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Amphenol Corporation focuses on designing, manufacturing, and marketing connectors, interconnection systems, and cabling products. Its sales are distributed geographically, with 35.1% from the United States, 23% from China, and 41.9% from other regions. UBS maintains a positive outlook on the company.
UBS has rated Rio Tinto 'Neutral' with a target price of 5250 pence. The company is a leading mining firm, with 2023 production primarily in iron ore (62.5%), followed by aluminium, alumina, and bauxite (22.2%), copper (5.9%), and other minerals, including gold and diamonds. Geographically, 59.6% of net sales come from China, with additional contributions from the United States (13.9%) and Europe (5.3%).
DAX reached a record high following US inflation data, with core inflation dropping to 3.2%, sparking renewed speculation about interest rate cuts. Attention now shifts to upcoming Chinese economic data and quarterly results from major US banks, while Trump's inauguration looms, raising concerns over potential trade tensions.
Huawei became China's second-largest smartphone brand in 2024, shipping 46 million units and capturing a 16% market share, driven by a 37% year-on-year growth. This resurgence follows U.S. sanctions that previously hindered its access to advanced chips, with innovations like self-developed chips and HarmonyOS Next playing a key role. Vivo led the market with a 17% share, while Apple fell to third, as the overall smartphone shipments in China grew by 4% to 285 million units, indicating a market recovery.
Apple regained the top position in China's smartphone market in Q4 2023 but fell to third place in 2024 amid fierce competition from domestic brands like Huawei. In Q4, Apple’s shipments dropped 25% to 13.1 million units, while Huawei's rose 24% to 12.9 million units. For the full year, Apple’s shipments fell 17% to 42.9 million, trailing behind Vivo and Huawei.
Apple's iPhone shipments in China fell 25% in Q4 2024, with the company maintaining a 17% market share by shipping 13.1 million units. Huawei closely followed, capturing 17% of the market with 12.9 million units shipped, bolstered by a 24% increase in its shipments. As competition intensifies, Apple is enhancing its retail strategies and user retention efforts in the premium segment.
Vivo and Huawei have surpassed Apple as the top smartphone sellers in China for 2024, capturing 17% and 16% market shares, respectively, while Apple fell to 15% following a 17% decline in annual shipments. This marks Apple's largest sales contraction in the region, attributed to the absence of artificial intelligence features in its latest iPhones. Despite Apple's challenges, China's overall smartphone shipments rose 4% year-on-year to 285 million units, indicating sustained demand in the market.
The Hang Seng index is attempting to rebound after a 6% drop at the start of the year, influenced by uncertainty in the Chinese economy. Key economic data on retail sales and industrial production will be crucial for its recovery, with a breach of the 20,000-point threshold signaling a potential bullish reversal towards 23,000 points. However, the outlook remains bearish until these levels are surpassed, amid ongoing macroeconomic challenges.
Apple's market share in China's smartphone sector fell to 15% in 2024, down from 19% in 2023, as it faced fierce competition from domestic brands like Vivo and Huawei, which increased their shares to 17% and 16%, respectively. Apple's shipments dropped by 17%, marking its largest decline, while rivals capitalized on technological advancements and competitive pricing. Despite attempts to regain ground through price cuts and promotions, Apple struggled to compete with the innovative offerings of local brands, highlighting the challenges it faces in a rapidly evolving market.
In 2024, Apple experienced its largest annual iPhone sales decline in China, dropping to third place as Huawei surged with a 37% growth. Despite leading in Q4 with 13.1 million shipments, Apple faced challenges from Huawei's flagship releases and increased competition from domestic brands, resulting in a 25% decline in the fourth quarter alone.
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Amphenol Corporation's Global Sales Distribution and Market Outlook
16:04 16.01.2025
ubs rates rio tinto neutral with target of 5250 pence
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