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Apple has lost its position as the largest smartphone vendor in China, overtaken by Vivo and Huawei after a 17% decline in annual shipments, marking its worst performance in the market. Vivo captured 17% and Huawei 16% of the market share, while Apple fell to 15%. The decline is attributed to the lack of artificial intelligence features in the latest iPhones, alongside strong competition from domestic brands and Huawei's resurgence with new flagship models.
Apple has fallen to third place in China's smartphone market in 2024, with a 17% decline in annual shipments, marking its worst performance in the country. Local competitors Vivo and Huawei have overtaken Apple, capturing 17% and 16% market shares, respectively. The decline is attributed to the lack of AI capabilities in the latest iPhones and increased competition from domestic brands, including a resurgence of Huawei's flagship models.
Apple's iPhone shipments in China fell 25% in Q4, leading to a 17% annual decline, marking its largest drop in the market. As a result, Apple was overtaken by local rivals Vivo and Huawei, capturing only 15% market share, while Huawei's shipments rose 24% in the same period. The decline is attributed to increased competition and the absence of AI features in the latest iPhones.
Apple has fallen to third place in China's smartphone market in 2024, with a 17% decline in annual shipments, marking its worst performance in the country. Local competitors Vivo and Huawei have overtaken Apple, capturing 17% and 16% market shares, respectively, as Huawei's resurgence in the premium segment and the rise of budget brands intensify competition. The absence of AI features in the latest iPhones has further diminished Apple's competitiveness in this key market.
Mainland China's smartphone market rebounded in 2024, shipping 285 million units, a 4% increase after two years of decline. Vivo led with a 17% market share, followed by Huawei, Apple, OPPO, and HONOR, amidst intense competition and strategic innovations driving consumer demand. Looking ahead, shipments are expected to exceed 290 million units in 2025, supported by government subsidies and a recovering economy.
China's display industry is rapidly advancing in the OLED market, with BOE supplying tandem OLEDs for Huawei's Mate 60, marking a significant shift in competition against South Korea. The Chinese market share in smartphone OLEDs surged to 47.3%, while Korea's dropped to 52.5%, driven by aggressive pricing and government subsidies. As Chinese companies like BOE expand their production capabilities, they are poised to challenge major customers like Apple, potentially reshaping the market landscape.
UBS has cut its iPhone sales forecast for December, citing declining demand and a drop in market share in China, where Apple now holds 15.6% compared to Huawei's 15.3% and Vivo's 18.6%. The revision has led to a 2% decrease in revenue estimates and a lower EPS forecast, while competition intensifies with Huawei's New Year discounts. Despite challenges, analysts maintain a consensus 'buy' rating for Apple, with price targets ranging from $184 to $325, driven by anticipated AI upgrades through 2025.
Apple is expected to face weaker iPhone sales in December, with UBS analysts revising unit estimates down to 74 million and revenue to $67.2 billion, citing declining demand in China. The company's overall revenue forecast for the quarter has been cut to $120.8 billion, below market expectations, while earnings per share estimates have also been lowered. Despite challenges in device sales, particularly due to competition and regulatory issues affecting AI features, Apple's services revenue remains strong, helping to mitigate overall earnings declines.
Kingsoft Cloud's stock has surged over 6% to HKD 4.86, driven by strong third-quarter performance and positive investor sentiment regarding revenue recovery. UBS has raised its target price from USD 4.2 to USD 12.5, citing increased revenue contributions from Kingsoft and Xiaomi, projected to rise from 20% in 2024 to over 40% by 2027, with an expected annual revenue growth rate of 13% from 2025 to 2027.
Kingsoft Cloud's stock has surged over 6% to HKD 4.86, driven by strong third-quarter performance and optimistic revenue forecasts. UBS has raised its target price from USD 4.2 to USD 12.5, citing increased contributions from Kingsoft and Xiaomi, expected to rise from 20% in 2024 to over 40% by 2027, with a projected annual revenue growth rate of 13% from 2025 to 2027.
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