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專欄 - 蘋果2_0

蘋果明年有望在華多賣3600萬部iPhone

Philip Elmer-DeWitt 2012年02月01日

蘋果(Apple)公司內(nèi)部流傳著一個(gè)老笑話,那就是史蒂夫·喬布斯周圍是一片“現(xiàn)實(shí)扭曲力場”:你離他太近的話,,就會相信他所說的話,。蘋果的數(shù)百萬用戶中已經(jīng)有不少成了該公司的“信徒”,而很多蘋果投資者也賺得盆滿缽滿,。不過,,Elmer-DeWitt認(rèn)為,在報(bào)道蘋果公司時(shí)有點(diǎn)懷疑精神不是壞事,。聽他的應(yīng)該沒錯(cuò),。要知道,他自從1982年就開始報(bào)道蘋果,、觀察史蒂夫·喬布斯經(jīng)營該公司,。
隨著中產(chǎn)階級不斷擴(kuò)大,蘋果iPhone在中國的銷量可能很快將達(dá)到每年6,000萬部。

????摩根士丹利(Morgan Stanley)看到了中國市場的光明前景:衣著考究的中國男女人手一部iPhone,。

????凱蒂?休伯蒂在周日致客戶的一份報(bào)告中援引摩根士丹利的AlphaWise調(diào)查,描繪了蘋果(Apple)不負(fù)眾望,,最終與中國移動(dòng)(China Mobile)和中國電信(China Telecom)達(dá)成交易后,,中國大陸智能手機(jī)市場的“錢途”。AlphaWise的調(diào)查反映了中國迅速壯大的中產(chǎn)階層的購買模式,。

????休伯蒂的觀點(diǎn)如下:

????? 目前中國大約有1.5億高端移動(dòng)用戶,,其每月話費(fèi)至少為100人民幣(16美元)。

????? 目前,,蘋果在中國的唯一官方運(yùn)營商,、中國聯(lián)通(China Unicom)擁有1,500萬高端用戶,,約占中國高端用戶總數(shù)的十分之一,。

???? 今年年底或明年初,蘋果將開始通過中國移動(dòng)(擁有1.2億高端用戶)和中國電信(擁有1,500萬高端用戶)銷售新一代iPhone,。

????? 五分之一的中國聯(lián)通高端用戶購買了iPhone,,而其它兩家運(yùn)營商的用戶預(yù)計(jì)也會步他們的后塵。(8%的中國移動(dòng)高端用戶已經(jīng)在使用iPhone,,雖然他們僅僅只能使用2G業(yè)務(wù),。)

????? 假設(shè)市場滲透率為20%,那么到2013年,,蘋果至少能多賣出2,400萬部iPhone,,使該公司的每股收益增長6.5美元。

????? 隨著iPhone日益流行和(中國)中產(chǎn)階級隊(duì)伍的不斷壯大,,到明年,,蘋果iPhone的銷售增量有望繼續(xù)上升,達(dá)到近4,000萬部,,為其每股收益再添磚加瓦10美元,。

????Morgan Stanley has seen the future and it's a well-heeled Chinese man (or woman) with an iPhone.

????In a note to clients Sunday, Katy Huberty drew on Morgan Stanley's proprietary AlphaWise survey of buying patterns among China's rapidly growing middle class to paint a picture of the smartphone market on the mainland after Apple (AAPL), as widely expected, finally signs deals with China Mobile (CHL) and China Telecom (CHA).

????She assumes:

????? That there are roughly 150 million high-end subscribers in China currently paying at least RMB 100 ($16) per month for mobile phone service.

????? That China Unicom (CHU), currently Apple's only official carrier, has 15 million of those subscribers, or roughly 10%.

????? That late this year or early next, Apple will begin selling next-generation iPhones through China Mobile (120 million high-end subscribers) and China Telecom (15 million).

????? That because 20% of China Unicom's high-end subscribers buy iPhones, the other two carriers' subscribers will follow suit. (8% China Mobile's high-end customers already use iPhones, even though they get only 2G service.)

????? Assuming 20% penetration, Apple should see, at a minimum, 24 million addition iPhone sales in 2013, adding $6.5o per share to the company's bottom line.

????? As the iPhone catches on and the middle class expands, that number could grow to nearly 40 million next year, adding $10 to Apple's earnings per share.

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