 Nidec 6594 JP 17,131 2,266 19.7 13.7 1.4 1.3 7.8 10.0 6.3 Average 16.8 13.7 1.9 1.7 9.9 11.5 (3.4) Connector FIT Hon Teng 6088 HK 5,453 5.8 17.2 13.8 2.0 1.8 6.2 6.5 17.8 Luxshare 002475 CH 50,039 47.4 15.7 12.7 3.3 2.7 15.6 16.7 (16.4) TE TEL US 62,202 212.0 19.1 17.1 4.5 4.0 24.2 26.4 (6.8) Amphenol APH US 166,141 135.2 30.8 26.3 9.7 7.6 36.1 32.6 0.0 Average 20.7 17.5 4.9 4.0 20.5 20.6 (1.4) Structured Components BYDE 285 HK 8,575 29.7 10.9 7.9 1.7 1.5 13.1 12.2 (11.7) Tongda 698 HK 82 3.3 126.5 2.2 10.2 9.3 (135.9) 5.9 (15.4) TK Group 2283 HK 267 2.5 6.6 5.4 1.2 1.1 15.5 15.3 (1.6) Everwin 300115 CH 6,917 35.1 48.6 36.0 3.5 3.2 10.8 13.3 (24.6) Lens Tech 300433 CH 24,376 24.0 16.5 13.3 1.7 1.5 12.0 13.7 (5.0) Catcher 2474 TT 3,529 188.5 13.5 12.7 0.8 0.7 4.9 5.1 (9.4) Jabil JBL US 27,579 261.2 22.5 19.4 19.8 17.2 83.3 104.5 14.5 Average 35.0 13.9 5.5 4.9 0.5 24.3 (7.6) Hinge AAC Tech 2018 HK 4,857 32.5 10.6 9.9 1.3 1.2 7.8 10.0 (16.7) Jiangsu Gian 300709 CH 1,129 41.9 - - - - - - (11.2) KH Vatec 060720 KS 263 16,440 14.8 12.2 1.3 1.2 9.2 10.4 47.0 Foseltek 6805 TT 3,815 1,760 29.5 20.7 12.1 8.8 47.8 47.4 8.3 Jarlytec 3548 TT 177 82.8 34.1 - 0.9 - 2.7 - (8.1) NBTM 600114 CH 2,945 32.2 25.6 20.2 5.9 5.3 22.6 25.0 5.4 Eontec 300328 CH 1,784 17.8 - - - - - - 4.5 Average 22.9 15.8 4.3 4.1 18.0 23.2 4.2 Source: Bloomberg, CMBIGM estimates; as of 3/3/2026 close price # Disclosures & Disclaimers # Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report. 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