Maybe it's Apple who best understands the needs of Chinese consumers.
At 1 am on September 15, Beijing time, Apple held the 2021 autumn new product launch event as scheduled, and released a variety of products such as the iPhone 13 series, the 2021 iPad, the new generation iPad Mini, and the Watch Series7 at the meeting.
If the iPhone 12 series, which was postponed last year, is a full-fledged 5G highlight, then the iPhone 13 series is more of an extension. Through upgrades and changes in the processor, memory, battery life, color, shooting, etc., it is cost-effective. The advantages. But this is again considered by the market to be insufficient innovation, and the update intensity of the iPhone 13 series is the smallest in history. At this press conference, Apple also did not mention the previously anticipated new Air Pods wireless Bluetooth headset or the rumored low-orbit satellite communication function.
In the capital market, the new product launch still failed to break Apple's curse of "the stock price fell on the day the new iPhone was released". On September 14th, local time in the United States, Apple's stock price opened higher and fell. After the press conference, the stock price accelerated its decline. It once fell to US$146.91, a decline of 1.77%, and the closing decline narrowed to 0.96% to close at US$148.12, the latest market value. More than 2.45 trillion US dollars.
1. Fast enough, good-looking and long-lasting: Apple plays the ultimate cost performance
Let’s take a look at the finale iPhone 13 series mobile phones. 4 new phones were released at this conference, namely iPhone 13 mini, iPhone 13, iPhone 13 Pro and iPhone 13 Pro Max.
In terms of performance, the iPhone 13 series is equipped with a new A15 bionic chip for the first time. The GPU display chip of the iPhone 13/13 mini is 4 cores, while the Pro series has 5 cores. The rendering capability is greatly improved compared to the A14. This A15 bionic chip uses a 5nm process and integrates 15 billion transistors. In terms of core architecture, it uses a 6-core CPU, including 2 performance cores and 4 energy efficiency cores, with a 50% improvement in overall performance. At the same time, the A15 bionic chip integrates a 4-core GPU with a 30% lead in graphics performance. In terms of AI, the A15 bionic chip is equipped with a 16-core neural network engine, which can perform 15.8 trillion operations per second.
In terms of appearance, the iPhone 13 and iPhone 13 Pro have not changed much this year, but the bangs of the screen have been reduced by 20%. In addition, the screen of the iPhone 13 Pro Max will support a 120Hz refresh rate. The iPhone 13/mini's color scheme offers five choices of pink, blue, midnight, starlight, and red, that is, a pink is added, and the previous purple and green are cancelled; while the iPhone 13 Pro/Max offers four choices of color: graphite, gold, silver, and Sierra blue.
In terms of shooting and imaging systems, the iPhone 13 series has been updated the most. The main camera of the iPhone 13/13mini uses Apple's current largest photosensitive element, which increases the light input by 47%, and also has OIS anti-shake function. The newly-launched movie mode can intelligently switch the depth and position of the focus when shooting a video to produce a movie effect. On the iPhone 13 Pro/Pro Max version, the new 77mm telephoto camera achieves 3x optical zoom for the first time on the iPhone. The ultra-wide-angle lens also has a macro photography function that can shoot objects with a minimum distance of 2 cm. In addition, Apple also made all three cameras support night scene mode for the first time.
At this video age, the iPhone 13 Pro series also supports photographer mode. In this photographer mode, you can set and save your favorite parameters such as contrast, exposure, saturation, etc., and support up to four preset settings. You can directly call these settings every time you take a photo, and you no longer need to adjust them later. These two models also provide Dolby Vision's end-to-end professional workflow, and provide ProRes for the first time, which is only available on the iPhone. The iPhone 13 Pro has also become the first to support a one-stop professional imaging workflow, which can shoot and edit ProRes or The iPhone with Dolby Vision content allows users to shoot, edit and share movie-level videos anywhere.
Some analysts said, "The iPhone 13 Pro's movie and video blur mode can also adjust the blur effect, and the algorithm is really powerful. Equipped with this powerful lens, it can almost be comparable to professional photography equipment." He added, "Create with a mobile phone. Movies are a very attractive point, especially with the current TikTo trend in the United States."
In terms of battery life, Apple claims that it has redesigned the inside of the iPhone 13 series to accommodate a larger battery. Among them, the battery life of the iPhone 13 mini and iPhone 13 Pro is 1.5 hours longer than the previous generation, and the battery life of the iPhone 13, iPhone 13 Pro Max is 2.5 hours longer than the previous generation. In terms of charging, all systems support 15W MagSafe wireless charging, 7.5W Qi wireless charging, and 20W wired fast charging. The official website shows that it can charge up to 50% of the power in half an hour, but the charging head still needs to be purchased separately.
Knowing the changes in the above-mentioned product functions, users may be more concerned about the price of the new machine. Compared with the iPhone 12, the starting price of the iPhone 13 series has been reduced to varying degrees on the premise that the standard capacity is increased to 128 GB. The starting price of the iPhone 13/ 13 mini is based on doubling the storage capacity. It’s 300 yuan cheaper, and the starting price of iPhone 13 Pro/Pro Max is 7,999 yuan and 8,999 yuan, respectively. Compared with last year’s iPhone 12 Pro series, they are 500 yuan and 300 yuan cheaper, and the price/performance ratio is outstanding. In addition, Apple has added up to 1TB of storage space on the iPhone 13 Pro and Pro Max, which is the largest memory capacity of the iPhone so far, and the iPhone 13 series continues to maintain a storage space of up to 512GB.
At this conference, in addition to the iPhone 13 series, Apple also released several new products, including the new ninth-generation iPad (iPad 2021 for short) and the sixth-generation iPad mini (iPad mini 6 for short). Among them, the new iPad mini has a relatively large upgrade. In addition to the significant performance improvement through the A15 chip, the new iPad mini also adds a USB-C interface, which can support 5G networks. At the same time, the new iPad mini is equipped with a 1200-pixel ultra-wide angle. Front camera, and has the function of centering the character.
In terms of design, the new Pad min integrates touch ID into the top button and supports the second-generation Apple Pencil, which can be magnetically attached to the side frame of the iPad mini. On the price, the 64GB version of the new iPad mini is 3799 yuan, and the 256GB version is 4999 yuan.
In addition, Apple also released Apple Watch Series 7. The appearance of the new Apple Watch Series 7 has changed a lot from the previous generation. This is also the first major change in the seven years since the release of Apple Watch: the frame is 40% narrower than the previous generation, only 1.7mm; the display area has increased by 20%, and the screen occupies The ratio is higher; at the same time, the brightness is increased by 70%, and the overall appearance is improved a lot. As the screen area increases, its UI and dial have also changed somewhat, and the text content display has increased by 50%. Apple also calls it the most durable Apple Watch. It has a battery life of 18 hours, and it supports USBC, and the charging speed is 30% faster. In addition, its screen surface uses harder, shock-resistant crystal glass, and supports IP6X dust resistance.
02 Long market: Users, Supply chains and Revenues
Judging from the characteristics of Apple's full price-performance ratio at this press conference, it is undoubtedly hoped to drive a new wave of machine replacement. For iPhone 12 users who are already equipped with a 5G network, because the new machine does not have many amazing new features, it may not be necessary to upgrade. But for users of iPhone 11 or older models, it may be worthwhile to buy iPhone 13, especially for users who can enjoy the operator’s trade-in service.
Guotai Junan Securities believes that the main demand for Apple's new phone comes from the growth of 5G penetration rate and the continued replacement cycle. “Currently, the sales of Apple’s flagship iPhone 12 series smartphones that support 5G communication have exceeded 100 million units, becoming one of the most popular iPhone series. The new series of iPhone smartphones will be released in the second half of the year. It is believed that the current global 5G penetration rate is still at a low level. The machine cycle will continue, and Apple is expected to seize the opportunity for rapid growth in this round of performance."
At the same time, Apple has also applied the iPhone's affordable price strategy in recent years to other product lines to cultivate new users. The entry-level iPad is the lowest-priced series of Apple's tablet computers, mainly for students and other low-income groups, to meet the basic needs of use. The newly released iPad 2021 adds many new features and greatly improves performance, while the price remains the same as the previous generation. Some analysts believe that the lower price of this iPad and the upgrade of the camera are aimed at the needs of home office and home teaching under the new crown epidemic. He added, “The entry-level iPad can attract new users to use iOS and then convert them into mobile users.”
For the iPhone13 series of price cuts and increased distribution, it may also boost market demand. Dongguan Securities believes that compared to the previous generation, the iPhone 13 series has reduced the price of the storage specifications under the condition of increased storage specifications, and ushered in upgrades in SOC performance, CP performance, 3D structured light and cameras, etc., supply chain related companies are expected to benefit. The CITIC Securities Research Report also pointed out that Apple continues to lead the innovation of smartphones and other devices, and that new machines will drive the growth of industry chain companies in the next three quarters with a high degree of certainty.
In addition, Tianfeng Securities analyst Ming-Chi Guo pointed out that iPhone 13 may support low-orbit satellite communications. If Apple turns on the satellite communication software function, it will allow users to make calls and send messages even if they are not in the 4G/5G coverage area. The iPhone's use of low-orbit satellites will accelerate the growth of related services and parts shipments in 2022.
Regarding the sales of the iPhone 13 series, Tianfeng Securities also believes that thanks to the US ban on Huawei, as well as the new design and specification upgrades, the iPhone 13 shipments in 2021 can still maintain a year-on-year growth of more than 10% (compared to the iPhone 12’s 2020 Annual shipments), “We believe that the current challenge for the iPhone is the shortage of parts. The old models have been revised down by about 5-10% in 3Q21 due to lack of materials. The iPhone 13 has 4Q21 shipments due to lack of materials. There may be a potential downgrade risk. However, the extent of this downgrade has a limited impact on iPhone 13 shipments."
China Galaxy Securities Research Report predicts that this year’s new iPhone shipments will reach 85 million to 90 million units, and the overall iPhone shipments will reach 220 million to 223 million units, a year-on-year increase of about 13%.
From the analysis of the stocking status in the previous period, after the iPhone supplier’s performance has experienced the “general” in the second quarter, it is expected to usher in the “bright” in the third quarter, and the shipment volume after the release of the new machine will largely determine this year. Supplier performance in the fourth quarter and the first quarter of next year. Gene Munster, an analyst at Loup Ventures, released a research report stating that this event will be "the most important day of the year in the hardware industry." Type "will account for 40-50% of the company's revenue in the next 12 months."
In addition, the aggregate data previously released by the media shows that in the months and weeks before the release of the new iPhone, the average performance of Apple's stock is usually better than the S&P 500 index. But on the day and one week after the press conference, the company’s stock price is usually lower by 0.2%; within one month and three months after the press conference, the stock price is 0.3% higher than the market; six months after the press conference, the stock’s price The average rate of return is 5.9% higher than the market.
Final Words
This year is Cook's tenth year at the helm of Apple. Compared with Steve Jobs' aura of innovation, Cook's merchant attributes are stronger, and the product is "no suspense" and "no more innovation." But I have to admit that Cook has led Apple to a new level of business. Apple's market value has risen from US$6 billion a decade ago to US$2.4 trillion today. Cook’s innovation is manifested in the micro-innovation of a single product at each press conference, and also in the construction of the Apple ecosystem, but this is far from enough. From product innovation to category innovation, perhaps this is Apple’s The value of a decade.
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