JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Investment Advisors

Smartphone Activation Monthly Data => April Smartphone Activation Down 4% Y/Y and Down 9% M/M

What's New About IPhone 8? OLED I8 Shortage but Slower Demand on LCD I8 Likely

Investment Advisors, JL Warren Capital

Junheng Li

Thematic (Sector/Industry)

China Consumer discretionary / Thematic (Sector/Industry)

<h2>Weak China Sales Weighed in iPhone Global Shipment in CQ2</h2><p>In H1 2017, ~19 mm iPhones were activated in China, representing an 8% decline year-over-year.  China is ~21% of iPhone’s global shipment, therefore we estimate ~40 mm units of iPhone sales globally in CQ2, 1.5 mm lower than the street consensus of 41.5 mm.   </p><p>In China, during H1 2017, according to our smartphone activation data, iPhone was ~9.8% of the total smartphone sales, vs. 10.2% and 13.0% in 2016 and 2015 respectively (Exhibit 1)…</p>

Weak China Sales Weighed in iPhone Global Shipment in CQ2In H1 2017, ~19 mm iPhones were activated in China, representing an 8% decline year-over-year.  China is ~21% of iPhone’s global shipment, therefore we estimate ~40 mm units of iPhone sales globally in CQ2, 1.5 mm lower than the street consensus of 41.5 mm.   In China, during H1 2017, according to our smartphone activation data, iPhone was ~9.8% of the total smartphone sales, vs. 10.2% and 13.0% in 2016 and 2015 respectively (Exhibit 1)…

China Smartphone Market H1 2017 & IPhone CQ2 Preview